International law firm Simmons & Simmons has advised the Republic of San Marino on its first government bond issue on the international market, totalling €340m.
The bonds, aimed exclusively at professional investors, are listed on the Luxembourg Stock Exchange’s Euro MTF. This was a highly complex and unprecedented transaction for the Republic of San Marino. The bonds will mature on 24 February 2024 and offer a 3.25% rate of return.
JP Morgan Securities Plc and Credit Suisse Securities Sociedad de Valore S.A. acted as joint lead managers.
The Simmons team was led by financial markets partners Paola Leocani and Charles Hawes, with support from Baldassarre Battista.
Commenting on the matter, Paola said: “Working on this bond issue for the Republic of San Marino was a complex opportunity for our team given that it was the country’s first government bond issue on the international market. As such there was no ‘go to’ documentation so the depth of the work required was far greater than usual bond issues. We are pleased that this product is now on the market”.
