Clifford Chance and TEGOS Legal advised on the first public securitisation by Lithuania’s national development bank, UAB ILTE, involving the issuance of EUR 160.5 million of secured, AAA-rated green bonds through Vytis Reno Loans 2025-1 DAC.
The transaction marks the first securitised green bond issuance in the Baltic states and represents a significant milestone for the development of Baltic capital markets.
The issuance featured an innovative cross-border structure, with the bonds issued by an Ireland-established issuer, governed by English law, registered in Lithuania with a Lithuanian ISIN, and listed and traded on the Lithuanian market. This ensures access for local investors while meeting international market standards.
Clifford Chance advised the investor group, comprising the European Bank for Reconstruction and Development (EBRD), Nordic Investment Bank, and Swedbank.
The Clifford Chance team was led by Partner Simeon Radcliff, supported by Partner Bruce Kahl, Senior Associates Josh Dowdall, Anna-Lena Marx and Andrew Whelan, and Associates Tia Mereweather-Thompson and Ella-Rae Coleby.
TEGOS Legal acted as counsel to UAB ILTE, advising on the structuring and execution of the landmark securitisation.
The TEGOS team was led by Dalia Augaite, with support from Marijus Kriščiūnas, Loreta Antanaitienė, Lukas Stankevičius, Nortautas Zenevičius and Paulius Žalnieraitis.
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