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Regional Fixed Income Market Watch
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published
1/6/2026, 11:45:37 AM
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5/18/2026, 7:30:10 AM
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6/9/2026, 2:23:12 PM
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| Global Outlook Global central banks are moving at different speeds. In the US, the Fed is divided after its December meeting. Some officials think interest rates can be cut further if inflation keeps easing and the job market slows. Others prefer to pause since rates reached 3.50%–3.75%, worried that cutting too much could keep inflation high or create financial risks. Markets have already lowered expectations for quick rate cuts, which increases uncertainty and limits gains in long-term bonds and growth stocks if fewer cuts happen. In Europe, the ECB is clearly on hold, keeping rate at 2.00% while inflation stays close to target. With little expectation of near-term rate cuts, bond markets are likely to be stable, and euro-area investments will react more to economic data than to changes in central bank policy. Regional Markets In regional sovereign Eurobond markets, yields rose modestly over the month. Georgia’s Eurobond yield increased +20bps m/m to 5.6%, with the spread widening from 167bps to 204bps. Turkey’s yield edged up to 3.8% (+10bps m/m), while its spread reached 31bps. Georgian Market In December, the local Georgian bond market was active. New issuances included IG Development’s 2-year USD 25mn and 3-year EUR 15mn bonds arranged by Galt & Taggart. In addition, the market saw several other placements, including MFO Rico Express (GEL 200mn, 5-year), TBC Leasing (USD 30mn and USD 15mn, both 3-year), Bank of Georgia (USD 15mn, 1-year), Nova (GEL 50mn, 5-year), and Tegeta Motors (GEL 260mn, 5-year). At the same time, a number of previously issued local bonds matured, including those of Tegeta Motors and IG Development. |