Rating upgrade and trust of financial markets enable Lithuania to borrow cheaper


2014 05 23


23 May 2014, Vilnius. The Republic of Lithuania issued 20 year EUR 185 million registered notes in the German market (Namensschuldverschreibung) with a coupon set at 3.43 %. Favourable situation in the financial markets and persisting investor confidence allowed the notes to be issued at a spread over mid-swaps not surpassing the one of the 10-year Eurobond due 2024 in the secondary market. This is the first 20 year issue since the restoration of independence.

The notes were issued at par and will be redeemed on 30 May 2034. BNP Paribas acted as the manager for the issue.

The proceeds of the issue will be used for general budgetary purposes.

This is the first borrowing in foreign markets after the rating upgrade from BBB to A- by Standard & Poor’s in April 2014, which is an excellent reflection of confidence in Lithuania’s creditworthiness and economic growth possibilities. 

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