News

LECAP has completed legal support for Russia's first capital-protected equity-linked bond issuance tied to share price appreciation.

Projects
The transaction involved FOCUS Management (asset manager) and LCPIS (bondholder representative).

On April 28, 2025, PJSC PROMOMED successfully placed Russia's inaugural structured bonds featuring full capital protection and linkage to the company's market capitalization growth, raising RUB 1.6 billion. The issuer was special purpose vehicle LLC "SPO CADMIUM CREDIT" managed by FOCUS Management.

LECAP designed the transaction's unique architecture and provided end-to-end legal support, including:

  • Documentation preparation
  • Payment mechanics structuring
  • Registration with the Central Bank of Russia
  • Placement coordination

The offering generated exceptional demand, attracting over 400 investors, demonstrating strong market appetite for innovative structured products.