ILTE Lists First AAA-Rated Green Bond Issue in the Baltic Region on the Nasdaq Baltic Market

18.12.2025 VLN

Vilnius/Tallinn/Riga, Nasdaq Baltic Market, December 18, 2025 – Nasdaq (NDAQ) announces that ILTE bonds have been listed on the Nasdaq Baltic Bond List by Nasdaq Vilnius.

Lithuania’s national development bank, ILTE, is advancing a sustainable financial market by launching the Baltics’ first green bond created through the securitisation of loans—specifically, €112 million in Vytis Reno Loans. The funds raised from international and local investors will be used to modernize apartment buildings throughout Lithuania.

This issue stands out as the first green bonds listed in the Baltics to receive the highest AAA credit rating, granted by two international agencies – Fitch and Scope. The assigned rating even surpasses Lithuania’s sovereign credit rating (A+).

Preparation for the issue was supported by the European Bank for Reconstruction and Development (EBRD), which also invested €50 million. Other major institutional investors include the Nordic Investment Bank (NIB), investing €31 million, and Swedbank, investing €31 million.

“This bond issuance is an exceptional and forward-looking initiative not only in Lithuania but across the entire Baltic region. Its uniqueness is reflected in both its innovative approach to financing and its international scope, opening new opportunities for local and foreign investors. Nasdaq’s experience shows that such instruments not only strengthen the local market but also attract international capital, which is essential for achieving long-term economic growth and energy efficiency goals. Moreover, projects like this increase investor confidence in the Baltic region and promote its integration into the European financial ecosystem. With this issuance, ILTE sets a precedent that opens the door to broader use of the Lithuanian and Baltic capital markets”, commented Gediminas Varnas, Head of Nasdaq Vilnius.

Minister of Finance Kristupas Vaitiekūnas emphasised that this achievement represents a major step in the development of Lithuania’s capital markets and an effective way to secure funding sources.

“The AAA-rated issuance is not only a major achievement for Lithuania, but also a historic event for all Baltic capital markets. The Ministry of Finance, as the main shareholder, will continue to consistently strengthen ILTE with the goal of establishing it as the national development bank. We foresee a particularly important role for this institution: ILTE will need not only to significantly increase the scale of investments in Lithuania, but also to mobilize funds from international organisations and local investors. In this way, capital will flow directly into the Lithuanian economy, generating additional growth momentum. Our vision is that ILTE, operating according to the highest standards, will become one of the key financial institutions contributing to the country’s economic development and improving access to financing for both the private and public sectors,” the minister said.

ILTE’s CEO, Dainius Vilčinskas, highlights that these bonds mark the beginning of an entirely new stage in the market. By using a securitisation structure and issuing bonds with the highest credit rating, ILTE can now reach not only European but also major global institutional investors.

“This issuance sends a clear signal to foreign investors that Lithuania’s capital market is open and reliable for long-term investment, and for us it marks a new stage of development. We succeeded in attracting strong international investors and implementing a securitization structure that has not previously been used in the Baltic States. The funds raised will significantly expand financing for apartment building renovation and ensure that modernization projects move forward faster and more efficiently. This structure will also serve as the basis for future issuances, which could grow to as much as €800 million. ILTE will continue to develop innovative financing solutions that increase energy efficiency and support the implementation of other national strategic goals,” said Vilčinskas.

About ILTE

ILTE is Lithuania’s national development bank, supporting the country’s strategic economic objectives and sustainable growth. Working directly, through ILTE Group companies, and in cooperation with other financial market participants, the institution focuses on improving access to financing for businesses, the public sector, and clients in agriculture and fisheries. ILTE plays a key role in attracting private capital to support domestic enterprises and invests in projects that drive innovation, enhance competitiveness, promote sustainability, and strengthen energy efficiency.

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Nasdaq Baltic represents the common offering of the Nasdaq Tallinn, Nasdaq Riga, Nasdaq Vilnius securities exchanges as well as Nasdaq CSD. Read more: nasdaqbaltic.com