Dechert Advises the Republic of Albania on Issuance of €450 Million Notes

Dechert LLP advised the Republic of Albania on its successful issuance of €450 million 5.75% Notes due 2020. This sovereign bond offering marked the country’s strong return to the international debt capital markets after a nearly five-year absence and against the backdrop of market turbulence surrounding the recent debt crisis in neighbouring Greece and general volatility. Partner Louise Roman led the team, assisted by Jennifer Buckett, Annabelle Nelsson and Dona Treska, a native Albanian.

"We were pleased to assist Albania in this landmark transaction, particularly during the difficult conditions in the region," said Roman. "Our team is pleased to have forged a relationship with the excellent team at the Albanian Ministry of Finance, as well as to continue our long track record of advising on sovereign bond offerings across the emerging markets."

The Albania transaction follows a string of sovereign and quasi-sovereign offerings on which Dechert has successfully advised in 2015, including the Hashemite Kingdom of Jordan’s issuances of US$500 million 6.125% notes due 2026 and of its US$1 billion 2.578% guaranteed notes due 2022 and US$500 million 3.000% guaranteed notes due 2025, guaranteed by the United States of America, acting through the U.S. Agency for International Development; the Arab Republic of Egypt’s issuance of US$1.5 billion 5.875% notes due 2025; Banque Centrale de Tunisie’s issuance of US$1 billion 5.75% notes due 2025; and Lebanon’s voluntary debt exchange offer and issuance of an aggregate principal amount of US$1.6 billion of notes in November 2015 and its issuance of US$2.2 billion of notes in two tranches earlier in 2015.

The joint lead managers, Deutsche Bank and J.P. Morgan, were represented by Allen & Overy.

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