Record $400 Million Eurobond for Silk Road Group Backed by JPMorgan, UBS
Diversified private investor, dealrunners tout oversubscribed book and tightened spread as evidence for growing investor interest in Georgia.
Silk Road Group, with global investment banks J.P. Morgan, UBS, and Oppenheimer, have announced a new $400 million Eurobond, setting a new benchmark for Georgian corporates both in issuance value and spread.
Silk Road first tapped the Eurobond market in 2019, then as backing for its Silknet telco arm, and has successfully returned to market several times for financing the company's diverse operations and investments across real estate and hospitality (such as the Telegraph Hotel in Tbilisi, above), banking and telco.
With J.P. Morgan and UBS serving as lead managers, local Georgian firms TBC Capital and Galt & Taggart participated as co-managers for the 2025 placement, alongside Oppenheimer, with listing on Euronext Dublin.
The placement is the first for a Georgian firm in over a year, reaffirming the country's ability to effectively attract global capital markets' interest. The spread for the placement landed at 7.5 percent.
“This transaction marks a turning point both for Silk Road Group and for Georgia’s private sector as a whole. Our success is a very strong signal for Georgian businesses – if we could do it, others can too. The more Georgian companies access international capital markets, the greater the benefit to Georgia’s economy," said Silk Road CEO George Ramishvili.
Stefan Weiler, Head of CEEMEA Debt Capital Markets at J.P. Morgan, also called it an "important milestone," noting the transaction was met with exceptional investor interest "reflecting both the company’s strong fundamentals and the broader appeal of Georgian corporates to global fixed income investors."
It also reopens the international capital markets for issuers from Georgia, he said, "setting a new benchmark for quality and execution."
“Silk Road Group’s debut bond offering attracted a truly global and high-quality investor base. The outcome demonstrates international confidence in the Group’s strategy and the resilience of the Georgian economy," added Paul Mahony, Managing Director, Head of EMEA Corporate DCM & Infrastructure Financing Advisory at UBS. "We are delighted to have partnered with Silk Road Group on this landmark transaction.”
Baker McKenzie and Dentons served as legal advisors to the transaction, with auditors KPMG.
