Credo Bank raises $10M in Georgia's first AT1 bank bond placement
What's the deal? Credo Bank, Georgia's fifth-largest commercial bank, has placed $10 million in perpetual, subordinated Additional Tier 1 (AT1) private bonds. TBC Capital acted as exclusive partner on the transaction, announced in October 2026.
Why it matters: It is Credo Bank's first market placement of an AT1 capital instrument. Institutional investors bought 54% of the bonds, with sophisticated individual investors taking the remaining 46%.
What's the endgame? The issuance strengthens the bank's regulatory capital to support growth, rather than ordinary term funding. It also diversifies Credo Bank's capital-raising options through the local market.
Credo Bank serves more than 500,000 customers through 97 service centres across Georgia. It is owned by development-focused institutions including Germany's Access Credo GmbH, France's ProparcoDealroom has a profile for this one. Try Dealroom →, and Japan's Gojo & Company, and holds a 'B+' credit rating from FitchDealroom has a profile for this one. Try Dealroom → with a stable outlook.
"The strong interest demonstrated by investors is particularly important, as it represents a significant vote of confidence in Credo Bank," said Zaza Pirtskhalava, chief executive officer of Credo Bank.
Why now? The deal extends a broader deepening of Georgia's capital markets. The National BankDealroom has a profile for this one. Try Dealroom → reported GEL 385 million raised in public bond offerings in the first half of 2026, about 2.6 times the year-earlier total.
For TBC Capital, it is the second AT1 bond issuance this year. "Since the beginning of the year, we have participated in 14 corporate bond transactions and continue to maintain our leading position with a 60% market share," said Otar Sharikadze, director of TBC Capital.
The signal: Georgia's capital markets are moving beyond ordinary corporate debt into bank regulatory capital. The placement gives local banks an alternative route to raise capital at home, though as a private placement it stops short of signalling a broad public market for such instruments.
Read more: georgiatoday.ge
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