Most sovereign states would not allow the prime minister – a mere politician – anywhere near the roadshow for an inaugural bond issue, unless, perhaps, he formerly chaired the central bank and was, in a previous life, a London-based senior investment banker. Meet Lado Gurgenidze, whose reassuring presence helped to make the Democratic Republic of Georgia’s debut issue an unqualified success.
Georgia brought some much-needed excitement to the international bond markets in April with a well-timed maiden visit to raise $500m in five-year money. The paper’s rarity value and Georgia’s upbeat economic story had investors jostling to participate.