Capital Markets

We have one of the most experienced teams in capital markets in Estonia advising on a full range of capital markets transactions and products. Our attorneys have vast experience advising on various IPOs in the Baltic region and we have been involved in listing and de-listing of equity and debt instruments on Nasdaq Baltic and Nordic markets as well as the Warsaw Stock Exchange. We also advise listed companies on compliance issues.
We also have one of the most experienced derivatives’ practices in Estonia advising various financial institutions on derivative transactions with Estonian counter parties.


DERLING’s attorneys have advised:

  • Advising CA IB (Unicredit), Deutsche Bank, SEB Enskilda, Swedbank, LHV, Starman, Pro Kapital, and other managers and issuers in connection with IPOs.
  • Advising Pro Kapital, Nortal, and various other corporates and Estonian municipalities on issuance of bonds.
  • Advising Merko and City Service on corporate restructuring and listing of their shares.
  • Advising issuers and shareholders in connection with the de-listing of shares of Eesti Telekom, Norma, Järvevana, Luterma, and Rakvere Lihakombinaat.
  • Advising Barclays Capital, BNP Paribas, Calyon, Deutsche Bank, Natixis, and various other financial institutions in connection with derivatives.
  • Issuing a netting and collateral opinion to FIA Europe.
  • Proviing Aoshpere with Estonian law advice for their netalytics service.


We advise and represent clients in the following areas:

  • debt capital markets
  • equity capital markets
  • derivatives and structured finance
  • securities and exchange compliance
  • securitisation