COBALT advised joint lead managers on the first sovereign Sustainability Bond issuance from the Baltics and Nordics

COBALT advised Barclays Bank Ireland, BNP Paribas and Credit Agricole CIB as joint lead managers on debut 8-year EUR 600 million Sustainability Bond issue by the Republic of Latvia. The Sustainability Bond issue benefitted from a strong order book over EUR 2.5 billion and interest from more than 120 investors.

This was the first sovereign sustainability bond issuance from the Baltics and Nordics.

Minister of Finance Jānis Reirs: “Latvia is facing global climate challenges. This Sustainability Bond issue will positively contribute transition process to a climate-neutral and socially responsible economy, while facilitating long-term solutions for climate, environmental and social policy and their impact on future generations. The establishment of the Sustainability Bond Framework was achieved in close inter-ministerial cooperation and represents a milestone in Latvia`s path to achieving the country’s sustainable goals.”

Legal assistance to the joint lead managers was provided by COBALT Banking and Finance team led by Specialist Counsel Edgars Lodziņš.