London—Dentons has advised the Republic of Lithuania on the issuance of €650 million 2.125% Notes due 2032, pursuant to the Republic of Lithuania's Euro Medium Term Note Programme. The Notes, which are rated A2 by Moody's, A+ by S&P and A by Fitch are listed on the Luxembourg Stock Exchange. 

The proceeds of the Notes will be used for the refinancing of indebtedness and general funding purposes of the Republic of Lithuania. This includes spending approved by the amendment to the Law on Budget 2022 in response to the impact of the Russian military invasion of Ukraine. 

Dentons' London-based Capital Markets partner Nick Hayday, who led the transaction, said: "We are delighted to have worked once again with the Ministry of Finance team and the joint lead managers on this successful bond issuance despite challenging market conditions. This transaction demonstrates our continued commitment to Lithuania and our practice in Central and Eastern Europe."  

In addition to Nick Hayday, senior associate Victoria Wyer advised on the transaction with assistance from trainee Julian Ng and solicitor apprentice Nia Powell. 

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. 

This was one of several bond issuances on which Dentons has advised the Republic of Lithuania, the most recent of which was its €750 million bond issuance in 2021. 

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