Local Fixed Income Market Overview
The regulatory framework of the Georgian securities market and the government's efforts to foster the development of financial markets have undergone significant changes in the past decade. This includes major reforms in currency issuances, brokerage licensing, anti-money laundering (AML), and compliance practices, alongside compulsory pension reform, the introduction of investment fund and covered bond laws. Currently, the European Union (EU) candidacy is playing a pivotal role as a driver to align the capital market infrastructure with the best practices of Europe.
Over the past five years, the local bond market in Georgia has experienced rapid growth. In 2023, the local bond market doubled, reaching 2.1 billion GEL in outstanding public bonds. Additionally, secondary market transactions have surged, with the total Assets Under Management (AUM) of Georgian brokerages reaching 4.3 billion GEL, and Over-The-Counter (OTC) turnover approaching 1.3 billion GEL in the same year on the TBC Capital’s books.
This growth can be attributed to the interest shown by Georgian corporations across various industries. Currently, there are 11 unique issuers from 8 industries, compared to 5 issuers from 3 industries in 2018. Their primary objectives include refinancing existing liabilities (such as previously outstanding bonds and bank loans) with better financial terms, optimizing cash flows, and reducing the share of collateralized assets on their balance sheets.
The local market has demonstrated that interest rates on local bonds are at an optimal level compared to bank loan rates, deposits, and rental yields, providing an appealing alternative for both issuers and investors. It is evident that bonds with an average maturity of two years are of primary interest to both issuers and investors.
We anticipate this growth trajectory to continue in the coming years, with our proprietary forecast indicating the local bond market reaching 5.4 billion GEL by 2026. Moreover, we project the total securities holdings from Georgian households to grow from the current 2 billion GEL to 6 billion GEL by 2026.
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Registration opens April 6 for Georgia's 2026 national and Master's entrance examinations
02.04.2026.16:56
Registration for the 2026 Unified National Examinations and Common Master’s Examinations will open on April 6 at 10:00, the Georgian Ministry of Education, Science and Youth has announced.
Undergraduates and master’s candidates may complete their registration online through the National Assessment and Examinations Centre’s website, online.naec.ge, until 6:00 PM on May 11.
This year, applicants will have the option of selecting vocational education programmes in addition to as many higher education programmes as they wish. Students enrolling this year at state universities for undergraduate and master’s programmes, as well as those attending vocational education institutions, will have the opportunity to study free of charge.
Applicants are required to pay the examination fee for their chosen subjects, at least one subject, between 10:00 on April 6 and 18:00 on May 6, to complete their registration by 18:00 on May 11. During this same period, they will also be able to pay fees for additional subjects, as well as select or amend their chosen examination city and educational programmes.
The addition, removal, or reordering of educational programmes will remain possible until 18:00 on the day following the publication of appeal results.
The National Assessment and Examinations Centre will publish the Applicant’s Handbook before the opening of registration. This document will contain comprehensive information relating to the Unified National Examinations, including a list of available educational programmes, instructions for registering for examinations, examination procedures, the stages of the process, and the applicable rules.
Further details concerning other matters related to the registration process will be published on the official website and social media pages of the National Assessment and Examinations Centre.
