We advised the Ministry of Finance in the development of a domestic bond programme. We drafted the programme documentation and other legal documents as part of the project, as well as advising project participants on all other legal matters that arose.

The first emission issue is planned for this year

The necessary framework document for the issue of a government bond has been prepared. The bond will be freely tradable; it will be listed on Nasdaq Tallinn. The exact rules of the issue aimed at Estonian retail investors – the subscription period and volume of the public retail offer, the fixed interest rate, and the maturity and nominal value of the bond – will be announced shortly before the start of the subscription.

The demand for such bonds from small investors in Estonia has been estimated at between a few dozen and a few hundred million euros. The proceeds from the sale of the bonds will be channelled into the national budget, including in order to cover increased national defence expenditure and other investments.

Our client team

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