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Cobalt Advises SEB Bankas on Altum Green Bond Issuance

Cobalt Advises SEB Bankas on Altum Green Bond Issuance

Latvia
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Cobalt has advised AB SEB Banka on its role as arranging bank on the October 10th issuance of EUR 20 million Green bonds by Latvia's state-owned JSC Development Finance Institution Altum — the first such issuance by a national development institution in Central and Eastern Europe . 

According to an Altum press release, "the Green bond is a climate-related fixed income instrument allowing investors with mainstream investment mandates to participate in climate financing, to raise awareness on climate related risks in addition to making a sound investment. The Green bond market has grown rapidly over the last decade with total, cumulative issuance exceeding USD 300 billion and the total number of individual Green bond issuers approaching 500."  

In addition, according to Altum, the green bond issuance was "in the total value of EUR 20 million with a maturity date of 17 October 2024, a fixed annual interest rate (coupon) is 1.3%, [and] a yield of 1.367%. The deal was finally allocated to 24 investors from: Latvia (43.5%), Lithuania (31%), Estonia (19%), Sweden and Germany (6.5%). The bond issue was oversubscribed by 6.5 times by asset managers, pension funds, insurance companies and banks. The bonds will be listed on Nasdaq Riga." The proceeds from the bonds will be used to finance viable business projects supporting energy efficiency and use of renewable energy.

Legal assistance to AB SEB Bankas in the transaction was provided by Cobalt's banking and finance team led by Specialist Counsel Edgars Lodzins. Cobalt did not reply to an inquiry about counsel for Altum.

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COBALT is closely integrated alliance of top-tier law offices in Estonia, Latvia, Lithuania and Belarus, making us one of the largest law firms in the Baltic market. 

COBALT is a trusted partner for daily matters and complex large-scale transactions and disputes. The firm’s broad spectrum of expertise and established position as the market leader give a comprehensive basis for providing advice on special areas of business law.

We advise top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups. We offer leading-edge solutions in key industry sectors: Consumer Products, Trade & Distribution, Real Estate & Construction, Pharmaceuticals & Healthcare, Energy & Utilities, Communications, Media & Technologies, Financial Services, Transport & Logistics.

COBALT has been named Baltic Law Firm of the Year 6 times. We were recognized as the Most Innovative Law Firm of the Year 2019 in the Baltics at the IFLR European Awards in London. COBALT also won CEE Legal Matters Deal of the Year Award for Estonia, Latvia, and Lithuania, as well as the overall Baltic Deal of the Year, at the 2019 CEE Legal Matters Awards. We have received multiple awards from the Chambers Europe, IFLR, The Lawyer and Mergermarket and we are regularly listed amongst the top performing M&A legal advisors in the Bloomberg, Thomson Reuters and Mergermarket deal tables

More information on Cobalt can be found at www.cobalt.legal

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