The Republic of Estonia issued long-term bonds

Ellex in Estonia advised the Ministry of Finance in carrying out an issue of 10-year bonds of the Republic of Estonia in the total amount of EUR 1 billion.

The bonds were admitted to trading on the Euronext Dublin exchange. The bonds bear an interest rate of 4% per annum and mature in October 2032. The funds received from the issue will be used to cover the general state budget deficit of Estonia and supplement the liquidity reserve.

Citibank, Goldman Sachs and Societe Generale acted as managers of the issue. The Ministry of Finance was advised by Ellex in Estonia and Freshfields Bruckhaus Deringer.

Ellex in Estonia team included Partners Gerli Kivisoo and Raino Paron, Senior Associates Kadi Sink and Maria Teder, Tax Counsel Dmitri Rozenblat and Lawyer Anastassia Ostrovskaja.