Dentons, the world’s largest law firm, is proud to announce that it recently advised the Republic of Lithuania on its second significant engagement with the public international debt markets this year.
The Republic of Lithuania updated its Euro Medium Term Note Programme in February and has now successfully completed a second issuance of €1 billion 3.5% Notes, maturing in 2031. The Notes have ratings of A2, A and A by Moody’s, S&P and Fitch, respectively, and are listed on the Luxembourg Stock Exchange.
The drawdown of €1 billion of fixed-rate Notes under the Programme demonstrates the country’s solid economic standing and the confidence it commands among investors, and highlights the market’s appetite for high-quality sovereign issuers. The proceeds of the issuance will be used for general funding purposes of the Republic of Lithuania.
Dentons’ London-based Debt Capital Markets partner, Head of Banking and Financial Services UK, and Global Co-Chair of Banking and Finance, Nick Hayday, who led the transaction, said: “With more than €4 billion raised in the public international debt markets in just over the last two years, this issuance underscores the Republic of Lithuania’s strength in the market. We are delighted to continue to support the Republic with this further bond issuance and its strategic financial initiatives. This transaction demonstrates our continued commitment to Lithuania and our practice in Central and Eastern Europe.”
In addition to Nick Hayday, London-based Debt Capital Markets partner Victoria Wyer dvised on the transaction, with assistance from trainee Miriam Babarinde. Victoria commented: “We are very pleased that we were able to help deliver this important and high-profile transaction amidst a challenging economic climate, demonstrating the Republic’s widely recognised market presence. Our team’s dedication and expertise were instrumental in ensuring a smooth and successful outcome.”
TGS Baltic acted as Lithuanian counsel to the Republic of Lithuania. Freshfields Bruckhaus Deringer LLP acted as international counsel to the underwriters and Sorainen acted as Lithuanian counsel to the underwriters.
