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Most of European sovereigns use bonds for their debt management. Issuing bonds on the international capital markets is practical if additional funding is needed in large volumes both for refinancing existing debt obligations and for financing state budget deficit. Since 2024, the Estonia has the option to issue domestic long-term bonds, which contribute to the development of the local capital market and enable to diversify investor base by including domestic retail and professional investors.
Since the 1990s Estonia only issued bonds twice:
In 1993, tranches totalling 300 million Estonian kroons (EUR 19.2 million) for the merger and recapitalisation of Põhja-Eesti Aktsiapank and Balti Ühispank (two local commercial banks). All tranches were redeemed by 2004.
In 2002, an international debut Eurobond issue of EUR 100 million to refinance outstanding foreign currency loans from IFIs and to finance the purchase of radar systems. These bonds matured in 2007.
Estonia returned to international capital markets in 2020. The outbreak of the COVID-19 pandemic followed by the start of war in Ukraine in 2022 and coping with the energy crisis significantly increased the state’s borrowing needs.
Long-term bond issues
| Pricing date | Maturity | ISIN | Amount issued in millions of EUR | Average yield | Programme |
|---|---|---|---|---|---|
| 07.05.2026 | 14.05.2036 | 1,000 | 3.609% | DIP | |
| 21.10.2025 | 17.01.2034 | 500 | 3.181% | EMTN | |
| 11.09.2024 | 16.09.2026 | 200 | 3.3% | Domestic | |
| 10.01.2024 | 17.01.2034 | 1,000 | 3.348% | EMTN | |
| 06.06.2023 | 12.10.2032 | 500 | 3.618% | - | |
| 05.10.2022 | 12.10.2032 | 1,000 | 4.023% | - | |
| 03.06.2020 | 10.06.2030 | 1,500 | 0.235% | - |
Euro Medium Term Note Programme (EMTN) enhances the country's ability to issue long-term notes in an operational and flexible manner.
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The Programme is unlimited in amount.
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Notes may be distributed by way of private or public placement and in each case on a syndicated or non-syndicated basis.
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Notes can be denominated in various currencies, subject to legal and regulatory constraints.
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The maturity of the notes is not limited under the programme but may be limited by other legislative acts.
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Notes may be issued either with fixed or floating interest rate.
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The programme is open-ended.
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Applications have been made for Notes to be admitted after the date hereof to listing on the official list and to trading on the regulated market of Euronext Dublin. Notes may be listed or admitted to trading on other or further stock exchanges or markets (for example, Nasdaq Tallinn). Notes which are neither listed nor admitted to trading on any market may also be issued.
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The Notes will be governed by English law.
Domestic Bond Programme enhances the country's ability to issue long-term bonds in an operational and flexible manner to domestic and foreign investors.
The Programme is unlimited in amount programme but may be limited by other legislative acts.
Bonds may be distributed by way of private or public placement and in each case on a syndicated or non-syndicated basis.
Bonds can be denominated in euros.
The maturity of the bonds is not limited under the programme but may be limited by other legislative acts.
Bonds may be issued either with fixed or floating interest rate.
The programme is open-ended.
Bonds will be registered in NASDAQ CSD Estonia and listed and admitted to trading on Nasdaq Tallinn. Bonds which are neither listed nor admitted to trading on any market may also be issued.
The Bonds will be governed by Estonian law.
More information
Debt Issuance Programme (DIP) enhances the country's ability to issue long-term notes in an operational and flexible manner governed by Estonian law.
The Programme is unlimited in amount.
Notes may be distributed by way of private or public placement and in each case on a syndicated or non-syndicated basis.
Notes can be denominated in various currencies, subject to legal and regulatory constraints.
The maturity of the notes is not limited under the programme but may be limited by other legislative acts.
Notes may be issued either with fixed or floating interest rate.
The programme is open-ended.
Nasdaq CSD operates the system for registration and transfer of book-entry securities in Estonia. The Notes can be held through ICSDs, such as Euroclear Bank and/or Clearstream Banking S.A..
The Issuer may apply for the admission to trading of a series of Notes on the Baltic Bond List of the Nasdaq Tallinn Stock Exchange. Notes may be listed or admitted to trading on other or further stock exchanges or markets. Notes which are neither listed nor admitted to trading on any market may also be issued.
The Notes will be governed by Estonian law.
More information
Last updated: 11.05.2026
