The Legal 500

Cleary Gottlieb Steen & Hamilton LLP has advised on 18 Russian IPOs and over 50 Russian Eurobonds. More specifically, it recently advised UC RUSAL in its $2.24bn Rule 144A/Regulation S IPO of shares listed on the Hong Kong Stock Exchange and GDRs listed on Euronext. The firm also assisted JSC VTB Bank in its S$400m and CHF400m Reg S/Rule 144A note offerings under its $20bn LPN programme. The firm’s capital markets specialists, including Scott Senecal, Murat Akuyev and Vladimir Frolov, ‘have knowledge and experience that is second to none’. David Gottlieb transferred to London in October 2010.

Latham & Watkins LLP has ‘one of the strongest capital markets teams’, one that ‘takes time to understand the products it advises on and ensures it consider legal, regulatory and commercially sensitive points’. It is given high praise for ‘its advice, attention to detail, creativity, levels of responsiveness and clear understanding of the business requirements of its clients’. Mark Banovich has an excellent reputation. His team advised UBS Limited and Renaissance Capital on the IPO of OJSC Protek on the Russian Trading System Stock Exchange and the Moscow Interbank Currency Exchange, followed by a closed subscription of new shares.

Dmitry Dobatkin’s capital markets team at Linklaters CIS has ‘business acumen and industry knowledge that is unparalleled’. The ‘level of service is excellent,’ and a ‘first port of call for Russian bond issues’. On the equity side, the firm advised on the global of shares of UC Rusal and the $965m combined equity and convertible bond offering by Evraz. Meanwhile, on the debt capital markets side, the team assisted on the $5.5bn sovereign bond issue by the Russian Federation, the first new money international bond issue by Russia since 1998. The firm also specialises in liability management work. Andrew Burge and Peter Allen form a ‘leading team in Moscow’. Andrei Murygin is also recommended.

Skadden, Arps, Slate, Meagher & Flom LLP executed transactions for Zhaikmunai, Evraz, and Vimpel-Com, and in 2010, the firm advised on the successful offerings by Mechel, the first public offering of preferred shares by a Russian corporate issuer, and Protek. The ‘extremely good’ Pranav Trivedi is the partner in charge of the Russian practice, and divides his time between London and Moscow. Alexey Kiyashko and Dmitri Kovalenko co-head the Moscow office and are praised for their ‘fast response times, direct client contact and in-depth industry knowledge’.

Allen & Overy Legal Services’ Russian equity capital markets team takes a ‘very professional and commercial approach’. The firm recently advised Renaissance Capital and VTB Capital as joint bookrunners on Bank Saint Petersburg’s $200m private placement of preferred shares listed on RTS/MICEX and Goldman Sachs on a synthetic structure involving a major equity investment in Bank of Moscow. Varun Gupta and Konstantin Kroll head up the capital markets group, specialising in equity and debt respectively. James Roe made partner in 2010.

Clifford Chance ‘provides clear and concise advice focused on the issues in question’. The firm acted as issuer’s counsel on a follow-on public offering of shares in the form of GDRs of OJSC LSR Group and is currently advising two Russian banks and one Russian fertiliser producing company in connection with their Eurobond offerings scheduled for the end of 2010. The firm’s Russian capital markets practice is led by Arthur Iliev. Debt capital markets work is coordinated by Tamer Amara. Simeon Radcliff is also recommended.

At Freshfields Bruckhaus Deringer, Mikhail Loktionov’s capital markets team advised Globaltrans Investment on its $175m secondary offering of GDRs and the acquisition of a 50% controlling interest in BaltTransServis, with Deutsche Bank and Morgan Stanley as joint global coordinators, VTB Capital as joint bookrunner and UniCredit as co-lead manager. It also assisted Russian Railways on its $1.5bn debut Eurobond offering, listed on the Irish Stock Exchange.

In the last 12 months, Herbert Smith CIS LLP has advised clients on equity capital markets transactions, liability management, bond restructuring and new bond issues on the debt side. Specifically, the ‘workaholic’ and ‘hugely experienced’ Evgeny Zelensky’s team advised VTB Capital, Deutsche Bank, Morgan Stanley and UniCredit on the $175m follow-on offering by Globaltrans. The firm provides ‘good quality advice’ and ‘value for money’.

Baker & McKenzie – CIS, Limited fields a ‘very experienced team that strictly follows clients’ interests’ and is ‘very competitive in terms of price/quality’. On behalf of its client, VTB 24, the firm structured and advised on the first ever issue of covered bonds in Russia. The bonds were issued in accordance with the Russian legislation on mortgage-backed securities. Vladimir Dragunov, David Scott and Mikhail Turetsky are all recommended.

At Hogan Lovells (CIS) Michael Pugh is ‘a very capable banking and capital markets lawyer, who knows his field and area of interest very well’. The firm, known for its expertise in debt transactions, recently advised Bank of Moscow on the establishment of its $5bn loan participation notes programme and on a $750m note issue by Irish special purpose vehicle BOM Capital. The firm provides ‘a very high level of service at reasonable rates’.

Following the departure of Simon Morgan to Chadbourne & Parke LLP, White & Case LLC bolstered its capital markets group by relocating Carter Brod and Sven Krogius to Moscow to co-head the team. Recently, the firm represented TMK Bonds SA and OAO TMK in connection with the Issuer’s offering of $412.5m 5.25% guaranteed convertible bonds and acted as English and Russian counsel to Gazprombank on a $1bn Eurobond offering.

Akin Gump Strauss Hauer & Feld LLP primarily represents corporate borrowers raising funds in international debt markets. Clients include OAO Lukoil and OAO Vimpel-Communications. Robert Aulsebrook leads the team that includes the highly experienced Richard Wilkie.

Chadbourne & Parke LLP is ‘very efficient and client and commercially oriented’. Konstantin Konstantinov ‘is particularly good, as a lawyer and as a partner organising the work of his team’. The firm recently welcomed Simon Morgan from White & Case LLC. ‘If you have an urgent project or non-standard issue or matter – there is no firm better’.

At Debevoise & Plimpton LLP, Alan Kartashkin’s capital markets team recently represented Jennington International in its public offer for 50.1% of KazakhGold Group.

Dewey & LeBoeuf LLP fields ‘strong and outstanding professionals ready to work under heavy pressure’. Vasilisa Strikh and Yulia Cherkassova are recommended. The team ‘delivers a very high level of expertise in international capital markets transactions, particularly involving depositary receipts’.

Law Firm Liniya Prava suffered following the departure of securitisation specialist Tatiana Kachalina to Laseta Partners LLC. The highly regarded Dmitriy Glazounov, Alexander Timofeev and Roman Belenkov remain at the firm, providing dependable domestic legal insights and experience to international listings. ‘The firm offers international standards of legal services for “Russian” prices.’

Norton Rose (Central Europe) LLP recently welcomed equity capital markets specialist Ezra Machnikowski as of counsel. He joins an impressive team that is led by Andrei Yakovlev and Chris Owen. The firm is currently advising ShalkiyaZinc in connection with a rescue takeover by SAT & Company through the issuance of new shares and a subsequent mandatory bid offer.