Regional Fixed Income Market Watch

Market pricing vs central bank caution

Global monetary policy is nearing an inflection point: the ECB appears inclined to prolong its hold as eurozone inflation moves modestly above target, while the Fed is internally divided over the case for a December rate cut. Even so, futures still imply rate cuts in US, which is supporting risk appetite but also makes longer-duration bonds and growth assets more exposed if the Fed signals fewer cuts than currently expected.

Regional Markets

In regional sovereign Eurobond markets yields decreased over the month. Yield on Georgia’s Eurobond decreased by 126bps to 5.44%, while the spread narrowed by 123bps. Turkey’s yield fell to 3.68% (-23bps m/m), marking the fourth straight month of falling yield.

Georgian Market

There were no new public issuances over November 2025 on local Georgian Market. Meanwhile, Nikora’s 3-year bond (GEL 35mn) matured.