Baker McKenzie Advises Joint Bookrunners on Latvenergo AS EMTN Programme and EUR 400 Million EU Green Bond Drawdown

Baker McKenzie advised BNP Paribas and J.P. Morgan (as Global Coordinators, Joint Bookrunners and Joint Green Structuring Agent) and Skandinaviska Enskilda Banken and Luminor Bank (as Joint Bookrunners) on the establishment of Latvenergo AS’s Euro Medium‑Term Note (EMTN) Programme and its first drawdown, and TEGOS provided Latvian law counsel to the dealers. The transaction comprised the inaugural drawdown under the EMTN Programme in the form of a EUR 400 million 3.612 per cent five‑year EU Green Bond. The bonds have been admitted to trading on the regulated market of the Luxembourg Stock Exchange and will be admitted to the regulated market of AS Nasdaq Riga. More than 140 investors participated in the offering, the order book was 5.5 times oversubscribed, and over half of the bonds were allocated to sustainability‑oriented investors. The issuance represents the first international green bond and the largest corporate bond ever issued by a Latvian corporate, and it is the first benchmark‑size EU Green Bond from the CEEMEA region. The transaction achieved one of the tightest spreads seen for a Central and Eastern European corporate in recent years. Baker McKenzie represented BNP Paribas and J.P. Morgan (as Global Coordinators, Joint Bookrunners and Joint Green Structuring Agent) and Skandinaviska Enskilda Banken and Luminor Bank (as Joint Bookrunners) with a team composed by: Partners James Tanner and Megan Schellinger, supported by trainee Abhishikta Sengupta. TEGOS acted as Latvian law counsel to the dealers.

Baker McKenzie Advises Joint Bookrunners on Latvenergo AS EMTN Programme and EUR 400 Million EU Green Bond Drawdown

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