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Capital markets
Russian capital markets is our key specialization; this is what we are good at and love doing. We help Russian and foreign companies and banks — not only those who have been working on the market for a long time, but also those who are just entering it — to find a way, structure, manage and implement any project to raise funds.
what makes us different
  • Well-established GR (interaction with government agencies)
  • Knowledge and practice of applying the methodology accumulated over the past 10 years
  • Off-the-shelf algorithms for company going public
  • Standard documentation in securitisation, IPO and debt
  • A systematized algorithm for interaction and cooperation between the parties in the framework of the development of every financial product
  • LCPIS – supporting business – bondholders representative (Russian analogue of security trustee)
what we have already done
  • 400+ bond issuances
  • 200+ shares issuances
  • 25+ debt restructurings
  • 55+ M&A and reorganisations
  • 10+ squeeze-outs
  • 10+ SPV/SOPF projects
  • 2 concession bonds issuances
  • Best DCM Law Firm, Cbonds Awards 2012-2020: for nine years in a row (2012–2020) LECAP was awarded Best DCM Law Firm by Cbonds Awards. The award is based on the survey of over 400 market professionals
  • Cbonds Awards: "Best Primary Placement Transaction in the high-yield Segment" – 2020, "Debut of the Year" – 2019, "Best Foreign Issuer Deal" – 2017, "Restructuring of the Year" – 2015 and 2016
  • Recognized by the leading Russian and international legal rankings: Chambers Europe, IFLR1000, The Legal 500, Best Lawyers, Pravo-300, Kommersant
what can we do for you
We are equally strong in all kinds of securities transactions, from plain vanilla to IPOs and structured products. At the same time, we are able to step beyond the execution of particular assignments to offering new structures and products that would better suit clients’ needs.

  • Placement of securities of foreign issuers in Russia. We have exceptional expertise in placements of securities of foreign issuers in Russia. In 2017, we closed the first transaction where financing was raised for KTZ Finance, a Kazakhstan-based company, by placement of Russian law governed bonds on the Moscow Exchange (Best Foreign Issuer Deal — Cbonds Awards 2017). In 2019, we completed a similar deal for Eurotorg, the largest Belarusian food retailer (Debut of the Year — Cbonds Awards 2019). Moreover, we were the first to provide support in relation to admission to trading of bonds of a foreign issuer and registration of its prospectus in accordance with Russian rules (IFC and EBRD bond issuances.
  • Fixed income. If this is your first bond issuance, we will help you decide on the type of bonds: plain vanilla, commercial or exchange-traded, standalone issuance or programme — as well as the structure and parameters of the issue.
  • Shares. We support arrangers and issuers in IPOs and SPOs on Russian and foreign exchanges, as well as in private placements. We carry out the widest functionality: from structuring the deal to providing support in relation to information disclosure procedures, including assistance in obtaining public status, issuing and listing of shares, drafting securities prospectus and international investment memorandum.
  • Structured bonds.This is our crown jewel: in 2018, we helped to develop the Russian law on structured bonds, due to which it is no longer needed to step into other jurisdictions in order to implement derivatives enhanced financial instruments. Throughout 2019 and 2020, we designed and completed the first issuances of Russian structured bonds. We also develop deal structures for issuances of bonds secured under foreign law and develop formulas for determining additional income.
  • Securitisation. In the 2000s, our partner Yuriy Tuktarov helped to develop mortgage securitisation in Russia. In the 2010s, we focused on the securitisation of financial assets (non-mortgage securitisation): we were the first to advise on the projects of securitisation of receivables arising from the services rendered from a long-term service contract, securitisation of a portfolio of bad debts. In the 2020s, we plan to expand the range of securitised assets.
  • “Green”, infrastructure and social bonds. We are actively involved in various kinds of project bonds, including “green” finance and “green” bonds. The regulatory trend relating to the issuers of such bonds seems to soften, and we have already participated in several concession bonds issuances.
  • Rating advisory. We draw upon our in-depth knowledge of rating agencies’ methodologies to provide efficient structuring solutions utilising Russian or foreign law and ensure the assignment of target rating to securities issues. Our legal opinions are applied by all three leading international credit rating agencies (Moody’s, Fitch, and S&P) as well as national Russian agencies (ACRA, Expert RA).
  • Debt restructuring. Without exaggeration, we are the leader in the Russian debt restructuring market: we have participated in 25+ restructuring projects, two of which — Mechel and Geotech — received the Cbonds Awards. 95% of the restructurings ended up with the full discharge of obligations by the issuer. We can help you choose the most suitable restructuring model, balance the interests of the issuer and investors, and hold the bondholders’ meeting.
  • Bondholders'representative (security trustee). Current legislation requires to engage a bondholders’ representative (Russian analogue of security trustee) in a secured bond issuance or a securitisation transaction. We also recommend engaging a bondholders’ representative in public debt restructuring projects. Our bondholders’ representative LCPIS has extensive experience in both standard and additional services and ranks first in the bondholders’ representatives rating in 2017-2020 according to Cbonds news agency.
  • Subordinated bonds. Not only corporates, but also large and small banks engage us. We regularly advise on subordinated bonds issuances by banks, and we can help in conversion of such bonds into other instruments.
  • Reorganisations and share buybacks. During the company lifecycle issuers face multiple challenges due to both internal and external circumstances: sale of business, intra-group asset transfers, increase of control over the company, and much more. We have helped our clients in many such situations, including those that seemed insoluble.
  • Litigation in the financial markets.Our lawyers can provide support at any stage of the project, from structuring — to assess possible risks, and right up to the execution of a judicial act. We focus on cases related to securities: perhaps no other firm in the Russian legal market deals with this so deeply.
Client testimonials
One source highlights the lawyers' experience in the field, noting that they are able to offer "unconventional solutions and ideas," adding that "the team members are really goal-oriented and attentive to the client."
Chambers Europe 2021: Capital markets
"I was very comfortable working with them," says one of the clients, noting also the powerful expertise and high level of service.
Chambers Europe 2020: Capital markets
"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 Legal 500 2020: Capital markets
"LECAP's highly competent and experienced team has an excellent understanding of the Russian securities market and its investors."
The Legal 500 2017: Capital markets
What we do for the market development
We understand the market well due to our active participation in key think tanks, where we interact with the representatives of the issuers, the Russian Central Bank, market infrastructure industry and professional markets participants.:

  • Expert Committee for Securitisation of Financial Assets of the Russian Central Bank
  • Expert Committee for Long-Term Investments of the Russian Central Bank
  • Primary Market Committee of the Moscow Exchange
  • Council on Activities of Investment Advisors of SRO NFA
  • Committee on Legislation and Regulation in the Financial Market of SRO NFA
  • Arrangers Club of SRO NFA
  • Joint Securitisation Committee of SRO NFA and Association “Russia”
  • subgroups of the MFC Working Group on legal regulation of corporate relations
  • formerly —the Working Group of Russian State Duma on Simplification of the Procedure for Issuance of Securities (the law was adopted in December 2018)
We strive to help to shape the Russian securities market around international best practices. Therefore, we invest our time heavily in the development of new financial products and improving the quality of practice for existing products: from the first steps to develop mortgage securitization back in the 2000s to the development of a draft law and providing support for the first issues of Russian structured bonds in 2019.

We believe it is absolutely necessary to share knowledge and pass on our experience, which is why we lecture courses on capital markets and corporate finance: at HSE University — for future lawyers, at the Bank of Russia Corporate University — for the regulator, and at Academy for Attracting Financing — for potential issuers. We also regularly speak at and host key events ourselves and in partnership with the Moscow Exchange.
recent publications

Our practice