Dechert Advises the Republic of Albania on Issuance of €650 Million Notes

Dechert LLP advised the Republic of Albania, acting through the Ministry of Finance and Economy on its successful issuance of its €650 million 3.50% Notes due 2027. The sovereign bond offering marks Albania’s return to the international capital markets since 2018 and was almost five times oversubscribed. Proceeds from the issuance will be used to repay existing debt and meet the country’s financing requirements. The transaction closed on 16 July 2020, and the Notes are listed on the regulated market of Euronext Dublin. 

This transaction follows Dechert’s representation of Albania in October 2018, which was recognized as a "Deal of the Year" by CEE Legal Matters for work advising on the issuance of a 7-year €500 million Eurobond with a coupon of 3.50%, along with the completion of a €200 million capped tender offer of its existing €450 million 5.75% Notes due November 2020 (which Dechert advised the Republic on in November 2015).

Albania was advised by a London-based team led by corporate partner Patrick Lyons, of counsel Camille Abousleiman and associates Nick Quarrie and Amy Rees. “It has been a great honor for us to work with the terrific team in the Ministry of Finance and Economy on Albania’s return to the international capital markets. This transaction began before the coronavirus crisis, and we are delighted to have been able to play a part in bringing it to completion after the largest market disruption in recent history,” said Patrick Lyons.

Dechert has advised on a string of sovereign and quasi-sovereign offerings in 2020, including most recently advising the Kingdom of Bahrain on the update of its Global Medium Term Note Programme and its Trust Certificate Programme and a US$2 billion multi-tranche issuance; JSC “National Company “Kazakhstan Temir Zholy” on its invitation to holders of its outstanding US$1,100,000,000 6.950% Guaranteed Notes due 2042 to tender their notes for purchase; and the Arab Republic of Egypt on the update of its US$30 billion Global Medium Term Note Programme and a US$5 billion triple tranche Eurobond issuance.

Dechert’s award-winning international capital markets team has a strong track record advising on complex, innovative emerging markets capital markets transactions, including issuances by sovereigns and sub-sovereigns, state-owned companies, banks and other multinational corporations.

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