Representing some of the world’s largest banks, Cobalt‘s practice is skilled in handling cross-border capital markets matters in both transactional and advisory contexts. The team's expertise covers financing agreements, financial restructuring, refinancing, and syndicated lending, which is a particular specialism of Andrejs Lielkalns. Edgars Lodzins and Edgars Pastars co-lead the group. Pastars is also head of the firm’s wider financial regulatory and compliance practice group, and is well-placed to act in AML matters and regulatory compliance cases, while Lodzins is known for representing clients in complex capital market transactions.
Banking, finance and capital markets in Latvia
Cobalt
Praxisleiter:
Edgars Lodziņš; Edgars Pastars
Weitere Kernanwälte:
Andrejs Lielkalns
Kernmandanten
airBaltic
American Express group
European Investment Bank
HSBC
ING Belgium NV/SA
IPF Digital Latvia
Jyske Bank
Linstow Baltic SIA
Luminor Bank
Willis Lease Finance Corporation
Highlight-Mandate
- Advised airBaltic on a €14 million investment from Lufthansa Group for a minority stake and convertible share.
- Advised the client on the first-ever public issuance of European Green Bonds by a municipal company in Latvia, raising €20 million.
- Advised joint lead managers on the Republic of Latvia’s €1 billion Eurobond issuance.
Ellex Klavins
Ellex Raidla's team is engaged in complex financing transactions across the Baltics. Aircraft financing transactions are an area of expertise across the team, particularly for Beata Plociņa. Furthermore, handling cross-border secured lending and assisting with large-scale banking transactions for well-known banking clients are both notable features of the team's workload, as are complex alternative investment fund cases. Marta Cera advises on complex debt financing and capital markets transactions, while Zane Veidemane-Bērziņa is a well-known regulatory compliance specialist; the pair co-head the practice.
Praxisleiter:
Marta Cera; Zane Veidemane-Bērziņa
Weitere Kernanwälte:
Beata Plocina
Kernmandanten
BigBank
SG Capital Partners
Citigroup
Deutsche Bank
Providence Capital
European Bank for Reconstruction and Development
Goldman Sachs
JPMorgan
International Capital Markets Association
International Finance Corporation
Bank of America
Generali Europe
Warwick Capital
Danske Bank
Clearstream Banking S.A.
Livonia Partners
BNP Paribas
Raiffeisen Bank International
SEB banka
Highlight-Mandate
- Assisted alternative investment fund manager SG Capital Partners AIFP with the set-up of a new alternative investment fund focused on private debt.
- Assisted Swedbank Baltic entities with the sale and outsourcing of their ATM part of business to Euronet.
- Advised clients on a €300 million IPP financing for the construction of 1.3-gigawatt of solar PV, wind, storage, and hybrid parks in the Baltics and Poland, provided to renewable energy producer Sunly.
Sorainen
Described as ‘a team which comprises seasoned professionals specialising in financial law’, Sorainen's team stands out for its renewable energy finance expertise. The group is active in a range of sectors, particularly the insurance sector. Acquisition finance, bond issuance, note issuance, and collateral agreements all feature in the team's workload, as does cross-border regulatory work. Rūdolfs Eņģelis and fintech specialist Ramona Miglāne co-lead the team. Agneta Rumpa is also key in fintech, particularly in crypto-related projects. Counsel Inese Heinacka is another standout practitioner.
Praxisleiter:
Rūdolfs Eņģelis; Ramona Miglāne
Weitere Kernanwälte:
Agneta Rumpa; Inese Heinacka
Referenzen
‘High professionalism and quality of work. Sorainen Latvia has an impressive number of highly qualified legal experts who may cover almost all legal areas. Service levels and responsiveness is outstanding.‘
‘Ramona Miglāne can quickly see the core of the problem and focus on each and every detail important to the client.‘
‘Sorainen has a team with very experienced lawyers that are competent in any matter in this sector. They are quick and business-oriented.’
Kernmandanten
Avia Solutions Group
Longo Group
Gjensidige Forsikring
Bitė Group
Berenberg
NORD/LB Norddeutsche Landesbank, Nordic Investment Bank, Luminor Bank
Reverence Capital Partners
Niam Infrastructure
Entrum
Ignitis Renewables
Nasdaq CSD SE
OC Vision
DelfinGroup
PurpleGreen Capital
Deutsche Bank AG
Highlight-Mandate
- Advised Ignitis Renewables on securing a €77.5 million joint loan from Swedbank Lithuania and Swedbank Latvia to finance the development of the Stelpe and Vārme solar farms in Latvia, with a total planned capacity of 239 MW.
- Acted for NORD/LB Norddeutsche Landesbank, Nordic Investment Bank, and Luminor Bank in the €75 million financing of a 148 MWp photovoltaic (PV) plant in Latvia, developed by Stelo Orienta SIA and sponsored by European Energy A/S under the InvestEU Fund.
- Advised Deutsche Bank AG on a €125 million senior refinancing facility, involving complex cross-border structuring and extensive negotiations on financing terms and documentation.
Eversheds Sutherland Bitans
Well-regarded for its ‘strong market knowledge and excellent connections’, Eversheds Sutherland Bitans' team is able to advise on multi-jurisdictional refinancing, the range of IPOs, and bond issuances. Industry sectors the group's workload spans includes financial services, energy, infrastructure, and transport. Māris Vainovskis heads the group and has experience in handling regulatory and compliance matters, as well as capital market transactions. Kārlis Jēkabs Īvāns excels in structured finance and sustainable finance, Sabīne Vilka is a financial regulatory expert. Justīne Ignatavičute departed from the group in August 2025.
Praxisleiter:
Māris Vainovskis
Weitere Kernanwälte:
Kārlis Jēkabs Īvāns; Sabīne Vilka
Referenzen
‘Client-oriented approach, a broad knowledge base, and a very attentive attitude towards matters.’
‘Strong sense of responsibility, speed, accuracy, and knowledge.’
‘The team is highly competent in this field. They have strong market knowledge and excellent connections with the relevant local counterparties, making them a reliable and valuable partner.’
Kernmandanten
LHV Bank
Aigars Kesenfelds and AS ALPPES Capital
IPAS “Indexo”
Food Union Group: Rīgas piena kombināts, Valmieras piens, Premia FFL, Food Union Management
AS “Virši-A”
AS Longo Group
Grenardi Group AS
International Swaps and Derivatives Association (ISDA)
AS DelfinGroup
AS Kalve Coffee
AS “Eco Baltia”
Mapon, AS
PUBLISEG, S.A.P.I. de C.V., SOFOM E.N.R. (Credifield Mexico)
AS “SEB banka”
AS PN Project
UPP Olaines OU
SIA “CrossChem”
Highlight-Mandate
- Advised LHV Bank and co-arrangers in the Baltics and Germany on the landmark IPO of Eleving Group, the largest ever in the Baltic States.
- Advised Food Union Group on the €125M multi-jurisdictional refinancing of its 2017 loan, coordinating legal efforts across Latvia, Lithuania, Romania, and Estonia in the complex Project Freeze transaction.
- Advised entrepreneur Aigars Kesenfelds and AS ALPPES Capital on securing European Central Bank and Bank of Latvia approvals for acquiring a qualifying holding in INDEXO, a strategic investment in a leading Latvian financial services group.
TEGOS (Formerly TGS Baltic)
TEGOS (Formerly TGS Baltic)‘s team showcases ‘a very strong understanding of banking and finance, specifically bond issue processes’ as well as demonstrating significant capital markets capabilities, encompassing ABL, project financing and equity financing matters. Practice head Inese Hazenfusa's strengths include advising on sanctions and AML regulations. Key team member Mārtiņš Galzons is experienced in banking and finance, while Laura Ērkšķe, who joined in December 2024 as part of the merger with PwC, has bolstered the group’s regulatory expertise.
Praxisleiter:
Inese Hazenfusa
Weitere Kernanwälte:
Mārtiņš Galzons; Laura Ērkšķe
Referenzen
‘Mārtiņš Galzons is a sharp and very goal and client-oriented. Pleasure to work with.’
‘Our cooperation has been in one specific area – capital markets. In this area, their experience and services were of the highest standard.‘
‚Their employees are very knowledgeable and experienced in the field of capital markets, which allowed us to establish a very effective cooperation.‘
Kernmandanten
LPKS LATRAPS
BeTritron
Bonava| AB
YIT Corporation and Danske Bank A/S
OP Corporate Bank plc
Skandinaviska Enskilda Banken AB
Swedbank AB
Banka Creditas a.s.
CVI Dom Maklerski sp.z.o.o
European Investment Bank
Invego Latvia OU
Sabiedrība ar erobežotu atbildību iCotton
airBaltic Corporation
Highlight-Mandate
- Advised LPKS LATRAPS on launching a public bond offering in the Baltic States in which Baltic private and institutional investors were invited to participate.
- Advised Bonava AB (publ) on the issuance of new secured green bonds of up to 960 million Swedish Krona aimed at refinancing previously issued notes.
- Advised YIT Corporation’s (“YIT”) on the issuance and listing of senior secured green floating rate notes in a nominal amount of €120 million and the simultaneous voluntary public cash tender offer of its outstanding EUR 100 million senior secured green fixed rate notes due 2026 (the “2026 Notes”).
VILGERTS
VILGERTS‘ practice assists a number of the largest insurance companies in the Nordic region, as well as issuers, bondholders, and notable credit institutions. Gints Vilgerts is at the helm of the practice, which both Jānis Kubilis and regulatory expert Charles Clarke are key members of. Kubilis’ litigation expertise lends itself to contentious claims in the capital markets space, including those relating to loan agreements. Bond issuance matters, both public and private, are also a focus area for the team.
Praxisleiter:
Gints Vilgerts
Weitere Kernanwälte:
Mikus Freimanis; Charles Clarke; Jānis Kubilis
Referenzen
‚Fast delivery of service.’
‘They understand our needs and never waste any time.‘
‘Flexibility and problem-solving skills.’
Kernmandanten
Advance Global Capital Ltd
Air Baltic Corporation AS
Arsenal Industrial SIA
AvaFin
Banga Ltd. SIA
BPM Capital
Cachet
COFACE
DelfinGroup AS
East Capital Real Estate
Grenardi Group AS
If P&C Insurance AS
Longo Group AS
Marijas 2 SIA
Signet bank AS
Summus Capital
Highlight-Mandate
- Advising Summus Capital OÜ on its latest private bond issuance, amounting to €15 million, in corporation with Signet Bank.
- Advising the Grenardi Group AS on a variety of legal issues surrounding its concluded secured bond programme with a total amount of €17 million.
- Representing If P&C Insurance AS in a number of insurance and international trade disputes amount to approximately €10 million.
WALLESS
WALLESS' team is adept in structured finance and industry-specific financings, as well as secured loans and securitisations, which are often cross-border in nature. Additionally, aviation finance is a forte of the practice, which is an area of expertise of practice head Sintija Radionova. Fellow co-head Valters Diure is well-placed to advise clients on commercial lending and refinancing, as well as loan portfolio transfers and securitisations. Baiba Krieviņa-Sutora is regularly involved in large-scale acquisitions in the banking sector. Elīna Dindendorfa joined in March 2025 and has experience handling complex payments issues.
Praxisleiter:
Sintija Radionova; Valters Diure
Weitere Kernanwälte:
Baiba Krieviņa-Sutora; Elīna Dindendorfa
Referenzen
‘Very efficient and high-level of partner engagement for important transactional matters. Resolves any issues very actively and collaboratively. Offers good local law support on transactions.’
‘Valters Diure is very responsive to queries and commercial in approach towards questions or issues.’
‘Unique knowledge of the local market, combined with appreciation for issues and concerns important to sponsors and companies from larger/western markets. Extremely well-connected to all of the market’s most important companies.’
Kernmandanten
BNP Paribas
Akropolis Group (Akropolis)
Rabo Bank
SMBC Aero Engine Lease
Azorra
Revolut
PayPal
CME Group
Graanul Invest Group
NC K2C SIA
Highlight-Mandate
- Assisted Graanul Investment, and a group of note holders/creditors consisting of reputable international investors, with the structuring of a transaction of notes issue term extension and re-registration of security portfolio.
- Advised BNP Paribas on warrants issuance in various EU countries, providing regular consultations on financial regulatory matters.
- Assisted Akropolis Group with the refinancing of a bond issue.
Kronbergs Cukste Levin
Kronbergs Cukste Levin's team advises on reinsurance regulation and on investment compliance issues. The group’s client base features private equity clients, consumer credit lenders, and start-ups. Vineta Čukste–Jurjeva, who leads the group, has notable credentials in handling international banking matters and financial disputes, and often acts as defence counsel in such matters. Key practitioner Kristine Sakarne is well-versed in multi-jurisdictional financing transactions, including those involving private bond issuance.
Praxisleiter:
Vineta Čukste-Jurjeva
Weitere Kernanwälte:
Valters Kronbergs; Normunds Orols; Kristine Sakarne
Referenzen
‘The team is professional and responsive to all requests, even if they are urgent.’
‘Valters Kronbergs always recommends the best expert for a specific topic.’
Kernmandanten
PwC
ABLV
Nord LB
Express Credit
Sun Finance
Equilia
Societe Generale
Wirecard Bank (Germany)
Estate Guru
German Bankers Association (via Luther Rechtsanwaltsgesellschaft mbH)
Latvian Alternative Finance Association
Extra Credit
Ministry of Economy
SEFinance
Deposit Solutions
Kauno Bankas
Highlight-Mandate
- Representing ABLV Bank in a number of high-profile precedent-setting litigations in the General Court of the European Union and the European Court of Justice, against the State Police and Latvian State Revenue Service.
- Advising the German Bankers’ Association on the safe custody of securities which are held on a trust-custody basis by sub-custodians.
- Advising Sun Finance (operating under “bino.lv” trademark) on Latvian regulatory matters, dispute resolution in administrative courts, and day to day corporate matters.
LEADELL Vitols
Lauded for its ‘transparent and user-friendly communication’, LEADELL Vitols‘ group is distinguished by its expertise in insolvency and debt recovery. Practitioners are called upon to advise on all elements of finance projects, from initial financing to multi-party debt recovery. Managing partner and practice head Kārlis Vītols stands out for his expertise in restructuring work, debt recovery, and the handling of related creditor claims.
Praxisleiter:
Kārlis Vītols
Referenzen
‘The team shines through its transparent and user-friendly communication. Processes are being handled keeping clients‘ interests first’
‘Kārlis Vītols has a brilliant mind and decades of experience. He handles the job with care and excels in the ability to keep the big picture in mind all the time.’
Kernmandanten
NAFA Europe B.V.
CMA CGM
Oruga SIA
Highlight-Mandate
- Represented NAFA Europe B.V. in litigation regarding creditor rights enforcement and the recovery strategy of over €7 million in connection with the insolvency of a Latvian borrower and a personal guarantor, including litigation over unauthorised disposal of pledged collateral.
- Advised Oruga on the structuring and documentation of a convertible loans and equity investments as part of its €1 million early-stage fundraising strategy.
- Advised CMA CGM on the voluntary full legal and financial wind-down of its operations in Latvia, developing and executing a liquidation strategy covering creditor payments, intercompany settlements, and compliance with tax obligations throughout the process.
Spridzans, Snipe & Hramcenko
Spridzans, Snipe & Hramcenko's team advises on investments, alternative investment funds, debt recovery, and liquidations, as well as on capital markets issues such as loan issuances. Advising on start-up finance and investment funds is a key area for the team, as is financial litigation. Ansis Spridzans and Arta Snipe co-lead the group; Snipe is heralded for ‘extensive experience and knowledge in the investments and capital markets industry’. Svetlana Hramcenko is another key name to note.
Praxisleiter:
Ansis Spridzans; Arta Snipe
Weitere Kernanwälte:
Svetlana Hramcenko
Referenzen
‘They offer a deep insight into all things venture capital transactions/matters, as well as experts in public procurement and dealings with public bodies in general.’
‘Individual approach and attention from partners.‘
‘The collaboration has always been very effective and flexible, tailored to our specific needs.’
Kernmandanten
ASP Asset Management AIFP
InGain Technologies SIA
AltPay Ltd.
Blue Shock Race SIA
Scandi Tours SIA
Smartfinances SIA
Easy Debt Service UAB
Exonicus Ltd.
Insurance company Euroins AD
Cellboxlab SIA
Highlight-Mandate
- Advised AltPay Ltd on the receipt of electronic money institution licence for its subsidiary AP Operations SIA.
- Assisted Blue Shock Race SIA with its investment round under which it has successfully attracted €1,780,000.
- Advised investment vehicle Scandi Tours SIA on its acquisition of a stake in the operator of leading sports-tech platform Tournated, Vertexo SIA.