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...

Tellimer provides an integrated suite of services focused on the world's developing markets. It offers world class investment research and local insights; end-to-end content distribution and analytics; market execution and corporate access; brokerage services across Fixed Income and Equities; and expert advisory services.

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.

Tolu Alamutu

Other Reports from Tellimer
Other Reports from these Analysts

ResearchPool Subscriptions

Get the most out of your insights

Get in touch