Galt & Taggart (G&T) stood out from the competition this year due to its product innovation and solid capital markets franchise during our awards period, making it Euromoney’s pick for best securities house in Georgia.
In partnership with the National Bank of Georgia, G&T introduced an innovative multi-currency bond programme that enables issuers to offer bonds in Georgian lari, US dollars or euros under a single prospectus within a year. The programme has been widely acclaimed for its flexibility, currency hedging benefits, and potential for more favourable coupon rates.
Auto company Tegeta Motors was the first to leverage the programme, issuing bonds in both dollars and euros, allowing it to price the notes with a lower blended coupon and better currency hedging compared to traditional single-currency deals. Following its success, commercial property developer IG Development adopted the programme, approving a $40 million-equivalent deal.
G&T maintained a dominant presence in Georgia’s capital markets overall.
Between May 2023 and May 2024, it managed $254 million in bond issuances, capturing 53% of the market.