With the support of the National Bank of Georgia, Georgian Government Bond Indices have been published for the first time and are now accessible via Bloomberg L.P. (Bloomberg IND), as well as through the portal of the index provider Intercontinental Exchange (ICE) at https://indices.ice.com/ In the near future, the main parameters of these indices will also become available on the website of the National Bank of Georgia.

As a result, both domestic and international investors will be able to monitor and analyze, with maximum transparency, the performance/yield dynamics, risk characteristics, and other key indicators of the Georgian Government Securities market.

With the publication of the Georgian Government Bond Indices, for the first time in history:

• Investment and pension funds can use an internationally recognized benchmark to evaluate Georgian Government Securities;
• It becomes possible to structure exchange-traded funds (ETFs) and other types of investment funds based on transparent indices;
• Asset managers are able to objectively measure and disclose the performance of their portfolios against a transparent benchmark;
• Domestic and international investors can more clearly assess the risk parameters and return dynamics associated with investing in Georgian Government Bonds;
• The public gains transparent access to information on the performance of the Government Bond market.

The indices have been published by Intercontinental Exchange (ICE), one of the world’s largest providers of financial market data and indices. It is also noteworthy that the ICE group includes several prominent stock exchanges and clearing organizations, among them the New York Stock Exchange (NYSE), as well as futures and derivatives exchanges such as ICE Futures U.S., ICE Futures Europe, and ICE Endex, in addition to clearing houses including ICE Clear U.S., ICE Clear Europe, ICE Clear Netherlands, and ICE Clear Singapore.

Today, ICE operates one of the world’s most comprehensive index platforms, encompassing thousands of sovereign, corporate, and emerging market indices. Its methodological rigor and global recognition position it among the most prestigious index platforms in international capital markets.

Seven Georgian Government Bond indices have been launched.

Ticker Index Name

G0GE ICE Georgia Government Index

GJGE ICE All Maturity Georgia Government Index

GAGE ICE 0-1 Year Georgia Government Index

G1GE ICE 1-3 Year Georgia Government Index

G2GE ICE 3-5 Year Georgia Government Index

G3GE ICE 5-7 Year Georgia Government Index

G4GE ICE 7-10 Year Georgia Government Index

The “All Maturity” index covers the full spectrum of Georgian Government Securities with maturities of up to 10 years, while the “ICE Georgia Government Index” includes all bonds with maturities ranging from 1 to 10 years.

Alongside the two main indices, maturity-segmented indices have also been published (0–1 year, 1–3 years, 3–5 years, 5–7 years, and 7–10 years). These allow investors to monitor specific segments of the yield curve, assess duration metrics, and structure their investments accordingly.

According to the Governor of the National Bank of Georgia, Natia Turnava, the publication of Georgian Government Bond Indices represents a major milestone in the development of the country’s capital market.

“The introduction of these indices signifies structural progress in Georgia’s financial system and substantially enhances market transparency and investment attractiveness. It facilitates portfolio construction and brings the infrastructure of Georgia’s bond market closer to best global practices. The adoption of international benchmarks is expected to support the development of the secondary market, strengthen investor confidence, and improve the effectiveness of monetary policy transmission. The National Bank of Georgia remains committed to building modern financial infrastructure and to advancing a competitive, internationally integrated capital market,” stated Governor Natia Turnava.

Work on the publication of the indices began in 2023 by the Financial Markets Department of the National Bank of Georgia, following recommendations issued by a technical assistance mission of the International Monetary Fund (IMF), which identified the creation of a domestic government bond index as a key priority for strengthening Georgia’s government securities market. Consultations with various global index providers, as well as technical work and negotiations, were successfully completed.

Fixed income indices, upon whose methodology the Georgian Government Bond Indices are based, have a long history. The first indices in this group date back to the 1970s, when the investment bank Merrill Lynch was among the first to publish U.S. Treasury bond indices, which soon became global benchmarks for the markets.

Subsequently, Merrill Lynch was acquired by Bank of America, and through the consolidation of indices, the Bank of America Merrill Lynch index family was formed, widely used by central banks, asset managers, and pension funds worldwide. In 2017, the index business was acquired by Intercontinental Exchange, further expanding its technological capabilities.