Clifford Chance Badea and Clifford Chance LLP advised the arranger banks J.P. Morgan, Morgan Stanley, Nomura and ING Bank, and BT Capital Partners (as co-manager) in the transaction in which Banca Transilvania sold ESG bonds worth EUR 700 million on international markets.

The legal team included Partner Madalina Rachieru-Postolache, Head of the Bucharest Capital Markets practice, Radu Ropota (Of-Counsel) and Martha Busuiocescu (lawyer) from the Clifford Chance Badea office, as well as Kate Vyvyan (Partner) and Russell Harris (Senior Associate) from the Clifford Chance London office.

The issue, oversubscribed in a few hours, represents the second ESG issue launched by Banca Transilvania within its multi-annual Eurobond program (Medium Term Notes – MTN) worth EUR 1.5 billion.

The Clifford Chance Badea lawyers have been involved in all the issues launched so far under the two programs of Banca Transilvania.

As such, a team coordinated by Partner Mădălina Rachieru-Postolache advised the arranger banks Morgan Stanley and BT Capital Partners in connection with the establishment of Banca Transilvania’s first MTN Program, of EUR 1 billion, as well as in relation to the inaugural offer of EUR 500 million launched within the program.

At the end of last year, a multi-jurisdictional team of lawyers from Bucharest and London advised the arrangers JP Morgan SE, Citigroup Global Markets Europe AG, ING Bank N.V and BT Capital Partners, as co-manager, in connection with the launch of Banca Transilvania’s second MTN program of EUR 1.5 billion and the bank’s first ESG bonds issue of EUR 500 million. The MREL bonds were listed on the Dublin Stock Exchange.

Partner Mădălina Rachieru-Postolache and coordinator of the Bucharest Capital Markets practice says: “Medium Term Notes programs are beneficial for all capital market players, from issuers to investors. Our team boasts an impressive track record of such projects, and we are happy to notice a growing interest in this area. The current transaction gave us the opportunity to once again work with Banca Transilvania, an experienced bond issuer with which we have a long collaborative relationship, but also with the large international financial institutions alongside which we have been driving the development of Romania’s financing market for almost 20 years, through numerous successful projects finalized by high-profile issuers.”

Of-Counsel Radu Ropota notes: “This transaction adds to a important portfolio of projects with a green component, in line with Clifford Chance’s commitment to actively support sustainability efforts. We congratulate Banca Transilvania for a new successful transaction on international markets and we thank all the teams involved for an exemplary collaboration.”