Convertible Instruments

We support issuances of corporate convertible bonds for both public companies and within the pre-IPO stage, including off-balance-sheet placements through SPVs

Convertible Bonds as an Element of a Modern Capital Structure Architecture

We support issuances of corporate convertible bonds for both public companies and within the pre-IPO stage

We actively contribute to the development of the Russian convertible bond market.

This instrument enables the issuer to flexibly manage its capital structure and choose the optimal time to attract new investors. We support issuances of corporate convertible bonds for both public companies and within the pre-IPO stage, including off-balance-sheet placements through special purpose vehicles (SPVs).

Infrastructure and Regulation

Our Advantages

Legislative Expertise

Participated in developing the current regulation of balance-sheet convertible bonds (Federal Law “On Amendments to the Federal Law “On the Securities Market” dated 27.12.2018)

Regulatory Approval Practice

We have unique experience in registering convertible securities with the Bank of Russia under this law (VK Class A convertible shares in the course of redomiciliation)

Placement Infrastructure

We offer a ready-made infrastructure for the rapid placement of convertible instruments

Cases on Convertible Instruments

All cases

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Convertible instruments

2025

Structured bonds with delivery of shares of PAO PROMOMED

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For the first time in Russian practice, a market instrument of convertible debt financing was structured on the basis of structured bonds issued off the balance sheet of an SFO

The LECAP ecosystem enabled the implementation of a transaction unique in structure, coordinating it with the regulator and infrastructure, and offered it to the client as a ready-to-launch market product within the shortest possible timeframe