Baker McKenzie advises the joint bookrunners on Latvenergo AS’s EMTN programme establishment and EU Green Bond drawdown

Leading global law firm Baker McKenzie has advised BNP Paribas and J.P. Morgan (as Global Coordinators, Joint Bookrunners and Joint Green Structuring Agent) and Skandinaviska Enskilda Banken and Luminor Bank (as Joint Bookrunners) on the establishment of Latvenergo AS’s Euro Medium-Term Note (EMTN) Programme and its first drawdown thereunder in the form of a EUR 400 million 3.612 per cent 5-year EU Green Bond. The bonds are admitted to trading on the regulated market of the Luxembourg Stock Exchange (Bourse de Luxembourg) and will be admitted to the regulated market of AS Nasdaq Riga. More than 140 investors participated in the transaction (with an order-book 5.5 times oversubscribed). More than half of the bonds were allocated to sustainability-oriented investors.

Baker McKenzie’s team was led by Partners James Tanner and Megan Schellinger with trainee Abhishikta Sengupta supporting. TEGOS provided support as to the dealers as Latvian law counsel.

James Tanner said: “It is truly exciting to have been involved in the first international green bond, and largest ever corporate bond, issued by a Latvian corporate – as well as the first-ever benchmark-size EU Green Bond from CEEMEA. We were particularly pleased to see the Latvenergo team achieve one of the tightest spreads for a CEE corporate in years. This absolutely plays to Baker McKenzie’s strengths as a truly international law firm with extensive experience advising both issuers and arrangers on debt capital markets transactions.”