London—Dentons has advised Morgan Stanley Europe SE, as sole bookrunner, on the debut issuance by Hrvatska poštanska banka p.l.c (HPB) of €150 million 4.125% fixed rate reset callable senior preferred notes due 2029. The transaction is a landmark for HPB, welcoming investment from international debt capital markets investors for the first time.
HPB is the largest Croatian-owned bank, operating a universal commercial banking model across Croatia. Proceeds from the issuance will be used for general corporate purposes including the financing of its lending activities and the strengthening of its capital and liability structure, including for the purpose of meeting its MREL requirements.
Neil Dixon, partner at Dentons, commented: “We are pleased to have advised Morgan Stanley on this debut issuance by HPB, signalling the continued development of the Croatian capital markets. We look forward to assisting on further transactions in the region.”
The Dentons team provided English law legal advice to Morgan Stanley, with the transaction led by London-based capital markets partner Neil Dixon and counsel David Brian supported by associate Tom Day and trainee Rakhi Gohil.
Dentons worked alongside Divjak Topić, Bahtijarević & Krka Law Firm Llc as Croatian counsel to Morgan Stanley, while HPB was advised by Clifford Chance LLP as to English law, and by Wolf Theiss Rechtsanwälte GmbH & Co KG, Zagreb Branch as Croatian counsel.
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