We advised Barclays as the arranger and dealer and Citibank as the dealer in the preparation of legal documents concerning the international Euro-Commercial Paper (ECP) programme of the Republic of Estonia.

Covering short-term liquidity needs

The programme provides the option of repeated issuance of commercial paper notes with a maturity between 1 and 364 days to cover the short-term liquidity needs of the Republic of Estonia. Furthermore, it enhances the state’s readiness to issue treasury bills in the international capital market in an operational and flexible manner. The notes can be denominated in euros, US Dollars, Sterling or other currencies.

According to Sven Kirsipuu, Deputy Chancellor of Budget Policy at the Ministry of Finance, different flexible borrowing options and a broader investor base will ensure the best possible interest rates for state loans, which will ultimately mean lower costs for the state.

Our services and project team

Acting as local counsel in Estonia through international law firm Clifford Chance, we advised the clients on all local law matters throughout the preparatory phase, including drafting of note terms and other relevant transaction documents.

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