ILTE Issues the First Green Bonds in the Baltics with the Highest Credit Rating

Lithuania’s National Development Bank ILTE has successfully issued the first green bonds in the Baltic States with the highest credit rating AAA – Vytis Reno Loans. Legal services for the principal investors – EBRD (EUR 50 million), NIB (EUR 31.2 million), and Swedbank (EUR 31.1 million) – were provided by the Ellex Valiunas team, led by Associate Partner and Banking & Finance expert Eglė Neverbickienė, together with lawyers Elvika Leščinskaitė and Evelina Savickaitė.

“This was a complex transaction that required exceptional attention, a strong focus on results, and flexible solutions to overcome emerging challenges from all parties involved. The achieved outcome is truly gratifying,” says E. Neverbickienė.

The funds raised from international investors, totaling EUR 112 million, will be allocated to the modernization of apartment buildings across Lithuania. It is estimated that this funding will be sufficient to renovate more than 140 residential buildings nationwide.

According to the transaction organizers, the AAA-rated issuance represents not only a significant achievement for Lithuania but also a historic milestone for the entire Baltic capital markets. The issuance marks an important step in the development of Lithuania’s capital markets and sends a clear signal to foreign investors that the Lithuanian capital market is open and reliable for long-term investments.

The bonds were awarded a AAA credit rating by two international rating agencies – Fitch and Scope. Vytis Reno Loans are listed on the Nasdaq Baltic exchange.