Capital Markets

Recent matters DGKV’s Capital Markets team has worked on include:

 

• Advising a Citigroup Global Markets-led consortium of managers on the 2018 placement of EUR 400 million Eurobonds issued by the state owned Bulgarian Energy Holding that were dually listed on Euronext Dublin and the Bulgarian Stock Exchange.
• Advising manager Citigroup Global Markets and J.P. Morgan on the  2021 placement of EUR 600 million Eurobonds that were issued by the state- owned Bulgarian Energy Holding and listed on Euronext Dublin.
• Advising a consortium of Banca IMI-London Branch, Bank of China-Luxembourg Branch, and J.P. Morgan Limited on the EUR 550 million Eurobonds that were issued by Bulgarian Energy Holding. The transaction represents the largest-ever bond issuance by a Bulgarian issuer.
• Advising Bulgarian Real Estate Fund REIT on the restructuring of its capital and follow-up public offering of new shares on the Bulgarian Stock Exchange.
• Acted for PPF a.s. in connection with a EUR 3 billion mid-term notes programme. In March 2019 PPF Arena 1 issued the first EUR 550 million tranche international bonds with a 3.125% maturing in 2026.
• Advising and assisting the Joint Lead Managers J.P. Morgan Securities plc; BNP Paribas, Citigroup Global Markets Limited, UniCredit Bank AG on the Bulgarian law aspects of the update of the Republic of Bulgaria’s Global Medium Term Note Programme (increased from EUR 8 billion to EUR 10 billion in 2020) and the concurrent Republic of Bulgaria’s issuance of EUR 2.5 billion sovereign bonds in 2020.
• Joint Lead Managers, BNP Paribas, Citigroup Global Markets Europe AG, J.P. Morgan SE and UniCredit Bank AG on matters of Bulgarian law in relation to the increase of Republic of Bulgaria’s Global Medium Term Note Programme from EUR 10 billion to EUR 12 billion in 2022 and the concurrent issuance of EUR 2.250 billion sovereign bonds in September 2022.
• Joint Lead Managers, BNP Paribas, Citigroup Global Markets Europe AG, J.P. Morgan SE and Unicredit Bank AG on matters of Bulgarian law in relation to the issuance by the Republic of Bulgaria of EUR 1.5 billion sovereign bonds under its Global Medium Term Note Programme.
• Advising the Blocks Group on the structuring and issuance of EUR 30 million secured bonds. The covered bonds issuance is one of the largest in Bulgaria in the last five years.
• Advising Gradus AD on the initial public offering of its shares on the Bulgarian Stock Exchange. The company raised a total of BGN 81.4 million from the sale of its shares, making it the largest IPO in the country since 2007, and the second largest ever.
• Advising Metric Capital Partners LLP on a mezzanine financing provided to Eastern European Electric Company II B. V. – a wholly owned subsidiary of Eurohold Bulgaria AD – to partially fund the Eurohold Group’s acquisition of the Bulgarian business of Czech utility CEZ a.s., as well as subsequent tender offers to minority shareholders in the listed targets.
• Advising Euroclear SA/NV on certain aspects of Bulgarian law related to credit and collateral arrangements for secured credit extended to participants in connection with the Euroclear System.