Mgaloblishvili Kipiani Dzidziguri (MKD) advises The European Bank for Reconstruction And Development (EBRD) on its first public bond issue in Georgia
June 29, 2016
Mgaloblishvili Kipiani Dzidziguri (MKD) law firm has acted as legal counsel to the European Bank for Reconstruction and Development (EBRD) in connection with the first public bond it has issued on the Georgian Stock Exchange totalling 107 million Lari on June 17, 2016.
This issuance has a five-year floating rate coupon linked to the three-month Certificate of Deposit issued by the National Bank of Georgia (NBG), with the initial three-month coupon set at 6.45%, after the NBG’s auction.
Following the EBRD’s inaugural private placement of the first-ever domestic bond by an international financial institution in Georgian currency in 2014, and the second bond in 2015, this third issuance is notable as it is the first-ever public placement on the Georgian Stock Exchange. The MKD team (Victor Kipiani and Natalia Babakishvili, primarily) had the honour of advising the EBRD on all the issues, starting with the inaugural one.
The said landmark issuance is further augmenting the outstanding capital markets’ work portfolio at MKD with the firm advising IFIs on nearly all bond transactions in the country.