Our team advised KTZ, Kazakhstan national railway operation, on the debut Russian bond issuance of KTZ's SPV – KTZ Finance LLC – secured by a suretyship from KTZ.
The deal involved issuance of Russian bonds by a Russian SPV with parallel placement on Russian MoEx and Kazakh KASE – it is the first parallel placement of Russian corporate bonds in two jurisdictions, previously we have seen such deals only in relation to shares.
Moreover, it is not only debut Russian bond issuance by the subsidiary of a Kazakh company, but also by a CIS company. This is a landmark deal as it paves the way to the Russian market for other CIS issuers looking for a new platform for raising debt capital.
LECAP team provided a wide range of services relating to issuance and placement of bonds and coordinated the procedure for parallel placement on the two stock exchanges.
The project team included Elizaveta Turbina, partner, Michael Malinovskiy, partner, Kirill Postavnin, associate, Anna Gorelova, associate, and Ilya Rynenkov, associate.
Best Foreign Issuer Deal — Cbonds Awards 2017