Linklaters acts on first Lita placing

Linklaters & Alliance has pulled off a groundbreaking deal in Lithuania, advising JP Morgan on the first internationally placed public debt issue denominated in the local currency.

JP Morgan Securities acted as joint lead manager with Estonian bank AS Hansapank on the litas100m (£16m) notes issue for the Republic of Lithuania.

Until now the Republic has only issued eurobonds denominated in US dollars and euros, and Linklaters has been involved in all its eurobond issues since its first in 1995.

Head of global securities Michael Canby led the Linklaters London team, drafting in local firm Lideika Petrauskas Valiunas & Partners to advise on Lithuanian law.

The Lithuanian Ministry of Justice acted as legal adviser to the Republic of Lithuania on the issue, which was listed on the Luxembourg Stock Exchange.