Estonia issued its first eurobond 20 years ago, raising €100m. At the beginning of 2011, the country switched its currency to the euro and it remained the only eurozone member without an outstanding government bond until 2020, when it raised €1.5bn after government finances were affected by the Covid-19 pandemic.
The Estonian government did not wait another 18 years to return to international capital markets. In October 2022, it raised another €1bn from a 10-year sovereign bond issue.