London—Dentons has advised the Republic of Lithuania on the issuance of two euro-denominated benchmark bonds under its Euro Medium Term Note Programme.

The Republic of Lithuania updated its Euro Medium Term Note Programme in January by way of a supplement and successfully completed two separate bond issuances: €1 billion 2.875% Notes maturing in 2030 and €1 billion 3.625% Notes maturing in 2040. The Notes have ratings of A2, A and A by Moody's, S&P and Fitch, respectively, and are listed on the regulated market of the Luxembourg Stock Exchange.

The Ministry of Finance of the Republic of Lithuania forecasts international bond issuance in the region of €6 billion in 2025 as a result of increased defence spending and these two series, with an order book of more than €4.5 billion and little to no new issue premium, demonstrate Lithuania's appeal as a high-quality sovereign issuer.

Dentons' London-based Debt Capital Markets partner, Head of Banking and Financial Services UK, and Global Co-Chair of Banking and Finance, Nick Hayday, who led the transaction, said: "We are very pleased to have once again worked with the Ministry of Finance and the joint lead managers on such competitively priced deals. This transaction is key to Lithuania's defence spending and highlights our continued focus on the Central and Eastern European region".

In addition to Nick Hayday, London-based Debt Capital Markets associate Ed Varney worked on the transaction, with assistance from paralegals Tania Karda and Annabel Clifford.

TGS Baltic acted as Lithuanian counsel to the Republic of Lithuania. Freshfields LLP acted as international counsel to the underwriters and Sorainen acted as Lithuanian counsel to the underwriters.

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