Capital Markets

Phantom Stock Option Plan – a Modern Method of Motivating Managers Gaining Popularity in CEE

Startups are keen to use motivational tools like the Employee Stock Option Plan (ESOP). These programs do not burden the company with the economic cost of paying additional cash compensation. This way, startups can preserve their cash flow, which is especially sensitive during the initial stages of business development. Simultaneously, such programs effectively motivate employees, who have an interest in increasing the value of the company, as they become its co-owners. For this reason, the cap table of almost every startup today includes an entry for an option pool. However, not every founder wants or can commit to permanently transferring part of the company to employees. In such cases, the Phantom Stock Option Plan (PSOP) presents an interesting alternative.

TGS Baltic and Cobalt Advise on AirBaltic's EUR 40 Million Issuance

TGS Baltic, working with Linklaters, has advised sole bookrunner Citigroup Global Markets Europe on the tap issue of EUR 40 million 14.50% senior secured bonds by the Latvian national airline AirBaltic. Cobalt, working with Dentons, advised AirBaltic.

Clifford Chance Advises mBank on PLN 530 Million Green Bond Issuance for R.Power

Clifford Chance has advised mBank on R.Power's issuance of three series of secured green bonds with a total nominal value of PLN 530 million.

Regulation of Crypto Assets in Bulgaria

The MICA (Markets in Crypto-Assets) Regulation was formally adopted by the European Parliament on 20 April 2023 and approved by the Council of the European Union on 16 May 2023. The adoption of MICA is in response to the growing need for regulation in the rapidly evolving world of crypto-assets and represents an important step towards building a stable and secure financial system in the EU.

A&O Shearman Advises Republic of Poland on EUR 3 Billion Dual-Tranche Notes Issuance

Allen & Overy Shearman & Sterling has advised the Republic of Poland on its issuance of EUR 3 billion in dual-tranche notes.

TGS Baltic Advises Pro Bro Group on EUR 2 Million Bond Issuance

TGS Baltic has advised Pro Bro Group on its EUR 2 million bond issuance with Siauliu Bankas as the distributor.

Legislative Reforms in North Macedonia: Aligning Capital Market Laws with EU Standards

The spring of 2024 marked a pivotal shift in the Macedonian financial market, with significant reforms on the horizon. As of March 2024, the related legislative framework has come under intense scrutiny, aiming to align more closely with European directives and capital market regulations. This effort has culminated in the adoption of the new Law on Financial Instruments (LFI) and the Law on Prospectus and Transparency Obligations of Securities Issuers (LPTOSI). The primary objective of these reforms is to enhance market efficiency and strengthen the stability of the financial system.