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Georgian Weekly Market Watch (November 26 – November 30)

03/12/2012 00:33 (502 Day 16:39 minutes ago)

The FINANCIAL -- Last week, London traded Bank of Georgia Holdings (share price decreased 4% to GBP 10.50. During the week, up to 710,000 shares were traded in the range of GBP 10.45-10.94.


In the debt world, Georgia Sovereign (GEORG), Georgian Oil and Gas Corporation (GEOROG) and Georgian Railway (GRAIL 07/22) Eurobonds prices were up  0.6% to 116.4 (4.5% YTM), 0.1% to 104.3 (5.8% YTM) and 0.6% to 113.4 (5.9% YTM), respectively. Bank of Georgia (GEBGG) Eurobonds price was unchanged at 102.4 (7.1% YTM).


On the Georgian Stock Exchange, only Liberty Bank (BANK GG) shares were traded closing at GEL 0.008 (unchanged), while the BG Index was unchanged at 529.9.

Last week, the National Bank of Georgia (NBG) issued 7-day refinancing loans in the amount of GEL 214.2mn with an average yield amounting 5.51% (unchanged). NBG also sold 182-day, GEL 30mn Certificates of Deposits last week. The average yield was 6.10% (down 21bps).


As for the treasury debt, Ministry of Finance sold ten-year T-notes in the amount of GEL 5mn with the yield ranging between 10.45-11.00%. Average yield equalled 10.61% (up 42bps). The next one-year T-bills auction is planned for December 5 with total estimated emission of GEL 5mn.

Georgia’s 10M12 foreign trade exports was up 14% y/y to US$ 2.0bn, while imports added 16% y/y to US$ 6.5bn, widening the foreign trade deficit by 16% y/y to US$ 4.5bn. Azerbaijan accounted for the largest share of Georgia’s exports (26%), followed by Armenia (11%) and the U.S. (10%). On the import side, trade was dominated by flows from Turkey (18%), Azerbaijan (8%) and Ukraine (8%).

In October, Georgian commercial banks’ total assets and total equity both declined 0.5% m/m to GEL 14.0bn (US$ 8.5bn) and GEL 2.3bn (US$ 1.4bn), respectively. Lending and non-bank deposits both were almost unchanged at GEL 8.6bn (US$ 5.2bn) and GEL 7.4bn (US$ 4.5bn), respectively. The banking sector posted an aggregate monthly net loss of GEL 37.0mn (US$ 22.3mn) in October.



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