WALLESS Advised on the First Ever Debt Securities Issue in Lithuania by a Credit Union
In April 2022 Credit Union TAUPA issued a seven-year subordinated bond issue. The bonds were placed by way of the private placement to a limited number of investors. This is the first-ever debt securities issue in Lithuania by a credit union marking further development of the Lithuanian debt securities market. The subordinated bonds are included in Tier 2 capital and strengthen the capital base of Credit Union TAUPA.
Credit Union TAUPA was established in Visaginas back in 1997 with its initial name “Taupyklė”. The credit union’s activities were transferred to Vilnius in 2014 and in 2015 it was rebranded as TAUPA. According to data from the Bank of Lithuania as of September 2021, Credit Union TAUPA was the first credit union in Lithuania in terms of union assets and the first credit union in terms of the loan portfolio. There were in total 2,904 members in Credit Union TAUPA on 31 December 2021.
WALLESS team assisting Credit Union TAUPA in its debt securities emission consisted of Associate Partner Laurynas Narvydas and Senior Associate Enrika Tamasauskaite.