Report
Tolu Alamutu

Bank of Georgia: FY 19 review – Strong bottom line

It has been a better year for TBC Bank bonds:We reiterate our Buy recommendation on the GEBGG 6% 2023 bond and upgrade the GEBGG 11.125% Perp to Buy from Hold. The spread difference between TBC Bank (TBCBGE) and Bank of Georgia (GEBGG) USD-denominated senior bonds has narrowed to c20bps from c60bps at the start of the year and the TBCBGE Perp is about 25bps tighter than the GEBGG Perp, having been 40bps wider at the end of last year. We acknowledge that the TBC Bank senior bond was quoted too...
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Tellimer
Tellimer

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Tellimer is headquartered in London, UK, with additional offices in Dubai, Lagos, Nairobi, New York and Singapore. It is a division of Exotix Partners LLP.

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Tolu Alamutu

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