Capital Markets

COBALT is a leading player in providing legal support to a variety of capital market transactions in the Baltic States. Our Capital Markets team offers a wide range of legal services in the field of DCM and ECM, including those related to initial public offerings and private placements, listings of debt and equity instruments on regulated Baltic markets, issuance of ADRs and GDRs of local financial instruments in international markets, regulated markets, and central depositories, structuring and implementation of mandatory and voluntary takeover offers, compliance with legal, regulatory and stock exchange requirements established by issuers and investors, legal representation of issuers and investors, advice on market abuses and insider trading, as well as OTC transactions involving listed instruments.

In co-operation with our partner firms abroad, we have also advised and assisted Baltic issuers in issuing, offering, and listing their debt and equity instruments in a number of other European jurisdictions. We work in close partnership with Nasdaq and the central depositories of Estonia, Latvia, and Lithuania, also providing advice to the depositories on legal issues that relate to capital markets.

On behalf of the banking industry, we did extensive research and drafted legislation to incorporate the Covered Bond Directive into national legal acts and to facilitate the creation of cross-border cover pools.


Chambers Europe 2023, Banking & Finance, Estonia office
"The lawyers know the local market inside-out, which is very helpful because they can address a number of different queries in different practice areas. They are very good at coordinating with their colleagues."
Chambers Europe 2023, Banking & Finance, Lithuania office
"The law firm has experts for every topic who have good availability and turnaround times. They understand what the client needs and wants."
The Legal 500 2023, Banking, Finance and Capital Markets, Lithuania office
"Well-organised team. Great and effective cooperation allowing to deliver the relevant work in line with clients’ needs."
Chambers Europe 2023, Banking & Finance, Estonia office
"The lawyers are available, flexible and very focused. They know the Estonian and Baltic market very well."
Chambers Europe 2023, Banking & Finance, Estonia office
"The team can put you in direct contact with an expert, who then takes the lead and starts arranging calls, and they have a lot of skill sets."
Chambers Europe 2023, Banking & Finance, Latvia office
“COBALT has a very strong understanding of the commercial aspects of financial services. The lawyers are understandable, pleasant, and always timely in communication. The team is very smart, responsive, and commercial."
The Legal 500 2022, Banking & Finance, Latvia office
"COBALT will always point out to the client the critical places in the agreement we need to pay our attention to and will come up with the solutions that would be both beneficial for the client and acceptable to the banks and financing institutions."
The Legal 500 2022, Banking & Finance, Latvia office
"COBALT works in a very flexible way. Extremely client and service oriented."
Chambers Europe 2022, Banking & Finance, Latvia office
A source describes the team as "very forward-thinking" and "entrepreneurial.
The Legal 500 2021, Banking & Finance, Latvia office
"An engaged, responsive team with good knowledge of the market standards."
Chambers and Partners 2021, Banking & Finance, Estonia
"They explain issues well and help us to understand complicated legal matters, to make sure our interests are well handled and taken care of," adds another impressed client.
Chambers and Partners 2021, Banking & Finance, Estonia
Clients describe the team as "extremely impressive, very commercial and very responsive," and single out the group for its "great communication and project management skills."
The Legal 500 2021, Banking, finance and capital markets, Lithuania office
"Excellent knowledge of the subject matter and level of attendance to the client’s needs."
Chambers Europe 2020, Banking & Finance, Latvia office
Sources regularly praise the team for its proficiency, describing the lawyers as "knowledgeable and enthusiastic" as well as "willing to support and help in the best possible way."
Chambers Europe 2019
"Outstanding firm with an enviable portfolio of mandates, providing a well-integrated service across the Baltic region. Impressive client base includes respected international and local investment funds, banks and insurance companies."
Chambers Europe 2019, Banking & Finance, Latvia office
The team is praised for the quality of its advice and its dedication to clients. "Good teamwork and good knowledge in all kind of legislation," "client- and service-oriented."
Chambers Europe 2018, Banking & Finance, Estonia office
"They are very committed and know what they are doing. They explained things very clearly and the drafting of the documentation went very smoothly."
Chambers Europe 2018, Banking & Finance, Estonia office
"Their lawyers have the right approach. When you need something, they are available and deliver work within a tight timeframe."
Chambers Europe 2018, Banking & Finance, Estonia office
"We were impressed with their precision, diligence and ability to work quickly."
IFLR1000 2017, Banking and finance, Lithuania office
“They provided clear advice on very technical matters.”
IFLR1000 2017, Banking and finance, Lithuania office
“It is a group of experienced professionals.”
IFLR1000 2016, Latvia office
“[…] it is widely regarded as one of the top-performing practices in Latvia.”
IFLR1000 2016, Latvia office
“The firm is absolutely excellent,” says one client. “Very professional, fast and solid in all areas of corporate laws, M&A and antitrust legislation.”
Chambers Europe 2016, Latvia office
"The job is done very quickly and with a relatively competitive price. They have always delivered in time."
IFLR1000 2016, Latvia office
“COBALT were very good,” says one senior finance client. “The result of the work is 100% reliable and accurate. They offered highly-professional advice, strong ethical standards and are certainly client oriented.”
Chambers Europe 2015, Latvia office
“Strong banking and finance practice assisting international clients and major domestic banks with a wide range of transactional and advisory mandates.”
Chambers Europe 2015, Lithuania office
"Highly regarded finance practice advising banks and debtors on acquisition and real estate financing, capital markets and regulatory issues."
Chambers Europe 2015, Latvia office
“Significant expertise in project finance, securitisation and cross-border financings.”