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Cleary Gottlieb Steen & Hamilton LLP has handled a number of equity capital markets transactions of late, and is also active in the debt capital markets space. Yulia Solomakhina and Russell Pollack advised Alrosa and the Russian Federation on the RUB5.2bn sale of 11% of Alrosa’s share capital. The firm also advised the Ministry of Finance of the Russian Federation on the issuing of bonds totalling $1.75bn.

Latham & Watkins LLP’s ‘highly recommended’ group includes Mikhail Turetsky, who has notable expertise in equity and debt capital markets, and Yulia Dementieva, who advises issuers and underwriters on securities transactions. Practice head David Stewart recently acted for DTEK on its $160m issuance of senior notes. Gazprombank and Goldman Sachs are also clients.

Dmitry Dobatkin heads the ‘excellent’ team at Linklaters, which is ‘one of the best firms for capital markets financing transactions’. Highlights included advising VTB Capital on the issuance of over $1.7bn in bonds, and assisting a number of managers, including Barclays, UniCredit, Citigroup Global Markets and Société Générale, with Norilsk Nickel’s $1bn issuance of notes. Andrew Burge and structured finance expert Andrei Murygin are also names to note.

At Skadden, Arps, Slate, Meagher & Flom LLP, highlights included advising the underwriters of Lenta on its $275m secondary public offering, and assisting Gazprom with its listing on the Singapore Exchange via its introduction of four billion global depositary shares. Pranav Trivedi and Dmitri Kovalenko are the key practitioners. Alexey Kiyashko is noted for his cross-border transactional expertise.

White & Case LLC has been notably active handling Russian privatisation deals, and also assists with liability management, restructuring, delisting and buy-back transactions. Practice head Darina Lozovsky advised Sberbank and VTB Capital on the $812m privatisation of Alrosa, which involved the Russian government selling a stake, and, together with Dmitry Lapshin, advised Barclays and VTB Capital on a $2.1bn tender offer for shares in Uralkali. Other clients include Barclays and Vnesheconombank.

Baker & McKenzie–CIS, Limited’s Vladimir Dragunov handled the structuring and execution of several securitisation transactions, and also advised on matters involving trade finance and derivatives. The group recently acted for Uralsib Leasing Company on a RUB2.2bn receivables securitisation, and is advising UniCredit Bank on the securitisation of its RUB4bn mortgage portfolio. Simon Morgan and Dmitry Dembich are also noted.

Clifford Chance’s team has ‘an in-depth understanding of the subject matter’ and ‘provides quality ongoing support throughout the entire transaction’. The group advised the arranger, Otkritie Capital International, on Peresvet Bank’s RUB8bn debut Eurobond issuance, and also acted for Russian Standard Bank on the restructuring of notes totalling $550m. Arthur Iliev and Tamer Amara head the equity and debt capital markets practices, respectively.

Egorov Puginsky Afanasiev & Partners’ team provides ‘excellent support and is well able to handle innovative projects’. Practice head Dmitriy Glazounov, who is a ‘highly experienced capital markets expert’, advised Rusal on a RUB70bn bond issuance, and also handled two securitisation restructuring transactions on behalf of Absolut Bank. Senior associate Oleg Ushakov is ‘a trusted adviser with a deep knowledge of finance’.

Herbert Smith Freehills CIS LLP’s recent work includes advising Polyus Gold on a $9bn hostile takeover offer by Sacturino. US and Russian-qualified Stanislav Grigoryev advises investment banks and major corporates on debt and equity offerings. Evgeny Zelensky is highly praised by clients.

Allen & Overy Legal Services’ team ‘works quickly and expertly’ and instils ‘confidence’ in clients. Highlights included advising GTLK Europe as issuer and State Transport Leasing Company as guarantor on a $500m Eurobond issuance, and assisting Sberbank with a $20m notes issuance. Igor Gorchakov heads the practice in Moscow, which works closely with the firm’s London office.

ALRUD Law Firm’s Vassily Rudomino has notable expertise in domestic and cross-border capital markets transactions, and corporate partner Alexander Zharskiy is a key name for public offerings and private placement matters. Anton Dzhuplin advised Russian Direct Investment Fund on its co-investment into the ‘Smart Grids’ infrastructure project. Other clients include Goldman Sachs and Deutsche Bank.

Freshfields Bruckhaus Deringer advised Global Ports Investments on a debut Eurobond offering totalling $350m, and assisted Russian Railways with a buy-back of its loan participation notes. Mikhail Loktionov heads the practice and senior associate Pavel Koutovoi is ‘goal-oriented, prompt and efficient’. J.P. Morgan is also a client.

LECAP Law Firm’s ‘very knowledgeable and experienced team’ has ‘an impressive understanding of the domestic Russian securities market and its investors’. Elizaveta Turbina is ‘very client-friendly’ and provides ‘timely and practical advice based on strong experience’. The firm advised Novorossiysk Grain Plant on its RUB3.7bn IPO of ordinary shares on the Moscow Exchange, and acted for Mechel on restructuring several corporate bond issuances. Michael Malinovskiy is ‘an extremely smart lawyer with a clear and pragmatic view’, with fellow partner Roman Belenkov being another key contributor.

Liniya Prava Law Firm is ‘noted for its extensive experience in supporting highly complex projects’. Highlights included advising Sberbank on a RUB200bn structured bonds programme, and acting for UTair on a securities offering pertaining to the restructuring of its substantial debt. Practice head Oleg Bychkov is ‘a highly skilled capital markets expert’. Managing partner Andrey Novakovskiy is also noted.

Morgan, Lewis & Bockius LLP advised VTB Bank on a tender offer for Eurobonds totalling $1.8bn, and assisted Eastern Property Holdings with a $50m bond offering. Yandex and Vnesheconombank are also clients. The primary contact is London-based Carter Brod, while Grigory Marinichev is the key figure in the Moscow office.

Nektorov, Saveliev & Partners’ team has ‘a deep knowledge and understanding of legislation and business matters’ and is ‘highly responsive’. Alexander Nektorov is ‘a very competent lawyer with distinct commercial acumen’. The group advised Independent Petroleum Company on the restructuring of its bond debt. Anastasiya Savelieva is now with Saveliev, Batanov & Partners.

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Legal Developments in Russia for Capital markets

  • Information law for company participants – the search for a balance of interests

    At the present time, in various legal relationships there exists the acute problem of observing a balance of interests concerning the parties involved in these legal relationships, their legal rights, and their mutual economic needs. Judicial practice, when considering disputes between these kinds of parties, takes into consideration not only the formal requirements of legislation, but also the real economic and legal goals and interests of the participants.
    - Vegas Lex Law Firm

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