COBALT advises AS Citadele banka on issue of EUR 200 million bonds

COBALT in cooperation with Allen & Overy has acted as legal advisor to AS Citadele banka in issuance of EUR 200 million senior unsecured preferred bonds. This was the first historic bond issue for Citadele, and also the first time in the past 10 years a Latvian bank has tapped international capital markets.

Bond purchase orders were received from more than 40 investors from the Nordics, Baltic States, UK and other European countries.

The bonds will be listed on Euronext Dublin and Nasdaq Riga, and currently this is the only international bond issuance that will be listed on Nasdaq Riga. The bonds were issued with five years maturity, with issuer’s optional redemption date after four years.

The purpose of the issuance is to meet Minimum Requirement for own funds and Eligible Liabilities (MREL).

In cooperation with international law firm Allen & Overy, COBALT provided local legal advice to Citadele banka. The project team was led by COBALT Specialist Counsel Edgars Lodziņš, along with support from Partner Sandija Novicka and Associate Krišjānis Bušs.

Press release issued by Citadele banka.