The economic sector of the Republic of Serbia, including the capital market, offers a telling reflection of the global market’s challenges and some regional specifics. Despite periods of uncertainty and stagnation, Serbia’s capital market maintains signs of vitality and potential for growth.

White & Case and its Turkish affiliate law firm GKC Partners have advised Ulker Biskuvi on its USD 550 million Eurobond issuance. Baker McKenzie and its Turkish affiliate law firm Esin Attorney Partnership advised the bookrunners including J.P. Morgan Securities, Merrill Lynch International, Emirates NBD Bank, HSBC Bank, and Rabo Securities.

Linklaters has advised Goldman Sachs Bank Europe as the global coordinator and JLM and LHV Bank as joint lead managers on the offering of a EUR 400 million perpetual green hybrid bond by Eesti Energia.

With effect from 11 July 2024, the National Bank of Ukraine (“NBU”) introduced a long-awaited exemption from the moratorium on foreign currency cross-border transfers (“Moratorium”). This exemption is expected to facilitate the repayment of Eurobonds by major Ukrainian corporate issuers, which had faced significant challenges in making payments under their Eurobonds since the beginning of the full-scale russian invasion of Ukraine on 24 February 2022.

White & Case has advised PKO Bank Hipoteczny on its PLN 500 million issuance of mortgage-covered bonds due July 4, 2028, with Erste Group and PKO Bank Polski acting as joint bookrunners.

Gessel has advised Cavatina Holding on a prospectus-based public offering of series P2024A bonds with a total value of PLN 25 million.