Latvia’s largest bond issuance, advised by COBALT, wins CEELM Deal of the Year Award 2024

AirBaltic’s EUR 380 million bonds issuance, for which COBALT advised airBaltic, has been recognized as the CEE Legal Matters 2024 Deal of the Year for Latvia. This annual celebration recognizes the pivotal role of lawyers and law firms in driving significant transactions across Central and Eastern Europe. 

“This award underscores the complexity and significance of the transaction, highlighting our team’s expertise in navigating intricate capital markets deals and delivering exceptional results for our clients,” stated Edgars Lodziņš, Head of Banking and Finance at COBALT Latvia. 

In a demonstration of strong investor confidence, airBaltic successfully executed a two-stage bond issuance. Initially, in May 2024, the Latvian national airline issued EUR 340 million in senior secured bonds with a 5.25-year maturity, listing them on Euronext Dublin. Subsequently, in October 2024, an additional EUR 40 million was issued, bringing the total to EUR 380 million. This represents the largest corporate bond issuance originating from Latvia to date. The offering was met with exceptional demand. 

COBALT Capital Markets team in cooperation with the international law firm Dentons provided full legal assistance to airBaltic in connection with the issuance of bonds, including conducting legal due diligence and preparing the required transaction documents which inter alia included a complex security package. 

The CEE Deals of the Year Awards, established in 2017 by CEE Legal Matters, a leading authority on the legal industry in CEE, celebrate the transactions that fuel regional growth. The awards acknowledge the contributions of lawyers and law firms in facilitating financings, IPOs, and other significant deals. 

Winners are selected through a rigorous two-round evaluation by committees comprising senior law firm partners and in-house counsel from across the CEE region. The announcement was made at the annual CEE Deals of the Year Banquet in Prague on April 1, 2025. More information about the awards can be found here. 

CEE Legal Matters is the authoritative print and online publication for and about the lawyers and legal markets of CEE. It featured news, interviews, analysis, opinion, and more. CEELM mission always has and always be, simply, to be the go-to source of information about the legal industry in Central and Eastern Europe.