Acting as Estonian counsel through international law firm Clifford Chance, we advised Barclays, Citigroup and Nordea as the joint managers in the EUR 1 billion 10-year government bond issue of the Republic of Estonia. The bonds were issued under the Euro Medium Term Note (EMTN) Programme.
Government bond issue
Investor interest in the Estonian government bonds turned out to be higher than expected, with nearly 180 investors wishing to subscribe for more than EUR 7.2 billion. The final volume of the long-term bond issue was EUR 1 billion and the coupon interest rate was 3.25% per annum. The bonds are listed on the Euronext Dublin Stock Exchange. The proceeds from the sale of the bonds will be used to cover the general budgetary deficit and replenish the liquidity reserve.
Our services and client team
We advised the clients on all local law matters throughout the transaction, including preparation of EMTN Programme documentation, reviewing the offering circular and other transaction documentation in relation to the first issue under the EMTN programme, as well as issuing a legal opinion on the transaction.