
Clifford Chance Badea ends 2023 with 4 Capital Markets projects successfully closed in the last month
18 Decembrie 2023
BizLawyerThe core team of lawyers involved in these projects consists of Mădălina Rachieru-Postolache (Partner), Gabriel Toma (Senior Associate), Dorin Giurgi and Nicolae Grasu (Associates).
![]() |
Mădălina Rachieru-Postolache, Partner and head of the Capital Markets practice in Bucharest |
The Bucharest Capital Markets Practice of the global law firm Clifford Chance, coordinated by Partner Mădălina Rachieru-Postolache, advised on four equity and bonds transactions successfully concluded in November-December 2023, with a combined value of almost EUR 1 billion.
"Romania's Capital Market is undergoing a very exciting and effervescent period, thanks to the solid foundation that has been built in recent years and the benchmark projects that have put Romania on the map for major international investors. We are proud that, after being involved in the landmark IPO launched by Hidroelectrica this summer, advising the 14 arranger banks, in November-December this year our team proved once again that it can advise simultaneously on several local and international Capital Markets transactions (UniCredit Bank Romania's bond issue worth RON 480 million, the first ESG bond issue worth EUR 500 million launched by Banca Transilvania, a new CEC Bank bond issue worth EUR 162.6 million, and the latest buy-back transactions of shares and GDRs from Fondul Proprietatea), after we successfully completed the delisting process of OMV Petrom GDRs from the London Stock Exchange, in October. We anticipate a dynamic year for the Capital Market in Romania, with increasingly interesting projects," says Mădălina Rachieru-Postolache, Partner and head of the Capital Markets practice in Bucharest.
"Romania's Capital Market is undergoing a very exciting and effervescent period, thanks to the solid foundation that has been built in recent years and the benchmark projects that have put Romania on the map for major international investors. We are proud that, after being involved in the landmark IPO launched by Hidroelectrica this summer, advising the 14 arranger banks, in November-December this year our team proved once again that it can advise simultaneously on several local and international Capital Markets transactions (UniCredit Bank Romania's bond issue worth RON 480 million, the first ESG bond issue worth EUR 500 million launched by Banca Transilvania, a new CEC Bank bond issue worth EUR 162.6 million, and the latest buy-back transactions of shares and GDRs from Fondul Proprietatea), after we successfully completed the delisting process of OMV Petrom GDRs from the London Stock Exchange, in October. We anticipate a dynamic year for the Capital Market in Romania, with increasingly interesting projects," says Mădălina Rachieru-Postolache, Partner and head of the Capital Markets practice in Bucharest.
The core team of lawyers involved in these projects consists of Mădălina Rachieru-Postolache (Partner), Gabriel Toma (Senior Associate), Dorin Giurgi and Nicolae Grasu (Associates).
In early December, a multi-jurisdictional team from Clifford Chance offices in Bucharest and London advised the arranger banks JP Morgan SE, Citigroup Global Markets Europe AG, ING Bank N.V (which was also the sole sustainability consultant) and BT Capital Partners as co-manager, in the first ESG bonds issue launched by Banca Transilvania, which raised EUR 500 million. The MREL bonds will be listed on the Dublin Stock Exchange. The issue is part of Banca Transilvania's new multi-annual Eurobond program launched in December, worth up to EUR 1.5 billion.
Separately, the local office of the law firm - Clifford Chance Badea - advised Fondul Proprietatea in connection with the latest public tender offer to buy-back shares and Global Depositary Receipts (GDRs) listed on the Bucharest Stock Exchange and the London Stock Exchange, respectively. The offer was oversubscribed 2 times, and the value of the transactions exceeded RON 1 billion (over EUR 211 million).
At the end of November, Clifford Chance Badea advised UniCredit Bank in connection with the launch of a new issue of corporate bonds worth RON 480 million. The offer, oversubscribed by local institutional investors and international financial institutions, is part of the multi-annual bond program launched at the end of 2022, worth up to EUR 200 million. Clifford Chance Badea advised UniCredit Bank with program implementation, as well as in the launch of the first bond issue of RON 488.5 million, in December 2022.
In line with the One Europe strategy of the Clifford Chance global network, a multi-jurisdictional team from the Bucharest and Frankfurt offices advised Citigroup, Erste Group and Raiffeisen Bank International as Joint Bookrunners in the transaction through which CEC Bank raised EUR 162.6 million from international banks, at the end of November. The MREL bonds will be listed on the Luxembourg Stock Exchange and the Bucharest Stock Exchange. The issue is part of CEC Bank's multi-annual bond program, worth up to EUR 600 million, launched in February. Clifford Chance advised Citigroup and Raiffeisen Bank in connection with the implementation of this program, as well as in connection with the initial public offering in the amount of EUR 119.3 million.
The local office of global law firm Clifford Chance is involved in most of the representative transactions in Romania, this year's portfolio exceeding EUR 18 billion (equity deals worth over EUR 5 billion, and debt transactions of more than EUR 13 billion).
The Capital Markets transactions successfully advised by the Clifford Chance Badea team in 2023 include:
1. The Hidroelectrica IPO - Advising the arranger banks in connection with the historical listing of Hidroelectrica, with a total value of RON 9.3 billion /EUR 1.6 billion, the largest IPO in Romanian history;
2. OMV Petrom delisting of GDRs from the London Stock Exchange (LSE) – Advising OMV Petrom in relation to the delisting of its Global Depository Receipts (GDRs) from the LSE;
3. Banca Transilvania's Eurobonds Program – Advising Morgan Stanley and BT Capital Partners as arrangers in connection with the establishment of Banca Transilvania's Eurobonds Program, as well as in relation to the inaugural offer of EUR 500 million;
4. CEC Bank's Eurobonds Program - Advising Citigroup and Raiffeisen Bank as arrangers on the establishment of a EUR 600 million Medium-Term Note Program, as well as in relation to the issues launched within the program (the inaugural offer in the amount of EUR 119.3 million, respectively the additional offer of EUR 162.6 million);
5. Unicredit Bank's Eurobonds Program - Advising UniCredit Bank in relation to the establishment of a EUR 200 million Medium-Term Note Program, as well as at the issues within the program (the first issue worth RON 488.5 million, respectively the second issue with a value of RON 480 million);
6. Fondul Proprietatea's buy-back public tender offer for shares and GDRs – Advising Fondul Proprietatea in connection with the latest public tender offer for repurchasing shares and GDRs, successfully completed with transactions of over RON 1 billion;
7. Romania's Sovereign Eurobonds Program – Clifford Chance Badea has been involved in all the sovereign bond issues on foreign markets for the past 20 years and has advised the arranger banks in all the 2023 Eurobond issues, amounting to approximately EUR 9 billion.
Publicitate pe BizLawyer? |
![]() ![]() |
Articol 335 / 4518 | Următorul articol |
Publicitate pe BizLawyer? |
![]() |

BREAKING NEWS
ESENTIAL
LegiTeam: Lawyer - Corporate M&A | Reff & Associates
EXCLUSIV | Avocații Clifford Chance Badea coordonează de la București tranzacții globale de securitizări de peste 2,8 miliarde de lire sterline | De vorbă cu Adam Craig (Partener, Clifford Chance Londra), Radu Ropotă (Partener, București) și Dorin Giurgi (Senior Associate, București) despre modul în care acționează echipa în proiectele de mare anvergură și tranzacțiile reprezentative din acest segment
CMS își consolidează echipa din România prin promovarea a șapte avocați | Horea Popescu, managing partner CMS România: ”Aceste promovări reflectă nu doar calitatea muncii lor, ci și energia și dedicarea cu care aduc rezultate remarcabile clienților noștri și ne poziționează perfect pentru a ne continua creșterea și dezvoltarea competențelor”
O gamă variată de mandate pentru avocații de Employment de la Mitel & Asociații | Schimbările din zona legislației muncii și noile tendințe în politica de personal, analizate de Mădălina Mitel (Partener) și Cristina Dan (Counsel)
LegiTeam | Mitel & Asociații recrutează avocat definitiv (Drept Societar și Comercial)
LegiTeam | Mitel & Asociații recrutează avocat definitiv (Real Estate)
Women in Business Law EMEA Awards 2025 | Patru case locale independente de avocați și două birouri ale unor firme internaționale, pe lista scurtă pentru titlul de “Firma anului în România”. NNDKP, CMS și Schoenherr, printre premianți, Popescu & Asociații, listată în trei categorii. Ce avocați români sunt în prim plan, anul acesta
LegiTeam | Mitel & Asociații caută avocat stagiar pentru practica de Drept Societar și Comercial
Women Lawyers | Să fii femeie în lumea avocaturii de business de astăzi înseamnă atât provocări, cât și oportunități semnificative. Dana Bivol (Partener): ”Alături de ceilalți colegi parteneri am reușit să creăm o firmă cu un brand puternic, recunoscut pentru expertiza sa, atât pe plan local, cât și internațional. Popescu & Asociații oferă un mix ideal de oportunități profesionale, mediu de lucru pozitiv și resurse pentru dezvoltare personală și profesională”
OMV Aktiengesellschaft a mers pe mâna avocaților de la ZRVP într-un alt arbitraj ICC cu statul român și a câștigat încă 47 mil. €, plus dobânzi. Pretenții de alte 50 mil. € la orizont, într-o procedură nouă, inițiată în decembrie 2024, în care lucrează deja aceeași echipă de avocați
Proiectul eșuat de lobby, prin care liderii Alianței pentru Unirea Românilor ar fi beneficiat de o întâlnire și o ședință foto cu Donald Trump la reședința din Mar-a-Lago (Florida) se lasă cu un proces în SUA. Pretenții de 4,6 mil. USD pentru că șefii partidului AUR nu s-au întâlnit cu înalți oficiali americani, peste Ocean
Rising Stars | Raluca Biță, unul dintre cei mai buni studenți ai generației sale, a ales să profeseze în sfera Dreptului financiar-bancar în echipa Filip & Company: ” Una dintre principalele mele așteptări a fost să găsesc un mediu care să mă stimuleze intelectual și să-mi ofere ocazia de a rezolva probleme complexe și am întâlnit exact asta. Fiecare caz aduce provocări unice, care necesită o combinație de cunoștințe juridice, gândire critică și creativitate în găsirea celor mai bune soluții pentru clienți”
Citeste pe SeeNews Digital Network
-
BizBanker
-
BizLeader
- in curand...
-
SeeNews
in curand...