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Clifford Chance Badea advised the arrangers in the first issue of green bonds launched by Romania on foreign markets

Clifford Chanceadvised 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.

Cosmin Anghel and Madalina Rachieru-Postolache

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).

"We are honored to have been part of a new historic project for Romania," says Mădălina Rachieru-Postolache, Partner and coordinator of the Bucharest Capital Markets practice. "Clifford Chance Badea has been involved in all sovereign bond issues on international markets in the last 20 years. Also, we have built an outstanding portfolio of green bonds issues financing. We are happy that we managed to combine these two areas of expertise and help achieve the remarkable success that puts Romania on the green financing map, which is essential for reaching environmental and sustainable development goals."

Cosmin Anghel, Counsel, adds: "14 years ago, we contributed to the launch of Romania's Medium Term Notes Program, which enabled the Romanian state to access diverse and flexible financing options from foreign markets. It was an honor to work again with the professional team from the Ministry of Finance, but also with our international partners to set up the next stage in the national financing strategy. Through the Green Bond Framework program, Romania joins the global effort of sustainable financing. The fact that the inaugural offer was oversubscribed 4 times confirms the interest of high-profile investors, despite a difficult market context."

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