International law firm Clifford Chance recently advised Russian private business group Renova Group in relation to a strategic equity financing transaction in the amount of CHF 1 billion.

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CREDIT BANK OF MOSCOW, a privately-owned universal commercial bank operating in Moscow and the Moscow region, today closed a $500 million offering of 5.5-year subordinated Eurobonds with an interest rate of 8.70% p.a. The bonds were issued by CBOM Finance p.l.c., an Irish special purpose vehicle, for the purpose of funding a $500 million subordinated loan to CREDIT BANK OF MOSCOW.

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Baker & McKenzie has completed six Russian mortgage securitizations over the last five months, raising over RUB40 billion in investor funding and representing 75% of all mortgage securitizations done in Russia since 2012.

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DLA Piper has advised East Balt Group, a leading global bakery business spanning four continents with 20 bakeries in 12 countries, on its acquisition by One Equity Partners (OEP), the private investment arm of JP Morgan Chase & Co.

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Lawyers from the Kyiv, London and Moscow offices of Chadbourne & Parke have, once again, advised a group of international lenders to Public Joint Stock Company “Kreditprombank” (one of the top 20 largest banks in Ukraine) in connection with their debt and equity interests in Kreditprombank. On 28 February, the lenders sold their 47.783% stake in Kreditprombank to Nikolay Lagun, the majority shareholder of PJSC “Delta Bank”, and their remaining senior and subordinated debt to an affiliate of Delta Bank.

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International law firm Clifford Chance has advised on the top three transactions in the Russian real estate market to date. These include the acquisition of the Metropolis and the Galeria shopping centres by one of the largest real estate funds completed in February 2013 and February 2012 respectively and the acquisition of White Square office complex by O1 Properties completed at the end of 2012.

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Aviva plc (“Aviva”) has announced the sale of Aviva Russia to Blagosostoyanie, a non-state pension fund in Russia, for a consideration of €35 million. This transaction is consistent with Aviva’s strategy to narrow the Group’s focus to businesses and markets where Aviva has leadership positions.

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International law firm Freshfields Bruckhaus Deringer has advised Receza Limited, a company controlled by Mr Gavril Yushvaev, on the acquisition of a 19.28% interest in Polyus Gold International Limited (‘Polyus Gold’) from Onexim Group.

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Herbert Smith Freehills advised Onexim Holdings Limited (“Onexim”) on the disposal of its 37.78% stake in the London listed gold mining company Polyus Gold International Limited (“Polyus Gold”) to two purchasers for an aggregate value of approximately US$3.62 billion.

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Vnesheconombank (VEB), the Russian state development bank, today closed a EUR 1.5 billion offering of Eurobonds. The offering was structured as a EUR 1 billion tranche of 5-year bonds and a EUR 500 million tranche of 10-year bonds. Each tranche of bonds was issued by VEB Finance plc, an Irish special purpose vehicle, for the purpose of funding a loan to VEB. The proceeds of the offering will be used by VEB for general corporate purposes.

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