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The resilience of the transactions market and the trust of investors in the Baltic region has proved remarkable, although figures show a 15% decrease in global mid-market M&A deals (according to the Refinitiv published M&A Review of the first half of 2022). Despite the Ukraine war and mounting global challenges the deal flow, although at a much calmer pace, continues and remains promising for the second half of the year. Looking back on the first six months, COBALT experts highlight the main trends in each of the Baltic countries.

Taylor Wessing has advised the MLP Group on a public bond offering and listing on the Catalyst alternative trading system. Pekao Investment Banking was the issuing agent.

Even though the Austrian green bond market has not been very active, issuers like Uniqa, Hypo Noe, Verbund, and the Republic of Austria have taken the first steps toward the new asset class. The main feature of such bonds is the intention and/or commitment to invest the proceeds of the issue in green projects. Most issuers initially established stand-alone green bond frameworks based on voluntarily applied market standards. An Austrian green bond standard has not yet been developed. Frameworks used in Austria are usually based on published guidelines, like the International Capital Market Association's (ICMA) Green Bond Principles. Issuers do consider the upcoming standards of the European Union, too – particularly, the EU Green Bond Standards (EUGBS) and the so-called EU Taxonomy.

Popovici Nitu Stoica & Asociatii has advised Meta Estate Trust on its IPO and listing of shares on the AeRO market of the Bucharest Stock Exchange. The IPO was brokered by the BRK Financial Group.

Tokushev and Partners has advised on Bee Smart Technologies' initial public offering of shares on the Beam growth market of the Bulgarian Stock Exchange. The First Financial Brokerage House acted as lead broker on the deal.

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