Clifford Chance

Clifford Chance advised the arrangers in the first issue of green bonds launched by Romania on foreign markets, worth EUR 2 billion

A multi-jurisdictional Clifford Chance team coordinated by the Bucharest office advised the arranging banks Citi, Erste, HSBC, JP Morgan and Société Générale in relation to Romania's two most recent bond issues on foreign markets, totaling EUR 4 billion.

In addition to the conventional bond tranche worth EUR 2 billion, due in 2031, Romania launched its Green Bond Framework program with a first tranche of bonds due in 2036, which raised EUR 2 billion.

Romania's Green Bond Framework has been developed by the Ministry of Finance with technical assistance from the World Bank and external advice from investment banks Citibank and HSBC. Clifford Chance lawyers were involved throughout the process, including providing multi-jurisdictional advice and reviewing the issue prospectus.

The team advising the arranging banks in relation to the inaugural offer was coordinated by Mădălina Rachieru-Postolache, Partner, and Cosmin Anghel, Counsel. Nicolae Grasu (Associate) was also part of the Bucharest core team. The Clifford Chance London office advised on English law matters (Kate Vyvyan, Partner and John Thomson, Senior Associate) and on US law matters (Johannes Juette, Partner and Geoffrey Adonu, Lawyer).