Capital markets in Russia
Baker & McKenzie - CIS, Limited’s ‘unique’ practice in Moscow contributes to firm’s global reputation in capital markets. The Russian office fields a substantial team with the ability to act on cross-border matters, which is enhanced by its close cooperation with the London-based group, where Roy Pearce is the key contact for CIS-related work. Clients and peers praise the team’s traditional strength in structured capital markets and securitisation work; Moscow-based department head Vladimir Dragunov is highly active in the securitisation space. Other key names include, Dmitry Dembich, who is the key practitioner for transactions involving derivative instruments; UK-qualified Simon Morgan and senior associate Sergey Samokhvalov.
‘The team has a unique and, in my opinion, the most extensive experience in capital markets transactions, particularly in the area of securitisation and structured finance. The department’s strengths include flexibility, an ability to take even the non-standard wishes of the client into account, and wide-ranging expertise across multiple legal areas.‘
‘All team members are creative, clear and solution-oriented, but I would like to particularly note the skills of Vladimir Dragunov and senior associate Sergey Samokhvalov in this regard.‘
Commercial Bank “Absolut Bank”
PJSC Asian-Pacific Bank
Home Credit & Finance Bank
Citigroup Global Markets
Credit Bank of Moscow
Sberbank of Russia
Otkritie FC Bank
- Advised J.P. Morgan Securities as dealer on an update of Alfa-Bank’s $5bn EMTN programme.
- Advised Trans-Oil Group and Aragvi Holding International on the debut issuance of $300m in notes.
- Advised Transkapitalbank on the off-balance securitisation of its ₽6.8bn SME loans portfolio.
Headed up by ‘highly renowned expert’ Dmitriy Glazounov, Egorov Puginsky Afanasiev & Partners is recognised in the market for its ability to handle the full range of complex capital markets transactions. Described as ‘Glazounov’s capable right hand’, recently promoted counsel Oleg Ushakov is experienced in handling projects involving the issuance of bonds and shares, IPOs and securitisation matters. Senior associate Vladimir Goglachev is also singled out.
‘A great team of professionals‘
‘I have only good impressions of the services which EPAM renders: the team is client-oriented; it has both international and domestic experience and access to the expertise of other competent departments, where needed; lawyers have a deep understanding of the trends and tendencies on the market and have a good relationship with the regulators.‘
‘Egorov Puginsky Afanasiev & Partners’ team members know their business and deserve high praise. They implement pioneering projects and represent clients in cross-border loan and security transactions, transactions involving bonds in both primary and secondary markets, securitization, and others.‘
‘Dmitry Glazounov deserves to be singled out as standout team manager and law expert. He is also a sagacious and sharp advocate. Dmitry’s team includes intelligent and hardworking lawyers such as Oleg Ushakov and Vladimir Goglachev, always available for any urgent issue that may appear, even if this extends beyond standard working hours.‘
‘Dmitry Glazounov and Oleg Ushakov are enthusiastic, helpful, supportive and precise.‘
- Acting for Alfa Bank on a multi-currency subordinated bond programme.
- Advising BaikalInvestBank on securitisation issues.
Latham & Watkins LLP’s practice has ‘cutting-edge’ expertise in debt capital markets and is instructed by issuers and managers on high-profile debt offerings across the CIS and other emerging markets; the group is also singled out for its focus on liability management transactions. Dividing his time between London and Moscow, US-qualified securities specialist David Stewart leads the department and is recommended by clients for cross-border transactional work including ECM offerings. Managing partner Mikhail Turetsky is noted for his experience advising on transactions involving Eurobonds and other debt instruments. Counsel Yulia Dementieva is also singled out.
‘A key advantage is that Latham’s lawyers have legal skills and knowledge relevant to three jurisdictions — the UK, the US and Russia.‘
‘An outstanding department across all levels — in terms of expertise, responsiveness, the ability to staff projects at the optimal level, so there are never drops in service levels nor is there any sign of overmanning. The team is also able to manage bringing in lawyers from various locations seamlessly and efficiently.‘
‘David Stewart and Yulia Dementieva are our key go-to team on all capital markets transactions. This team always sounds pleased to hear from us and remains fully committed to our needs, even when its workload must be crushing.‘
- Acted for the underwriters on the offering of $300m in notes by GeoProMining.
- Advised HeadHunter Group on the $253m IPO of its American depositary shares.
- Advising the underwriters on a $700m notes issuance by Evraz.
Skadden, Arps, Slate, Meagher & Flom LLP
Skadden, Arps, Slate, Meagher & Flom LLP’s capital market team has ‘a market-leading reputation’ and stands out for its high volume of equity offering instructions. The department is jointly led by Dmitri Kovalenko, Alexey Kiyashko and London-based Pranav Trivedi and works closely with the firm's wider network; the group's strong cross-border experience allows it to assist high-profile clients with mandates in the US and Hong Kong markets.
‘Split between Moscow and London, the team is ready to deal with any task and challenging work and remains available at any time of the day. Our deal was particularly complex and peculiar, but the group was able to adjust and come up with well-considered compromise solutions, which were also well received by all parties.‘
‘The team has an extremely strong reputation in the market for handling the most challenging issues. We could not be happier with the services which they have provided us with over the years. Team members really took the time to get to know us and our concerns, which we greatly appreciated, and always seem to be ahead of the curve when it comes to difficult legal developments and finding the best solutions. It is this focus on each client that really made a difference.‘
‘Dmitri Kovalenko is a superstar lawyer, but he is still available 24/7, committed to his clients and fully involved in any project.‘
‘Pranav Trivedi and Alexey Kiyashko are professional, show great command of both Russian and English languages, and have extensive experience with IPOs.‘
National Atomic Company Kazatomprom
IBS IT Services
JP Morgan and Credit Suisse
PJSC Detsky Mir
- Advised National Atomic Company Kazatomprom as selling shareholder on its $449m IPO of global depositary receipts and shares.
- Advised GeoProMining Group on its $300m debut Eurobond issuance.
- Advised Cherkizovo Group on a proposed Rule 144A / Regulation S offering of its ordinary shares listed on the Moscow Exchange.
White & Case LLC’s ‘superb’ team stands out for complex capital market transactions, particularly relating to IPOs and the establishment of EMTN programmes; the team also excels in capital markets and securities regulations, where Dmitry Lapshin is a standout figure. Department head Darina Lozovsky divides time between Moscow and London, and regularly handles dual listings on the London Stock Exchange and the Moscow Exchange.
‘The team simply ticks all the boxes: it is always reliable and easy to reach, updates clients promptly, and adopts a constructive approach by focusing on solutions rather than problems.‘
‘The team consists of professionals with in-depth knowledge of the relevant regulatory frameworks and of the market practice.‘
‘Darina Lozovsky possesses all relevant knowledge and skills needed to give a quick and definite answer. Darina is also great at finding solutions in fast-changing situations.‘
BCS Global Markets
Credit Bank of Moscow
Republic of Belarus
Republic of Uzbekistan
Sonera Holding B.V.
- Assisted a group of leading financial institutions as underwriters with the $250m IPO of American depositary shares by HeadHunter.
- Advised Magnitogorsk Iron and Steel Works as guarantor on the $500m notes offering by MMK International Capital DAC.
- Advised a syndicate of banks on the $3bn IPO of JSC NAC Kazatomprom.
At ALRUD Law Firm, Vassily Rudomino and Anton Dzhuplin jointly head up the capital markets practice, which handles domestic and cross-border mandates; the practice leverages its extensive international ‘best friends’ network on global matters. The team also has notable strength in advising domestic and international issuers, investment banks and other market participants on the Russian elements of securities offerings. Senior associate Ekaterina Rogacheva is also a key figure in the team.
‘The team is quick in its response and provides high-quality services.’
Russian Direct Investment Fund
South Ural Mining and Processing Company
- Advised Monnalisa on its IPO and listing on Borsa Italiana, Italy’s stock exchange.
- Assisted the majority shareholder of a Russian TMT company with capital markets compliance advice relating to the purchase of an additional stake in the company, exceeding 30% of the total share capital.
Cleary Gottlieb Steen & Hamilton
Clifford Chance has had a steady stream of mandates relating to Central and Eastern Europe sovereign bonds. The team also acts on equity and debt capital markets matters including EMTN programmes, Eurobonds and primary and secondary equity offerings and block trades. In addition, the group works with the firm's London office on liability management issues, where it assists a varied client base of issuers, managers and investors. Arthur Iliev heads up the practice and works closely with counsel Evgeny Soloviev.
Ministry of Finance of the Russian Federation
Domodedovo International Airport Group
- Acting for the Ministry of Finance of the Russian Federation on its issuance of $2.5bn sovereign Eurobonds.
- Advised the joint lead managers on the issuance of $600m Eurobonds by Belarus.
Freshfields Bruckhaus Deringer
Herbert Smith Freehills
Herbert Smith Freehills’ capital markets practice is recognised for its strong track record in handling complex transactions. Department leader Evgeny Zelensky has in-depth expertise in IPOs and secondary offerings. Senior associates Denis Morozov and Anna Vashutina are dual-qualified in Russia and the US.
Mitsui & Co.
Bank Otkritie Financial Corporation
Bank of America Merrill Lynch
Alliance Oil Company
- Advised Mitsui & Co. on insider law and other capital markets issues arising in relation to the acquisition of RusAgro’s global depository receipts equivalent to 0.75% of the total RusAgro shares.
- Advised a prominent US bank on its offering of foreign securities in Russia.
- Advised a US bank on the rules concerning trading on the Moscow Exchange.
The Moscow-based office of Debevoise & Plimpton LLP houses a team of Russian, US and English-qualified lawyers. Led by Alan Kartashkin and Natalia Drebezgina, the department handles capital markets transactions for large Russian blue-chip clients; it also assists with matters relating to buybacks and tender offers.
‘The team’s advantages are the following: 24/7 support, its holistic approach, and timely and professional advice.‘
‘Natalia Drebezgina is a go-to adviser for structuring and executing capital market deals in Russia.‘
‘Alan Kartashkin has deep market knowledge and is great in communicating with board members.‘
- Acted for the principal shareholder of PJSC Polyus on its $390m sale of ordinary shares in the form of shares and global depository receipts through an accelerated bookbuild.
- Acted for the principal shareholder of NLMK on the placement of shares and global depositary receipts of Novolipetsk Steel through an accelerated bookbuild sale.
- Advising MegaFon on a delisting of global depositary receipts representing its ordinary shares from the London Stock Exchange.
Dentons acts for a varied client portfolio encompassing issuers, underwriters and trustees. Headed up by the ‘highly qualified and very experienced’ Tamer Amara, the department handles a range of debt capital markets transactions including Eurobond issuances, private placements and EMTN programmes. The practice is also a key name in the market for liability management mandates. Senior associate Filipp Petyukov is singled out.
‘Tamer Amara is our key point of contact on all capital markets transactions. Tamer is fully dedicated to nurturing his client relationships, in addition to being one the most qualified lawyers around.‘
‘Senior associate Filipp Petyukov is very helpful.‘
O1 Properties Finance
Domodedovo Airport Management Company
LECAP Law Firm
Clients praise LECAP Law Firm’s expertise in securitisation and structured finance transactions, and the ‘highly competent and hardworking’ team is also well versed in handling matters relating to debt and equity capital markets, derivatives and liability management work. Department co-heads Roman Belenkov, Michael Malinovskiy and Elizaveta Turbina are the key contacts.
‘Team members were always prepared to guide us and advise every time we contacted them. We would definitely turn to them again for any complex matters concerning securities.‘
‘The team has deep knowledge of structured products and the relevant practices in Russia and abroad.‘
‘Roman Belenkov knows the field of capital markets inside out. He shows care for the client in trying to complete a project and in offering various options to make it happen — this is what we truly valued.‘
‘Elisaveta Turbina shows focus and deep engagement in the issues of the client.‘
JSC “Russian Railways”
Eurotorg LLC (Belarus)
Far Eastern Shipping Corporation
- Assisted JSC “Russian Railways” with the ₽80bn placement of additional common and preferred shares with the aim of funding the infrastructure projects of the Russian National Wealth Fund.
- Advised “Mikron” PJSC on the placement of additional shares for the purpose of contributing to the fund of the state’s federal budget.
- Acted for Online Micro Finance LLC on the registration and placement of its debut issuance of exchange-traded bonds.
LP Law Firm has a notable reputation in the Russian equity capital market and acts for leading investment banks, Russian companies and foreign issuers; the team also works with its ‘best friends’ network in India. Department co-head Andrey Novakovskiy has substantial experience assisting with raising capital and regulatory matters. In mid-2019, the practice expanded its transactional expertise with the appointment of department co-head Alexandra Fasakhova, who joined from Danilov & Partners.
Russian Highways (Avtodor)
- Acted for Gazprombank as arranger and lead manager on a ₽30bn sovereign bond issuance by the Republic of Belarus.
- Advised VTB Capital on its ₽11bn mandatory offer for the purchase of shares of Novorossiysk Grain Plant.
- Assisted Russian Highways State Company (Avtodor) with its ₽66.5bn bond programme for the financing a large infrastructure project.
Nektorov, Saveliev & Partners
Nektorov, Saveliev & Partners’ capital markets department has extensive experience in capital market transactions; recent standout highlights include the issuance and placement of equity shares on the Russian market. Name partner Alexander Nektorov and Ilia Rachkov jointly head up the practice. Dmitry Gladkov departed to the Transactional Advisory Group in early 2019.
‘The practice’s attention to detail is unique, and so is its commercially oriented approach and focus on the needs of the client.‘
‘Lawyers in this department have significant knowledge of the realities in the Russian market, which is very useful.‘
‘It is a pleasure working with Alexander Nektorov and his team, as everyone has knowledge and expertise allowing them to assist their clients with finding the most relatable solution.‘
National Bank Trust
- Assisted Prodalliance with the reduction of the charter capital of JSC “Donskaya Agrarnaya Gruppa” by way of share issuances.
- Acting for IBS Group on its IPO.
- Advised Novaport on the increase of the charter capital of one of client’s subsidiaries by means of issuing shares by private subscription.