Principality of Andorra’s €1.2 Billion Euro Medium Term Note Programme

Cases&Lacambra, Allen & Overy and Clifford Chance have advised on the deal.

The Principality of Andorra has registered a Euro Medium Term Note Programme for €1.2 billion on LGX. The net proceeds from each issue of notes under the programme will be used for the budgetary purposes of the issuer or, in respect of any notes which are issued as Green/Social/Sustainability bonds in accordance with the issuer’s Green, Social and Sustainability Framework, to finance or refinance, in whole or in part, Eligible Green and Social expenditures.

As part of the programme, The Principality of Andorra has issued €500,000,000 10-year sustainable notes with 1.25 per cent yield coupon that have been admitted to trading on the Luxembourg Stock Exchange.

Banco Santander, S.A. and Crédit Agricole Corporate and Investment Bank act as Co-Arrangers and Co-Managers, while the Dealers are Andbank, Banc Sabadell d’Andorra, Crédit Agricole CIB, Crèdit Andorrà, MoraBanc, Santander Corporate & Investment Banking and Vall Banc SA.

Cases & Lacambra advised Andorra on Andorran Law matters with a team led by the managing partner Miguel Cases (Picture) and managing associate Laura Nieto. The advice also included partner Elena Redondo, and associates María Arroyos and David Tornil.

Allen & Overy advised Andorra on English Law matters with a Capital Markets team led by partner Charles Poole-Warren, including senior associate Alvaro Rojo, and associates Katie Steval and Victoria Pérez.

The Arrangers and the Dealers were advised by Clifford Chance.

Involved fees earner: María Arroyos – Cases & Lacambra; Miguel Cases – Cases & Lacambra; Laura Nieto – Cases & Lacambra; Elena Redondo – Cases & Lacambra; David Tornil – Cases & Lacambra;

Law Firms: Cases & Lacambra;

Clients: Principality of Andorra;

Author: Federica Tiefenthaler