Galt&Taggart announced the issuance of GEL 15 million corporate bonds by Crystal (MFC member), financial inclusion organization, which mature on March 2021. The annual coupon rate has been set at 4% over the National Bank of Georgia’s monetary policy (refinancing) rate.
Crystal is the first non-banking financial institution in Georgia and the region, which was assigned a credit rating ‘B’/Stable outlook by Fitch Ratings. The national recognition, solid asset quality, profitability and capitalization metrics were well-perceived by investors which was reflected in a high demand. The bonds will be admitted to the B-listing category of the Georgian Stock Exchange.
Significant portion of the bond proceeds will be utilized for women entrepreneurs for on-lending in favorable terms. A woman proposition will be targeted at microbusiness owners, who aspire to turn their undertakings into growing small and medium enterprises. Tailored loan products will be complemented by the range of technical assistance services.
“Crystal, the financial inclusion organization, is pleased to announce its second issuance of the corporate bonds, which is a significant event both for our team and for the Georgia’s fixed-income market. I would like to express my gratitude towards the transaction manager – Galt&Taggart and the National Bank of Georgia for their tremendous support. It is worth mentioning that a substantial part of bond proceeds will be directed towards women economic empowerment”: said Archil Bakuradze, Chairman of Supervisory Board of Crystal.
“I would like to congratulate Galt & Taggart’s entire team, which has become a leading company in providing investment banking services thanks to its own experience and professionalism. I am pleased that Crystal successfully implemented the issuance of its second corporate bonds. Investors have met this announcement with great interest”: commented Otari Sharikadze, Managing Director of Galt&Taggart.
About JSC “Crystal”
Crystal is Georgia’s leading financial inclusion organization and the largest by assets non-banking financial institution in Georgia, which manages the loan portfolio of 270 million GEL, employing more than 1,000 professionals, operating through 62 branches and serving more than 100,000 unique customers across Georgia. Crystal acts as a platform for economic development providing micro, small entrepreneurs and farmers with innovative financial products and services tailored to their needs. Crystal is the first Fitch-rated non-banking financial institution in the region to be assigned a ‘B’ Rating with a Stable Outlook. In December 2018, Crystal received nation’s responsible business award “Meliora 2018“. Crystal is among the first 5 companies to have endorsed the Women’s Empowerment Principles (WEPs).
About JSC “Galt & Taggart”
Holding Company Bank of Georgia is 100% owner of JSC “Galt and Taggart”. The company offers a wide range of investment banking services, along with asset management, brokerage, accumulated wealth management and research directions.