London—Dentons has advised the Republic of Lithuania on the issuance of EUR750 million 0.250% Notes due 2025 and EUR1,250 million 0.750% Notes due 2030, pursuant to the Republic of Lithuania's Euro Medium Term Note Programme. The Notes, which are rated A3 by Moody’s Investors Service Ltd, A+ by Standard & Poor’s Credit Market Services Europe Limited and A by Fitch Ratings Ltd, are listed on the Luxembourg Stock Exchange. 

This EUR2 billion dual tranche trade is the largest ever issuance by the Republic of Lithuania, with the five year note coupon being the lowest on record for the Republic. The proposed issue received extremely positive investor interest and the final aggregate orderbook stood at EUR4.0 billion.

The proceeds of the issuance will be used by the Republic of Lithuania as added stimulus for its health support plan to fight Covid-19. 

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 underwriters on these successful bond issues. These transactions will play a crucial part in supporting the Lithuanian government's health plans in light of the Covid-19 pandemic, and demonstrate our continued strength in executing debt capital markets transactions on tight timetables, as well as our commitment to Lithuania and our practice in Central and Eastern Europe."

In addition to Nick Hayday, associates Moeen Qayum and Kathryn Finch, and trainee Jessica Matheret, advised on the transaction.

BNP Paribas, Citi and Erste Group were the Joint Lead Managers on the issuance, which saw strong market interest in the marketing of the transaction. 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 is the second issuance on which Dentons has advised the Republic of Lithuania, following its EUR1.5 billion bond issuance in 2019.

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