Dentons advises Morgan Stanley on landmark €150 million Albanian debut international bond issuance

London-Dentons has advised Morgan Stanley & Co. International plc, as sole bookrunner, on the issuance by Banka Kombëtare Tregtare Sh.a. (BKT) of €150 million 7.706% fixed rate reset senior unsecured notes due 2032.

The transaction marks a milestone for Albania's capital markets as the first international bond deal by an Albanian corporate or financial institution issuer, opening access to international debt investors and setting a precedent for future cross-border capital markets activity in the country.

BKT is Albania's largest bank by assets, operating a universal commercial banking model across Albania and Kosovo. Proceeds from the issuance will be used for general corporate purposes and the issuance represents a significant step in the bank's funding diversification strategy and supports its MREL requirements.

Neil Dixon, partner at Dentons, commented: "This is a landmark transaction for Albania and the wider region. Being the first international bond issuance by an Albanian issuer demonstrates the continued development of the country's capital markets. We are pleased to have supported Morgan Stanley on this pioneering deal and look forward to assisting on further deals in the region."

The Dentons team provided English law legal advice to Morgan Stanley, with the transaction led by London-based capital markets partner Neil Dixon, supported by associates Ed Varney and Miriam Babarinde, and trainee Rakhi Gohil.

Dentons worked alongside Wolf Theiss as Albanian counsel to Morgan Stanley, while BKT was advised by Latham & Watkins as English law counsel and CR Partners as Albanian counsel.

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