Tbilisi (GBC) - TBC Leasing has announced the issuance of 5-year, variable-rate TIBR 3M + [2.75%-3%] bonds worth up to GEL 160 million.

The placement agent for the unsubordinated bonds secured by the leasing portfolio is TBC Capital. The issuer (TBC Leasing) holds Fitch Ratings - BB / with a stable credit outlook, which gives the right to attract funds from the pension fund.

As of 18/03/2026, the rate is 10.8%. The rating may change upon maturity, as stated in the issue prospectus.

The rating was last changed on 03.12.2025 to ‘BB’ with a stable outlook, the country’s sovereign rating Traces of improvement. (For 06/2025 it was ‘BB’ with negative).

The change in 12/2024 is also related to the deterioration of the country's rating.

Previously, the ‘BB’ existing as of April was stable, when it was negatived. Then the deterioration of Georgia's rating was caused by political and governance risks, with their potentially negative impact on the Georgian banking sector.

TBC plans to issue bonds with a nominal value of up to 240,000,000 GEL. Part of the raised proceeds (up to 115 million GEL) will be used to refinance the previous issue. The rest will be used to grow the leasing portfolio.

TBC Leasing Issue

Currency

GEL

Nominal (GEL)

1 000

Rate (%)

TIBR3m+2.75

Volume

 160 000

Value (GEL)

 Up to 160 MLN

Term (Month)

   60

Source: Issuers