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In April 2016 the Romanian Parliament passed a law which includes additional requirements for labelling fresh milk for consumption and dairy products (the “Law”). The Law has just been promulgated by the Romanian President, but in order to come into force it also requires the approval of the European Commission (it will come into force 90 days after such approval).

The Law sets out the mandatory information to be displayed on the labels of fresh milk for consumption and of dairy products, adding to the labelling requirements set forth by the EU Regulation no. 1169/2011 on the provision of food information to consumers (“FIR”).

Scope of application

The Law applies to products traded in Romania, without making any further distinction in this respect.

The Law sets forth the type of particulars to be displayed on labels and introduces criteria for “natural products” and “Romanian products”.

Information to be displayed on labels

The following particulars must be displayed on labels clearly and in a manner that they are easily readable, on a field of vision (i.e. which represents the surfaces of the package that are readable from a single angle):

1. the name of the product;
2. the list of ingredients;
3. the net quantity;
4. the date of minimum durability or the ‘use by’ date;
5. any special storage conditions and/or conditions for use;
6. the country of origin or place of provenance of the crude milk, raw material for consumption;
7. the name of the packager and identification mark;
8. the name, business name and address of the milk processor;
9. the nutrition declaration;
10. the content of fat as a percentage;
11. the used thermal processing, pasteurised, sterilised, ultra-pasteurised.

The Law further states that the information listed shall be supplemented with the provisions of FIR, as applicable.

For products from animals other than dairy cows, the species of the animal must be indicated as well.

In addition, any content modification to the milk (such as enrichment with milk proteins, mineral salts or vitamins, reduction of the lactose content to glucose and galactose) must be indicated on the label.

Furthermore, if the milk products contain powder milk, a warning regarding the percentage of the powder milk must be indicated.

Designation as natural product

In order to use the wording “natural product” on the label, the product must contain 100% crude milk, without any milk replacements or powder milk included.

Designation as Romanian product

A product may be labelled “Romanian product” only if it contains 100 % raw milk from Romanian farms.

Sanctions

Failure to comply with the provisions of the Law in respect of the designation as a natural product and Romanian product, as well as in respect of indicating the powder milk percentage may trigger administrative fines of up to RON 20,000, unless the action is considered a criminal offence under criminal law.

Production, display for sale and / or sale of fresh milk for consumption, knowing that it is obtained from milk replacements, is sanctioned with an administrative fine of up to RON 25,000 and withdrawal of the operating permit of the producer or trader for six months.

Final Remarks

In practice, the Law will likely have a significant impact on the processors in the milk industry at logistical, operational and financial levels.

The Law adds to the provisions of FIR, containing more restrictive conditions in respect of labelling. Whether these additions are justified and in line with EU regulations will remain to be seen as the European Commission must approve the Law in order to come into force.

By Oana Constantinescu, Partner, Schoenherr

Poland’s Rapala Law Office has advised the Internet Ventures FIZ fund, managed by MCI Capital, in its investment in RemoteMyApp, a company which streams multimedia content (games, video, applications, music) from PCs to smartphones. Depending on the completion of conditions precedent, the investment may reach as much as PLN 6 million (approximately EUR 1.36 million).

“The whole investment was divided into two tranches, and the second tranche depends on condition precedent,” commented Rapala Law Office Managing Partner Krzysztof Rapala. “Nevertheless at any time Internet Ventures has the option to perform the second tranche, even without fulfilment of the CP.”  

According to the MCI Capital website, Internet Ventures “invests in such sectors as: electronic media, e-commerce, web and wireless (mobile) technologies and services, early stage and growth companies with prospects for success on the Polish, European, and global market. Established by MCI Capital TFI together with Krajowy Fundusz Kapitalowy and IIF S.A. The target value of capital engaged in the Fund’s investments is PLN 100 million.”

RemoteMyApp “was established by Polish engineers, but since very early on it has been developing in an international team,” said Michal Wrzolek, Investment Director of Internet Ventures. “From day one, its business model has assumed achieving an international scale of operations. Already today, the company has users across many countries and our task is to help it turn their global leadership aspirations into reality.” 

Internet Ventures Fund is the only participant in this round of financing and once the first of two tranches is completed, it will become the largest financial investor. Previous investors include Xevin Lab (which was advised on its investment by Krzysztof Gasiorowski from Warsaw’s Gregorowicz-Ziemba, Gasiorowski Law Firm) and Red Sky. 

The new investor will help us expand our IT and marketing teams,” said Radoslaw Zawartko, CPO and co-founder of RemoteMyApp. “The funds will also serve to develop our technology, which will translate into even better user experience for the players,” added Rafal Krochmal, CTO and another co-founder of the company.

Arzinger has announced the promotion of Kateryna Gupalo, Andriy Selyutin, and Oleksander Plotnikov to Partner.

Kateryna Gupalo, who joined Arzinger as Counsel in  2015 (as reported by CEE Legal Matters on March 6, 2015), specializes in white collar defense and tax and customs disputes. According to Arzinger, “her experience includes providing legal support to top managers of companies with foreign investments as well as to private clients in criminal proceedings,” and, “in particular, Kateryna has advised Ukrainian subsidiaries of multinational grain trading companies and other companies across the agribusiness, food and healthcare sectors as well as construction and timber processing businesses.”

Gupalo got her degree from the National University of “Kyiv-Mohyla Academy” in 2007, and a Specialist Degree in Law from that same institution in 2009. She also has a 2008 Master’s degree from the University of Salamanca. Before joining Arzinger in 2015, she worked for two years at the B.I.M. law office, and for six and a half years with WTS Consulting.

Andriy Selyutin is the Head of Arzinger’s Infrastructure and Transport practices, and he has headed the South Ukrainian Branch of Arzinger, in Odessa, since 2012. During this time, the lawyers of that branch of the firm have, according to Arzinger, “accompanied large investment projects in the South of Ukraine related to infrastructure construction as well as commercial and industrial real estate acquisition. They also represented clients in courts of all instances and jurisdictions and participated in numerous social and legal initiatives in the region, including support of reforms. For four years, the branch has been demonstrating sustainable growth in the customer base and the scope of orders. Today, the branch has a team of young and ambitious lawyers specializing in bankruptcy and restructuring, legal representation, real estate, international trade, corporate law, as well as maritime and port law.” He graduated from the Odessa National Mechnikov University.

Speaking of his appointment, Selyutin said: “It is a great honour for me to become a partner in one of the best law firms in Ukraine. I would like to thank all my colleagues for their help, support and trust. I would not have achieved such success without our team.”

Oleksander Plotnikov heads the firm’s banking and finance practice and specializes in issues related to banking and corporate finance, debt restructuring, foreign exchange regulation, and foreign investment. Arzinger describes him as “well versed in various financial projects and advises lenders and borrowers on banking in Ukraine as well as on cross-border transactions, including complex syndicated loans and debt restructurings involving several jurisdictions.” Before joining Arzinger in 2010 he worked for 2 years as a Legal Advisor at UkrSibbank, and for another two and a half years as a Legal Advisor at CIB Credit Agricole. He received his law degree in 2001 from the National ‘Jaroslav the Wise’ Law Academy of Ukraine, in Kharkiv.

In an extended comment on the new appointments in an Arzinger press release, Managing Partner Timur Bondaryev said:

“A key component of any successful legal business is a personality. This is why Arzinger has been investing huge resources in the human potential since its inception. I believe that, in the long run, companies with the relevant systemic and strategic approach will take the lead in the market. We invest tremendous efforts in the development of our existing partners and of the firm’s employees for their self-fulfilment in leadership positions, as well as actively consider cooperation with peers from the outside. In fact, we negotiate with new potential partners on a daily basis. I am deeply convinced that all of our key practices should have several partners to complement each other and create the desired synergy, thus enhancing their practice and our business as a whole. The new partner appointments at Arzinger are a good example of this thoroughly implemented strategy.

Arzinger is known to have an impeccable reputation and strong positions in tax disputes and white collar defence, banking and finance, as well as in international trade, and we have steadily increased our market share in these areas over the recent years.

Oleksander Plotnikov’s admission as a partner is a logical result of his hard work recognized by clients. Over the years, our practice of banking and finance has grown significantly and has earned a perfect reputation in the market. Only last year we represented the interests of international banks and investment funds in high-profile multi-billion dollar debt restructuring deals. We have great ambitions and plans, and we are still at the very beginning. However, I am sure that the partner status would be an extra motivation for Oleksander to reach the goals set for him and his team and to provide first-class services to our clients.

Another key element of Arzinger’s strategy is the development of regional presence. Opening an office in Odessa was a logical step after our successful launch of an office in Lviv, where Arzinger quickly became the leader in the regional legal services market. In the recent years, Andriy Selyutin’s team strengthened our position in the southern region of Ukraine by serving the most complex and the most important real estate and port infrastructure projects as well as representing international and national clients in high-profile litigations in the region. I believe that, in his new status, Andriy will greatly strengthen Arzinger’s position in the South of Ukraine and prove its absolute leadership in the regional legal market. In the regions, we focus on the further development of infrastructure projects, international trade, maritime and transport law practices, where Andriy has become a recognized expert in the eyes of both Ukrainian and international clients.

Arzinger has a systematic and consistent approach to the development of disputes and white collar practices. From our very inception, we have successfully represented our clients across industries in the most difficult disputes with tax, customs and other state authorities, including the Antimonopoly Committee of Ukraine. A few years ago, based on the best U.S. and EU practices, we established our specialized white collar practice, which is now strongly sought-for in the Ukrainian market. We continue to invest in these areas and are deeply convinced that Kateryna Gupalo and her team will come up to the high hopes put on them.”

Sulija Partners has announced that the Supreme Administrative Court of Lithuania has dropped charges against the Top Travel travel agency — which the firm represented — “by completely overturning the decision of the Lithuanian Competition Council and the ruling of the Vilnius District Court regarding this company.” The case concerned the alleged participation of various Lithuanian travel agencies in a common computerized booking system that restricted the discount rates available for online bookings.

This was the first Lithuanian competition case to reach the Court of Justice of the European Union for a preliminary ruling under Article 267 TFEU. According to Sulija Partners, “after the CJEU passed its judgment on January 21, 2016 in case C-74/14 (‘Eturas’ UAB and Others v Lietuvos Respublikos konkurencijos taryba) regarding interpretation of Article 101(1) TFEU, the Supreme Administrative Court of Lithuania re-examined pleadings of the parties regarding participation in the alleged concerted practice and annulled the fine in respect of Top Travel.”

Top Travel was represented by Sulija Partners Partner Vytautas Sulija and Senior Associate Eduard Plesak.

The long-awaited Personal Data Protection Act no. 6698 (Kisisel Verilerin Korunmasi Kanunu) (the “DPA” or “Law”) was approved by the Turkish Parliament on 24 March 2016, was published in the Official Gazette on 7 April 2016, and hence came into force.

Although various acts include provisions for the protection of personal data (eg the Turkish Code of Obligations, the Turkish Penal Code, the Turkish E-Commerce Act), the DPA is the first comprehensive act regulating data protection in Turkey. The DPA reflects the EU’s Data Protection Directive (95/46/EC) (“Directive”) and thus, Turkey continues adjusting its legislation to EU standards since enacting the Turkish E-Commerce Act on 1 May 2015.

1.   Purpose and scope of the DPA

Pursuant to Art (1) (1) DPA, the object of the Law is (i) to protect the fundamental rights and freedoms of natural persons with respect to the processing of personal data, furthermore it regulates (ii) the liabilities of natural persons and legal entities processing personal data, and the procedures and principles related to same.

The DPA applies to all natural persons whose personal data (defined as any information relating to an identified or identifiable natural person- “Personal Data”) is processed, and to all natural persons and legal entities processing personal data wholly or partly, whether or not by automatic means (“Data Subject”). Pursuant to Art (28) (1) DPA, the Law shall not apply to processing of Personal Data:

• by a natural person in the course of a purely personal or household activity;
• for the purpose of creating scientific research, planning and government statistics, provided that the data is anonymised; 
• in the course of processing operations concerning art, history, literature, scientific purposes, and freedom of speech, provided that such processing does not violate national defence, national security, public safety, public order, economic well-being of the country, personal rights or the right to privacy; 
• in the interests of national defence, national security, public safety, public order, economic well-being of the country within the scope of preventive, protective and intelligence-related activities by official authorities; 
• in the course of activities of judicial authorities in areas of criminal law.

2.   Processing and transfer of general data: general principles and criteria 

Processing of Personal Data means any operation which is performed upon such data wholly or partly, whether or not by automatic means, such as collection, recording, adaption or alteration, retrieval, storage or transfer to third parties or abroad (“Processing”).

2.1. Processing of Personal Data

Art 4 the DPA sets forth the general principles to be complied with when processing personal data, which must be:

• processed fairly and must be lawful; 
• accurate and, where necessary, kept up to date; 
• collected for specified, explicit and legitimate purposes; 
• adequate, relevant and not excessive in relation to the purposes for which they are processed; 
• stored for no longer than is necessary for the purposes for which the data was collected or the time designated by relevant law. 

Furthermore, pursuant to Art 5 the key criterion for Processing is the Data Subject’s explicit consent, which is defined as any freely given informed and specific consent. However, this provision can be departed from if:

1. it is permitted by any law; 
2. it is necessary in order to protect the life and physical integrity of the data subject or another person where the data subject is physically or legally incapable to give its consent; 
3. processing is necessary for the performance of a contract to which the data subject is party; 
4. processing is necessary for compliance with a legal obligation to which the controller (definition below) is subject; 
5. data is revealed by the Data Subject itself; 
6. processing is necessary for the institution, usage or protection of a right; 
7. processing is necessary for the purposes of legitimate interests of the controller, provided that fundamental rights and freedoms of Data Subjects are not violated. 

The processing of special categories of data, which reveals the racial or ethnic origin, political opinions, religious or other beliefs, appearance (which is also categorised as such data in contrast to the Directive), trade-union and other memberships, health and sex life, criminal convictions and biometric or biological data (“Sensitive Personal Data”), is subject to stricter rules: It requires not only the Data Subject’s explicit consent, but also adequate measures by the supervisory board of the data protection authority in Turkey (“Authority”). However, this regulation shall not apply, if (i) processing of Sensitive Personal Data, except concerning health and sexual life, is expressly permitted by any law, and if (ii) processing of Sensitive Personal Data concerning health and sexual life is necessary for the purposes of protection of public health, protective medicine, medical diagnosis, provision of care or treatment or the management of health-care services by an authorised body or persons who are under the obligation of confidentiality.

2.2. Cross-border transfer of Personal Data

Pursuant to Art 9, Personal Data may only be transferred abroad after obtaining a Data Subject’s explicit consent. The aforementioned exceptions in relation to processing of such data also apply to transfers outside of Turkey. However, the Law sets forth further safety measures relating to cross-border transfers in accordance with such exceptional cases: The destination country must have any adequate level of protection, which is to be determined by the Authority, otherwise the Data Controller in Turkey and the data importer abroad have to commit in writing to provide an adequate level of protection, which is to be approved by the board of the Authority.

3.    Controllers and processors

The DPA distinguishes between controller and processor. Controller (“Data Controller”) shall mean the natural or legal person which determines the purposes and means of Processing and which implements and manages a personal data filing system. Data processor shall mean a natural or legal person, which processes Personal Data on behalf of the Data Controller. Since data processors are subject to the DPA and thus to Data Controllers’ obligations, they must comply with the principles relating to Processing and respectively share responsibility with Data Controllers.

3.1        Data Controllers’ obligations

Information to be given to the Data Subject 

According to Art 10, the Controller or his representative must provide the Data Subject, from whom related data is collected with the following information:

• the identity of the Data Controller and of his representative, if any; 
• the purposes of processing for which the data is intended; 
• the recipients of the data; 
• the means and legal basis for the data collection. 

Consequently Data Subjects have (i) the right to obtain information relating to their personal data (eg whether or not the data relating to them is being processed, and information as to the purposes of processing; rectification, erasure or blocking of personal data etc), (ii) the right to object in cases of decisions which produce effects to the detriment of the Data Subject, and (iii) the right to claim compensation for damages as a result of unlawful processing.

Hence the Data Controller is subject to the obligation to implement appropriate technical and organisational measures necessary for the protection and security of personal data against unlawful processing and unauthorised access.

Obligation to register with the Data Controllers’ registry

Prior to the commencement of Processing, Data Controllers must register with the data controllers’ registry, unless they can rely on exemptions provided by the Authority.

Sanctions

For breaches of law the DPA imposes administrative fines between TL 5,000 and TL 1,000,000 (approx between EUR 1,500 and EUR 310,000) or imprisonment of one to four years pursuant to the Turkish Penal Code.

4    Transitional provisions

The DPA stipulates a gradual entry into force, thus regulations relating to the transfer of Personal Data, rights of Data Subjects, registry and sanctions will enter into force after six months.

By Arzu-Sema Cakmak, Associate, Schoenherr

Ukraine’s Spenser & Kauffmann has announced that disputes specialist Volodymyr Yaremko has joined its team as Counsel, and Head of International Arbitration and Cross-border Litigation. Yaremko joins from Arzinger, where he spent the first seven years of his career, eventually leading the firm’s International Litigation and Arbitration Group.

According to a Spenser & Kauffmann press release, Yaremko specializes in representing clients in multi-jurisdictional disputes in Ukrainian courts and under the procedures of international commercial and investment arbitration. The firm reports that he “has substantial experience in representing clients in arbitration proceedings under various rules such as UNCITRAL, International Chamber of Commerce (ICC), Arbitration Institute of the Stockholm Chamber of Commerce (SCC), London Court of International Arbitration (LCIA), Vienna International Arbitration Center (VIAC) and International Commercial Arbitration Court at the Ukrainian Chamber of Commerce and Industry (ICAC at the UCCI).”

Yaremko represented the State of Ukraine in the City-State NV, Praktyka Asset Management Company LLC, Crystal-Invest LLC and Prodiz LLC v Ukraine arbitration before the International Center for Settlement of Investment Disputes (ICSID), and represented the Ministry of Energy and Coal Industry of Ukraine in two commercial arbitration cases under Vienna Rules (VIAC), both matters valued at over USD 350 million. He also on multiple occasions, in close cooperation with foreign colleagues, represented clients’ interests in cross-border debt recovery proceedings, including obtaining a Worldwide Freezing Order from the High Court of Justice in London and enforcement in Ukraine and abroad of foreign court judgments and arbitral awards. “In particular,” according to Spenser & Kauffmann, “his experience includes advising clients in litigation and arbitration proceedings related to such jurisdictions as Cyprus, British Virgin Islands, Panama, Belize, Spain, Switzerland, the Netherlands, Germany, Austria, Singapore, Hong Kong, Moldova, Latvia, England & Wales.

Yaremko graduated from Ukraine’s Ivan Franko Lviv National University in 2009, and studied international law in Munich, Chicago and Lublin (Poland).

“I am happy to join Spenser & Kauffmann’s highly professional team, which continuously develops its expertise in key areas, thereby keeping up with the times and satisfying clients’ needs,” said Yaremko, in a statement released by the firm. “I especially like opportunities and support Spenser and Kauffmann offers for professional assistance to clients in cross-border disputes related to banking and finance, construction, energy and agriculture areas.”

“We believe that Volodymyr’s joining our team will significantly strength the position of Spenser & Kauffmann in dispute resolution,” said Spenser & Kauffmann Managing Partner Valentyn Zagariya. “Volodymyr’s unique expertise and vast experience will allow us to assist our clients in successful settlement of the most complicated disputes in Ukraine and abroad, and will certainly contribute to further development of the company, which even today is one of the leaders of the Ukrainian legal market.”

April has seen the coming into force of the new Government of Serbia’s (“GoS”) Regulation on Sale of Capital of Large Privatization Subjects. The sale of capital is a model of privatization of companies through sale of shares rather than sale of assets. The model is usually conducted through a call for bids, followed by a public auction where the offered price is the only criteria to determine the buyer.

In case of large privatization subjects (companies with annual revenue in the year preceding the privatization of over RSD 50 billion, i.e. approx. EUR 400 million), the Privatization Act allows for a proceeding that involves more space for negotiations, and the new regulation regulates the process in more detail.

The process involves two stages:

1. submission of non-binding bids; and

2. submission of binding bids followed by negotiations.

During stage 1, potential bidders are allowed access to general financial and business data of the company being privatized, based on which they make a non-binding bid. Based on the bids submitted during the first stage, a tender commission selects bidders which will be allowed access to complete materials needed for a thorough financial and legal due diligence.

After the detailed analysis of the information on the target company, binding bids are made. The criteria for determining the best bid is much wider than just the price offered, and also includes: the terms of sale, future planned investments, the scope of the redundancy/welfare program and other terms and conditions. At the final stage, the successful bidder is given an opportunity to negotiate the details of the share purchase agreement with the representatives of the GoS.

The main benefit of this model is the opportunity for the bidders to make a more nuanced offer while, at the same time, the GoS can make its decision based on a wider set of criteria (both economic and social) and not just the sale price. Moreover, the GoS and the bidder are allowed to fine-tune the agreement through negotiations, although, the scope of changes should be limited to the extent that does not substantially change the binding bid to the bidders advantage, since this would discriminate against other bidders which did not get the same opportunity to negotiate.

By Milan Samardzic, Partner, and Rastko Pavlovic, Associate SOG / Samardzic, Oreski & Grbovic

Wolf Theiss has advised the Karimpol Group on the sale of the Rohan Office Building in Prague to REICO, which manages an investment vehicle of Ceska Sporitelna. REICO was advised by Wilson & Partners.

The Rohan Office is located in the Karlin district of Prague, which has established itself in recent years as one of the main business districts in the city. Rohan Office is a prime, A class building, with 8 floors and a total of 8,300 square meters of space to let (including over 750 square meters dedicated to retail use), situated along the Vltava river. The building is currently fully occupied.

The Wolf Theiss Prague team advising Karimpol included Counsel Libor Prokes, who commented that “Wolf Theiss is delighted to have the opportunity to work on this interesting deal, which again confirmed the current huge activity on the Czech real estate market and the appetite of real estate investors to acquire new assets.” Prokes was assisted by Wolf Theiss Senior Associate Pavel Srb. 

The Wilson & Partners team was lead by Partner Alan Spanvirt, assisted by Senior Associate Daniel Navratil and Junior Associate Lukas Marysko.

Image Source: karimpol.com

Baker & McKenzie has advised GFKL Financial Services GmbH, part of the GFKL Lowell Group, on its acquisition of IS Group Management GmbH (trading as IS Inkasso Service) from 81.07% shareholder Hannover Finanz, current CEOs Affenzeller Wolfgang (4.2%) and Kren Christian (11.4%), and former CEO Niedermayr Walter (3.33%).  Fellner Wratzfeld & Partner advised the sellers on the transaction, which is expected to close at the end of May, subject to anti-trust approvals.

The Lowell GFKL Group was created in October 2015 following the merger of UK and German market leaders the Lowell Group and GFKL. This union created one of the largest credit management companies in Europe, which benefits from the backing of global investment company Permira Funds and the Ontario Teachers’ Pension Plan (OTPP). According to Baker & McKenzie, “as market leader in Germany GFKL manages a credit volume of EUR 16.4 billion with approximately 950 employees for clients from various industries, including banks, insurance companies, online retailers, and telecommunications companies.”

Baker & McKenzie describes IS Group Management as “the Austrian market leader in third party collections (3PC) with a strong Swiss business presence,” and reports that the company’s current management will remain in place after the deal.

“With this transaction our client adds a third, highly attractive market position in the pan-European credit receivables management,” commented Dusseldorf-based Baker & McKenzie Partner Ingo Strauss, who led his firm’s team on deal along with fellow Dusseldorf-based Partner Heiko Gotsche. Others on the team included Vienna-based Partners Wendelin Ettmayer, Andreas Traugott, Marc Lager, Dieter Buchberger, and Christoph Urtz, Vienna-based Senior Associate Deny Silny, and Vienna-based Associates Stefan Arnold, Lukas Feiler, Katerina Schenkova, Andrea Eigner, Elisabeth Wasinger, Franz Arztmann, and Julia Moser.

The Fellner Wratzfeld & Partner team was led by Partner Lukas Flener, assisted by Partner Florian Kranebitter.

The GFKL Lowell team was led by Head of Legal Peter Blaschkowski.

Linklaters and Bulgaria’s Djingov, Gouginski, Kyutchukov & Velichkov have advised Joint Lead Managers and Bookrunners CitiGroup, BNP Paribas, J.P.Morgan, and UniCredit on Bulgarian legal aspects of the Republic of Bulgaria’s March 14 issuance of EUR 1.994 billion dual tranche bonds. Allen & Overy and Tsvetkova Bebov Komarevski represented the Bulgarian government.

The debt was arranged under a mid-term debt program, and the transaction included a 7-year tranche of EUR 1.144 billion and a 12-year tranche of EUR 850 million. Final orderbook reached EUR 2.1 billion from 195 accounts on the 7 year, and EUR 1.5 billion from 155 investors on the 12 year tranche. Demand came from across Europe, with fund managers and banks dominating in both tranches. The transaction marks the largest EUR denominated deal in Central and Eastern Europe, the Middle East, and Africa to date this year, and it was the first EUR-denominated Sovereign issuance since the announcement of the ECB’s new stimulus package in mid-March.

The Linklaters team was led by Partner Richard O’Callaghan and included Managing Associate Rory Renshaw and Associate Tilak Shah.

Neither Allen & Overy nor Tsvetkova Bebov Komarevski responded to our inquiries on the deal.