Estonia’s EUR 1 billion sovereign bond issuance recognised as Deal of the Year

The Republic of Estonia’s EUR 1 billion bond issuance has been recognised as Estonia Deal of the Year at the Global Banking & Markets Awards: CEE, Central Asia & Türkiye 2026.

Issued in May 2026, the EUR 1 billion offering represented one of the most significant capital markets transactions in Estonia during the year. The transaction was jointly led by DZ Bank, HSBC and JPMorgan, with Swedbank acting as co-manager.

Ellex Estonian team advised the Republic of Estonia on Estonian law aspects of the bond issuance.

The Global Banking & Markets Awards recognise outstanding transactions across the capital markets and banking sectors in Central and Eastern Europe, Central Asia and Türkiye. According to the organisers, this year’s awards attracted a record number of submissions, reflecting the continued growth and sophistication of the region’s capital markets.

We would like to thank the Republic of Estonia for its trust, as well as all advisers and transaction participants whose collaboration contributed to the successful completion of this landmark deal.

The Ellex Raidla team included Raino Paron, Gerli Kivisoo and Kevin Gerretz.

Read more about the project HERE.