TGS Baltic advised the Ministry of Finance of Lithuania on two eurobond issues with a total value of EUR 1.5 billion

20.06.2019 TGS Baltic advised the Ministry of Finance of Lithuania on two eurobond issues with a total value of EUR 1.5 billion

TGS Baltic advised the Ministry of Finance of the Republic of Lithuania in structuring and conducting two issues of eurobonds for a total value of EUR 1.5 billion.

Bonds with a nominal value of EUR 650 million were issued for a period of 10 years and bonds with a nominal value of EUR 850 million were issued for a period of 30 years. The subscribed bonds will be admitted to trading on the Luxembourg Stock Exchange shortly.

The 10-year, EUR 650 million issue, which pays annual interest of 0.500 percent, is the cheapest in Lithuania's borrowing history. The bonds were subscribed to yield 0.603 percent. The 30-year, EUR 850 million issue is only the second of such duration in the country's borrowing history. Lithuania will pay 1.625 percent annual interest on those bonds, which were subscribed at a yield of 1.732 percent.

Banking groups BNP Paribas and J.P Morgan acted as the intermediaries in the distribution of the issues. In addition to TGS Baltic, the State was also represented in this transaction by the international law firm Dentons UK and Middle East LLP.

TGS Baltic Partner Vidmantas Drizga, Associate Partner Mantas Gofmanas and Associate Goda Drąsutė were advisors to the State on issues of Lithuanian law in this process. They assisted in the preparation of programme-offer documentation as well as other documents in connection with the project.