Capital Markets

Capital Markets

Clients value our creative and practical approach and our ability to advise on capital markets transactions of any complexity and scale.

We have helped many Russian and international clients with listings of shares and depository receipts (IPO, SPO) and bonds on many of the world’s key stock exchanges using a range of offering structures in the course of major equity and dept capital market transactions, and have accumulated a wealth of experience interacting with regulators.

Our capital markets team acts for issuers, underwriters and selling shareholders, and so has experience advising on transactions
from all sides and a broad awareness of the market infrastructure and transaction mechanics, as well as a clear understanding of the key players’ interests. We have provided legal support for securities offerings by leading companies in a variety of industries, including energy, metals and mining, transport and infrastructure, petrochemistry, logistics, fertilisers, and manufacturing.

We also advise clients on legal and technical issues arising from the changed geopolitical landscape and interruptions in the functioning of the core market infrastructure, including on how to communicate with investors, depositaries, other professional debt and equity capital market participants and professional intermediaries.

Equity transactions we cover:

  • initial public offerings (IPO);
  • pre-IPO preparation and restructuring;
  • secondary public offerings (SPO);
  • reorganisation of depositary programmes;
  • private placements;
  • capital increases;
  • rights issues;
  • dual-track exit processes.

Debt transactions we cover:

  • note and bond issues;
  • high-yield note issues;
  • medium-term note (MTN) programmes;
  • buy-back of notes and other liability managements deals.

On top of transactional support, we advise our clients on various regulatory and administrative matters, such as:

  • legislative initiatives to develop domestic RUB bond regulation;
  • development of alternative structures enabling issuers to service their payment obligations in connection with the closure of the international debt market infrastructure for Russian companies.