CEE Legal Matters
In-depth coverage of the news and newsmakers that shape Europe's emerging markets
With effect from 21 December 2024, the National Bank of Ukraine (“NBU”) introduced new exemptions from the moratorium on foreign currency cross-border transfers. Notably, these changes broaden the scope of existing exemption for Ukrainian corporate issuers permitting to make payments in connection with Eurobond-related obligations, described in our earlier legal alert.
On 21 December 2024, a new package of foreign currency (“FX”) easings came into effect. It is aimed at supporting domestic producers and improving the business environment in Ukraine. The amendments, introduced by Resolution No. 155 of the National Bank of Ukraine (the “NBU”) dated 20 December 2024 (“Resolution No. 155”), include the following measures:
Koutalidis, working with Clifford Chance, has advised Attica Bank on a EUR 220 million synthetic securitization of its SME and Large Corporate portfolio.
TGS Baltic has advised HeavyFinance on forming a partnership with Multitude Bank – backed by the European Investment Fund’s Sustainability Guarantee – to bring more than EUR 17.5 million in funding for farmers in Lithuania and Poland.
Fort Legal has advised EfTEN Capital on the EUR 7.5 million financing for Releven for the development of the Horizontai project in Vilnius. Motieka advised Releven.
Historically, Poland’s Renewable Energy Sources (RES) sector has relied heavily on long-term project finance, with loan tenors of 15-18 years from project completion. In the current local financial landscape, high interest rates persist with WIBOR remaining elevated despite attempts at correction, and the cost of long-term interest rate swaps continuing to soar.
Bernitsas has advised Helleniq Energy Real Estate and its shareholder Helleniq Energy Holdings on an up to EUR 50 million common secured bond loan issued by Helleniq Energy Real Estate to Eurobank for the acquisition of real estate property.
