Sidley Advises Joint Bookrunners and Lead Arrangers on Ardshinbank’s US$600 Million Eurobond Offering

Sidley advised Citibank, J.P. Morgan, Oppenheimer, and Mashreq in their roles as joint bookrunners and lead arrangers on Ardshinbank’s successful US$600 million Eurobond offering.

This is a landmark debt capital markets transaction for Armenia, marking the largest-ever international bond offering by a private Armenian issuer. The issuance was structured as a Regulation S/Rule 144A offering of loan participation notes, issued through a Dutch special purpose vehicle.

The Sidley team was led by partners Vladimir Mikhailovsky and David Stewart, with support from managing associate Tamara Fayad, associate Ketan Gupta, and trainee solicitor Chidi Onyeagucha. Partner David Howe and counsel Omar Shafi also advised the trustee and agents in connection with the issuance.