Acting as Estonian counsel through international law firm Clifford Chance, we advised Erste Group Bank AG, J.P. Morgan SE and Société Générale, which were acting as joint managers for a EUR 500 million government bond issue by the Republic of Estonia. The bonds were issued under the Euro Medium Term Note (EMTN) Programme and are due in January 2034.
Government bond issue
Investor interest in the Estonian government bonds turned out to be high, with 104 investors wishing to subscribe, for a total of approximately EUR 3.5 billion. The final volume of the long-term bond issue was EUR 500 million, with the average yield being 3.181% per annum. The bonds are listed on the Euronext Dublin Stock Exchange.
Our services and client team
We provided advice on all local law aspects throughout the transaction, including updating key documentation such as the offering circular and other related materials for the second issuance under the EMTN Programme. Our support also included issuing a legal opinion on the transaction.
Our client team included partner Kätlin Krisak and senior associate Oliver Ämarik.
