TGS Baltic has advised Lithuanian Aid for Business Fund investor UAB Valstybes Investicinis Kapitalas on establishing its EUR 400 million state-guaranteed note program and placing the inaugural EUR 30 million issuance. Luminor bank covered the issuance.
According to TGS Baltic, this is the first issuance of corporate notes with a state guarantee in the Baltic states. “The issue received great attention from investors – demand exceeded supply eight-fold. The notes were subscribed with 0.045% yield. The international credit rating agency Fitch Ratings gave an A rating for the entire EUR 400 million note program.” According to the firm, “it is the highest rating granted to a state-owned company and it is the first time that the credibility of borrowing of a public sector company in Lithuania is equated to that of the State.” The notes will be listed on Nasdaq Vilnius and can participate in the monetary policy operations of the European Central Bank.
TGS Baltic’s team included Partner Vidmantas Drizga, Associate Partner Mantas Gofmanas, Senior Associate Karolina Lapinskaite, and Junior Associate Kotryna Visockyte.