Categories: BANKS

JSC MFO Crystal has successfully issued GEL 10mn unsubordinated unsecured bonds

The FINANCIAL — December 28, 2017, Tbilisi – JSC MFO Crystal, rated B by Fitch Ratings, successfully completed an inaugural GEL 10 million offering of notes due December 2019 (the Notes). The annual coupon rate was set at 4.5% over the National Bank of Georgia’s refinancing rate. Senior unsecured Notes were issued and sold at an issue price of 100.00%. Galt & Taggart acted as the lead manager for the issuance. The Notes are expected to be listed on the Georgian Stock Exchange.

The issuance is the first local currency bond offering in the microfinance sector in the country. This issuance represents a landmark transaction for Georgia and was very well received by local and foreign investors. The issuance was oversubscribed by more than 2 times.
This transaction enables Crystal to establish an alternative source of GEL funding. The funds raised will allow the Company to further enhance its leading position on the Georgian market through portfolio growth.

“We are pleased with Crystal’s successful debut on the corporate bond market. This Lari-denominated bond is an important step toward the diversification of the company’s funding sources and contributes to the de-dollarization of Georgia’s financial sector. The proceeds will be utilized for on-lending to Crystal’s micro-entrepreneurs and farmers across Georgia,” commented Archil Bakuradze, Chairman of Supervisory Board of Crystal.


“I am pleased to highlight the role of Galt & Taggart in the successful issuance of JSC MFO Crystal’s bonds. This is the first public placement of a fixed income instrument in the Georgian microfinance sector. The placement was very well received by our investor community. I would like to congratulate Crystal on this landmark transaction. I believe this transaction underpins Crystal’s leading position on the market and further strengthens the Company’s ability to attract funding in local currency. I would also like to congratulate the Galt & Taggart team on another successful transaction. Galt & Taggart has become the leading provider of investment banking services in the country to private and public companies, as well as international financial institutions,” commented Otari Sharikadze, Managing Director of Galt & Taggart.



Since 2005

Recent Posts

EU tourism getting closer to 2019 levels

The EU tourism industry seems to be rebounding from the COVID-19 pandemic strongly, with data…

22 hours ago

How Health Insurance for Senior Citizens Secures Their Retirement

Life’s golden years bring along a relaxed vibe with the liberty to relive one’s passion.…

22 hours ago

EBRD Regional Economic Prospects report highlights growth in Caucasus, warns of threats

The economies of Armenia, Azerbaijan and Georgia are enjoying some of their highest growth rates…

1 day ago

Chinese national Convicted of Acting Within the United States as an Unregistered Agent

According to court documents and evidence presented at trial, Ji Chaoqun, 31, of Chicago, was…

1 day ago

Study confirms link between COVID-19 vaccination and temporary increase in menstrual cycle length

A large international study has confirmed the findings of a previous U.S. study that linked…

2 days ago

A Statement from the Director of the ICGS

Media reports have alleged that the Independent Complaints and Grievance Scheme (ICGS) does not cover…

2 days ago