December 21, 2022
RGD Advised MMK on the Issuance of Replacement Bonds

Rybalkin, Gortsunyan, Dyakin & Partners (RGD) provided consultations to PJSC MMK (MMK) regarding the issuance of bonds governed by Russian law (ISIN: RU000A105H64; Registration number: 4-21-00078-A) to replace a significant portion of guaranteed 4.375% Eurobonds worth USD 500,000,000 due in 2024 issued by MMK International Capital DAC (ISIN: XS1843434959 / US553142AA88).

This transaction became a successful example of replacement bond issuance on the Russian market since the sanctions imposed on the Russian issuers by the USA, UK, and EU made it technically impossible to deliver Eurobonds payments.

Oleg Isaev, Partner at the Corporate Practice, and Alexander Geda, Counsel at the Finance Practice, were responsible for legal support of this transaction. The project team also included associates Dmitry Arnautov and Regina Platonova. The RGD team oversaw the revisions made in the Eurobond documentation and helped MMK prepare and issue documents required for issuing replacement bonds under the Russian law. Replacement bonds were placed by exchanging Eurobonds and reassigning the rights to Eurobonds that could not be directly delivered to MMK.

As a result, MMK issued replacement bonds worth USD 308 million, which made it possible to largely restructure the company’s debt on issued Eurobonds. This was one of the first cases when replacement bonds were issued on the Russian market.


Rybalkin, Gortsunyan, Dyakin and Partners (RGD), a leading law firm established in 2018, which combines a premier dispute resolution practice and a high-end corporate practice dedicated to complex projects and transactions.

From our offices in Moscow, Yerevan, Tashkent and Belgrade we support clients from all over the world in their business dealings in our key practice areas involving Russia and CIS countries. In addition, our firm offers unparalleled expertise in foreign legal matters to Russian companies with significant international presence.

We are a cohesive team of seasoned professionals with a background in leading international law firms.


Our lawyers have worked on the largest corporate deals, investigations and disputes in the history of modern Russia and represented Russian companies in over 170 jurisdictions worldwide.

Contact person:

Maria Bannova
+7 (495) 139 65 00

Press contact