Updated "Issuer Manual: Entering the Public Debt Market" (Bond Guide)
On 26 January 2023, the Moscow Stock Exchange presented an updated "Issuer Manual: Entering the Public Debt Market" (Bond Guide). LECAP lawyers - Mikhail Malinovsky, Partner, Anna Gorelova, Senior Lawyer, and Dmitry Rumyantsev, Director at LCPIS, bondholder representative, took part in the preparation and presentation of the updated Manual.
The Bond Guide had been prepared both for companies planning to enter the public debt market and for experienced borrowers. The Guide contains up-to-date information on all stages of preparation of bond issues, initial offerings, bond circulation and redemption, as well as on debt instruments that emerged in 2022.
The list of bonds available to investors on the Moscow Stock Exchange is constantly expanding: in 2022, companies received an opportunity to issue replacement bonds and raise funds in Chinese yuan. In the updated Bond Guide there are specific chapters on new types of securities. Special attention is paid to matters such as disclosure, the importance of audit reports and credit ratings, as well as ways to protect the interests of investors.Experts from 19 leading companies of the Russian bond market took part in the preparation of the updated Bond Guide.
The full version of the Guide is available on the website of the Moscow Stock Exchange and will be further updated as the bond market develops and new practices and instruments emerge.