A total of 93 international investors sought to subscribe to more than €1.8 billion in bonds from the Estonian government, the ministry said in a press release. Considering the current complicated geopolitical and market situations, this bond issue can be deemed a success, said Sven Kirsipuu, the ministry's deputy secretary general for fiscal policy.

"International investors' interest in Estonian bonds was high yesterday, resulting in the most favorable interest rate possible," Kirsipuu said.

"Bonds' base rates and risk margins have increased significantly in recent months, and a difficult market determined a lot," he continued. "At the same time, we need to ensure that we have a sufficient financial buffer to cover state payments provided for in the budget both at the end of this year as well as next year."

Money raised in the sale of bonds will be used to cover the state's general budget deficit as well as supplement its liquidity reserve. According to the Ministry of Finance, similar bond issues may be organized in the future as well, considering forecast state budget deficits over the next few years.

Wednesday's bond issue was organized by Citibank, Goldman Sachs and Societe Generale; the bonds will be listed on the Dublin Stock Exchange.

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