Linklaters has advised Fidelidade, a major Portuguese insurer, on the offering of its €500m Perpetual Subordinated Fixed Rate Resettable Temporary Write-Down Restricted Tier 1 Notes. This is the inaugural RT1 issuance from Portugal/Spain and the first green EUR RT1 in the insurance sector globally. This transaction follows Fidelidade’s debut issuance of €500m 4.250 per cent. Reset Subordinated Notes due 2031, on which we also advised Fidelidade.

The team was led by Vera Ferreira de Lima, a Lisbon-based finance partner, and Andrew Chaplin, a London-based capital markets counsel. Key roles were played by associates Rodrigo Moreira and Rita Albuquerque in the Lisbon capital markets practice, and partner Rui Camacho Palma with associate Maria Lima Ferreira in the Lisbon tax practice.