Regional Fixed Income Market Watch

EM sovereigns in focus
Global investors are pouring capital into emerging-market bonds to capture higher yields before further Fed easing. EM sovereigns have delivered nearly 10% returns in 2025, the best since 2019, led by high-yield borrowers such as Pakistan and Sri Lanka. Spreads are at multi-year lows, with Asia at its tightest since 1997.

Regional Markets

In regional sovereign Eurobond markets yields fluctuated over the month. Yield on Georgia’s Eurobond increased by 16bps to 6.70%, while the spread widened by 48bps. Contrary, Turkey’s yield fell to 3.91% (-23bps m/m), marking the third straight month of falling yield.

Georgian Market

Georgian market continued to expand with 2 new public issuances over October 2025.

Gudauri Lodge issued US$ 10mn at 8.25%, while MBC issued GEL 30mn at floating TIBR3M + 4.00%.