21 May 2009 - Gide Loyrette Nouel London acts for Black Sea Trade & Development Bank on its inaugural USD 125 million Eurobond Issue:

Gide Loyrette Nouel LLP has acted as English legal adviser to The Black Sea Trade & Development Bank (the “Bank”) on the recent successful closing of its issue of USD 125,000,000 6.50 per cent. Notes due 2012.

The Bank, which has its headquarters in Greece, is an international financial institution whose members are the eleven founding member countries of the Organisation of Black Sea Economic Cooperation.

This is the first time that the Bank has raised debt via a public issue in the capital markets, having previously relied on funding through the international loan financing markets.

The Bank was advised by English law partner Michael Doran, and senior associate Richard Pogrel.

Michael Doran commented: "We are delighted to have acted for the Bank on its inaugural bond issue. We have a strong sovereign, state agency and supranational representative practice at Gide, and this nicely complements our supranational practice representing international financial institutions such as the EBRD, IFC and others".

The joint lead managers for issue of the Notes were Deutsche Bank and Morgan Stanley.