We represented Citi, Société Générale and Nordea Bank as the joint lead managers in the EUR 1.5 billion 10-year government bond issue of the Republic of Estonia.
Estonia’s first government bond issue
The transaction was long expected on the capital market as Estonia had been the only Eurozone member without a government bond issue outstanding. The issue received very high demand from international investors and due to that the Ministry of Finance decided to increase the size of the bond issue from EUR 1 billion to EUR 1.5 billion. The coupon is 0.125%. The bonds will mature in June 2030 and the yield to maturity is 0.235% per annum. The bonds were listed on the Euronext Dublin exchange.
Our services and project team
We advised the clients in all local law matters throughout the transaction, including review of transaction documentation, analysing the authority and indemnity issues as well as issuing a legal opinion on the transaction. Our client team was lead by partner Reimo Hammerberg along with senior associate Kätlin Krisak.
More information here.