Eversheds Bitans advised AS Citadele banka, a leading Latvian commercial bank, on its €40 million First Unsecured Subordinated Bonds Programme and issuance, public offering in Latvia and Lithuania, as well as the listing of subordinated bonds on the Baltic Bond List of Nasdaq Riga.

The Eversheds Bitans team, led by partner Edijs Poga, provided the full scope of legal support including: drafting of the base prospectus and other principal documents; providing advice on regulatory and jurisdictional matters; taking care of the issuer's legal relationship with its underwriter AS ABLV Bank; preparing the issuer for the public offering and listing of the bonds and its post-listing obligations; and conducting meetings of the issuer's shareholders. The team also  managed the relationship with AS Nasdaq Riga, Latvian Central Depositary and the Financial and Capital Market Commission of Latvia.

Citadele banka is a Latvian bank with a presence across the Baltics. The size of the Citadele banka bond issue is €40 million. The nominal value of one bond is €10 000. The annual interest rate is 6.25%; interest payments are made twice a year. The maturity date of the bond issue is 6 December 2026, and the issuer has the right to redeem the bonds after five years. The bonds were issued on 6 December 2016 and they were listed on the Baltic Bond List on 15 December 2016.

Edijs Poga, Eversheds Bitans partner and project leader commented:

"The fact that investors' demand for the bonds exceeded the total size of Citadele's First Unsecured Subordinated Bonds Programme is a clear indicator of Citadele's strong position and impeccable reputation in the Latvian financial sector. We were absolutely delighted to work on this interesting and challenging project together with Citadele's team.

"The outstanding results of the offering were ensured by the high professionality of Citadele's team from the strategic shareholders and management level down to each individual member of the project team."