Acting as Estonian counsel through international law firm Clifford Chance, we advised Citibank, Goldman Sachs, and Societe Generale as the joint lead managers in the EUR 1 billion 10-year government bond issue of the Republic of Estonia.

Government bond issue

Investor interest in the issuing of government bonds proved to be significant, given the recent nervous state of the market. A total of 93 international investors sought to subscribe to the bonds in excess of EUR 1.8 billion. The final volume of the long-term bond issue was EUR 1 billion and the coupon interest rate was 4% per annum. The bonds are listed on the Dublin Stock Exchange.

According to Sven Kirsipuu, Deputy Secretary General at the Estonian Ministry of Finance, given the current complex geopolitical and market situation, the issue can be considered successful.

The money received from the sale of the bonds will be used to cover the general state budget deficit and supplement the liquidity reserve.

Our services and project team

We advised the clients on all local law matters throughout the transaction, including reviewing the offering circular, and transaction documentation as well as issuing a legal opinion on the transaction.

Our client team was led by partner Kätlin Krisak and counsel Jane Eespõld and included also partner Kaido Künnapas, senior associate Verner Silm and associate Oliver Ämarik.