Ukrainian full-service law firm Sayenko Kharenko traditionally retains a big share of cross-border banking and finance projects, restructuring and capital markets work, and also possesses a well-­established GR practice. The firm’s sizeable team stands out especially in representing various types of creditors and is constantly called upon by major investment, domestic and international banks, as well as international financial institutions (IFIs). Traditionally finding itself on the top of capital markets work, the firm acted as Ukrainian legal counsel to the joint lead managers of all sovereign Eurobond issues in 2020; a new USD 333 million Eurobond issue by Metinvest; USD 300 million Eurobond issue by Kernel; advised on the successful consent solicitation by Ukrainian Railways acting for J.P. Morgan and Dragon Capital, the solicitation agents. The year of 2020 was notable for financing of the retail and infrastructure sectors, inter alia, the team advised the EBRD on providing secured loans to Novus Group and Fozzy Group; advised Orexim Group on secured USD 36 million financing provided by the Export-Import Bank of Korea (KEXIM) to Grain Terminal Holdings. The firm has for many years acted as a legal counsel of NEFCO, most recently representing state-owned Ukreximbank in project financing in the launch of a new facility to finance green projects, and project financing to 25 Ukrainian enterprises and municipalities aimed at the introduction of energy-saving technologies. Finding itself at the forefront of drafting legislation, the firm advised the EBRD on reforms of derivatives and corporate bonds. The firm fields a cross-functional team active in the fintech space, working on matters related to the regulatory regime, data protection, digital payment methods and other innovative solutions. Nazar Chernyavsky is the central figure with the focus on sovereign financing and capital markets work, municipal financing and fintech projects. Igor Lozenko acts as a lead partner for corporate lending and subsequent restructuring. Anton Korobeynikov took over instructions involving non-performing loans. Iryna Bakina is another important member of the executive team focused on financial services regulation and payment systems. Oleksandr Olshansky rejoined the team as a counsel to develop capital markets infrastructure. Michael Kharenko remains the core GR statesman, and also fronts projects in the field of banking M&A.

Ukrainian law firm AVELLUM commands long-lasting expertise across the gamut of debt capital markets issues, high value and cutting-edge finance mandates, both cross-border and domestic. The firm has consistent engagements from major international lenders in financing the Ukrainian corporate sector, as well as major corporate and sovereign borrowers. For example, the firm advised BSTDB in respect of provision of a loan to Ukrgasbank; acted for the EBRD in the course of providing a loan to one of the largest shopping malls in Odesa. The series of recent loans to the State of Ukraine, provided, inter alia, by Deutsche Bank AG, Cargill Financial Services International, the French government, as well as the fifth macro-financial assistance program from the EU, were supported by the team, which acted as the Ukrainian counsel of the Ministry of Finance. The firm is the leader for capital markets work, historically representing sovereign borrowers, corporate issuers, and major lenders — investment and commercial banks and financial institutions. In 2020 the team continued to act as Ukrainian legal counsel to the Ministry of Finance on its Eurobonds issues. Furthermore, the firm advised joint lead managers on a USD 500 million Eurobond issue by Vodafone Ukraine; acted as the Ukrainian transaction counsel to The State Export-Import Bank of Ukraine as borrower, and Goldman Sachs International as dealer manager on a USD 316 million cash tender offer. On the top of that, its current portfolio contains restructuring mandates and NPLs transactions, as well financial services regulatory assignments. Glib Bondar, senior partner, is a recognized market leader who enjoys an exceptional professional reputation for handling sophisticated elite work. Anastasiya Voronova and Oleg Krainskyi are key members of the team.

The formidable practice of national heavyweight Asters is called upon to handle a broad range of financing transactions, debt restructuring and insolvency, financial services regulation, and capital markets work. The firm enjoys long-lasting relations with major international financial institutions, and has for many years supported their financing transactions across key economic sectors. In 2020 the team acted as a legal counsel to the EBRD on its EUR 25 million financing to Yuria-Pharm, Ukraine’s leading manufacturer of intensive care medicines, medical devices and antiseptics; advised the EBRD and IFC on their loans to JSC Concern Galnaftogaz, Ukraine’s largest company in retail distribution of transportation fuels. Most recently the team acted on a landmark deal involving a state-owned bank, having advised the IFC in connection with a EUR 30 million loan to Ukrgasbank convertible into borrower’s shares. The team also stands out for its expertise in banking M&A. For example, Asters acted for Smart Holding, one of the largest industrial and investment groups in Ukraine, on the sale of JSC Unex Bank to Dragon Capital and Ivan Svitek. In the pipeline of the practice team are significant restructuring mandates, including multijurisdictional debt repackaging, where the team represents creditors, and anticipated CLN and LPN issues. Armen Khachaturyan is a heavyweight of the firm as such and the banking and finance practice in particular, and plays the leading role in capital markets and restructuring work. Iryna Pokanay and Gabriel Aslanian obtain market praise as knowledgeable and technical professionals, with a significant track record for IFIs. Roman Stepanenko and Kateryna Oliynyk advise on export financing, securities transactions and regulatory work.

The prestigious practice of Baker McKenzie has a recognized strength in a broad range of financing and all types of financial restructuring work. The team is regularly instructed to handle financings to significant Ukrainian borrowers, and is equally well-versed to represent both sides — banks and borrowers. In a recent highlight the firm represented a consortium of German banks led by Bayerische Landesbank in connection with a EUR 180 million loan facility purporting to finance the construction of the second stage of the Primorsk Wind Power Plant in Zaporizhzhya Region. The office further added large-scale cross-border restructuring projects to its recent pipeline. Public representations included acting as counsel to PJSC Obolon, one of the largest breweries in Ukraine and in Europe, in connection with the restructuring in excess of USD 80 million worth of debt to international and domestic lenders under bilateral secured loan agreements. The office is engaged in capital markets reforms, and implemented an assignment of the IFC for drafting regulations of the National Securities and Stock Market Commission of Ukraine for the issue of UAH-denominated bonds by international financial institutions in Ukraine, which came into effect in early April 2020; developed a concept of reform of the warehouse receipts system in Ukraine. In addition, the office has unique expertise in payment services regulations and fintech. The dedicated team advised a number of operators of international payment systems, BigTech providers and acquirers on the potential regulatory impact on their business models of draft laws on payment services (implementing PSD2 in Ukraine), virtual assets and online gaming, launch of the “direct carrier billing” payment method in Ukraine. A notable highlight of traditional transactional work is advising a local subsidiary of a European banking group on its partnership with the European fintech group. Recognized for his strong expertise in financial services regulation, Maksym Hlotov heads the payments practice in Kyiv, and is at the front of fintech and digitalization projects. Co-managing partner Serhiy Chorny is named as outstanding legal professional with long-lasting practice commitment. Hanna Shtepa and Victoria Ischenko are practice team members.

Working alongside big international counsel, Redcliffe Partners has a legacy of well-established relations with leading international financial institutions, corporate and investment banks, sponsors and other lenders, on cross-border financing. The EBRD instructed the firm to support a short-term secured loan to Nibulon of up to USD 27 million, which is one of the largest Ukrainian agricultural companies, and a EUR 25 million term loan to the Ukrainian State Air Traffic Services Enterprise towards working capital needs. The firm maintains its extensive portfolio of large-scale renewable project financing, traditionally acting on the creditors’ side. Redcliffe’s practice is known for a significant track record in sophisticated cross-border debt restructurings in the past few years. In a recent highlight the firm acted as Ukrainian legal adviser to ED & F Man Treasury Management Plc, a treasury management arm of ED & Man, one of the largest international commodities traders, on the refinancing and restructuring of nearly USD 1.5 billion worth of debt and raising an extra USD 320 million in working capital from scheme creditors via the scheme of arrangement. The firm further extends its offering of risk-sharing contracts and, in particular, acted as a legal counsel to the EBRD in relation to the risk participation agreement with Piraeus Bank Ukraine. The practice has been led for many years by Olexiy Soshenko, one of the most experienced professionals in secured financing. Evgeniy Vazhynskiy received appraisal as a seasoned practitioner with mature experience in project finance. The key executive team includes ­Olena Polyakova and Olesia Mykhailenko.

СMS is represented through two offices in Ukraine.

CMS Cameron McKenna Nabarro Olswang is a solid port of choice for international banks and financial institutions requiring support in cross-border financing, in particular, export finance and project finance. The team is also well-versed in debt restructuring and transactions involving non-performing loans. Most recently the firm advised the European Investment Bank on the EUR 50 million loan granted to Unit Holdings for design and construction of selected components of an innovation campus. A multi-office team advised the Export-Import Bank of Korea on a secured USD 36 million financing to Grain Terminal Holdings, a Singapore-based joint venture between Posco International and Orexim Group. Another representative experience includes advising Bank Gospodarstwa Krajowego and KUKE S.A. on export credit financing for the development of the Nikolsky shopping mall in Kharkiv. With its strong positions in the energy and infrastructure sectors, the firm constantly advises on financing renewable and municipal and infrastructure projects. In particular, the team advised the EBRD on a loan of approximately USD 13.9 million to Irshanska SES and acted on all aspects of the project development and financing across five jurisdictions. The team is experienced in advising on financial services regulations, and acted as lead Ukrainian advisor to one of the largest private banking institutions in Switzerland, Bank Julius Baer & Co, on preparation of the country manual for its employees regarding regulatory issues relating to cross-border provision of intermediary financial services to its customers in Ukraine. Partner Ihor Olekhov strengthened the practice and added value with his recognized regulatory expertise. In terms of strengthening the agricultural practice, English-qualified Orest Matviychuk joined the banking team. Counsel Kateryna Chechulina is the key figure in the practice. Many projects of the Kyiv practice were headed by Warsaw-based partner Mark Segall^[1].

CMS Reich-Rohrwig Hainz is traditionally retained by German-speaking clients. The team is experienced in supporting provision of export credit facilities, debt assignment and debt recovery proceedings, non-performing loans and anti-money laundering regulations. Anna Pogrebna is a lead partner.

Ukrainian law firm AEQUO is adept at handling lending and borrowing on international capital markets, acquisition finance, debt restructuring, fintech projects, and banking M&A. The firm advised Posco International Corporation on a secured USD 36 million financing from Export-Import Bank of Korea to Grain Terminal Holdings; acts for the EBRD on four ongoing financing projects in a reputable mandate from Kyiv City Council. The firm is highly active in handling NPL projects, in particular, it advised DebtX on auction procedures for the sale of multi-billion pools of NPLs of Ukrainian banks under bank resolutions procedures, which DebtX organized for the state-run Deposit Guarantee Fund of Ukraine (DGFU). The firm regularly advises Dragon Capital on the financings involved in supporting its acquisition strategy, and on a number of mergers and acquisitions involving banking assets. Most recently the firm advised it on the acquisition of Unex Bank, focused on serving corporations in the central and industrial regions of Ukraine. Among debt restructuring highlights is advising the DGFU on matters of restructuring its USD 4.3 billion indebtedness to the Ministry of Finance of Ukraine under the relevant promissory notes and on matters of implementation of EU Directives. Fintech is another fast-growing area of the firm’s practice. For example, the firm advised Raiffeisen Bank and its fintech partner CreativeDock on the development of Fairo, a mobile platform designed to help freelancers and small and medium-sized business owners control their business operations on the go, while Ukraine was chosen to be the launch country for the groundbreaking new service in the region. Another notable example is advising SupplierPlus Group, a leading European fintech services company, on the launch of SupplierPlus, a supply chain finance solution designed to simplify the factoring process by using blockchain technology. Dedicated partner Yulia ­Kyrpa is active in practice development and the fronting of projects, and ­demonstrated groundbreaking achievements in fintech. Another key figure is Bohdan Dmukhovskyy, a knowledgeable expert equally present in finance mandates and M&A transactions in the financial sector. The market constantly confirms the strong performance of Mykyta ­Polatayko, the firm’s IT head, in financial technology projects.

With its global footprint and established following of international banks and financial institutions, the Kyiv office of Dentons commands instructions on cross-border lending, trade and export financing, distressed debts, transactions with non-performing loans, restructuring and complex regulatory matters. The practice currently represents the biggest creditor of a group of Ukrainian companies that operates on the world steel market, with regard to insolvency proceedings and debt restructuring. Given the firm’s strong presence in the renewable energy sector, the banking team customarily advises on project finance matters. In addition, Dentons provided legal advice to a leading Canadian developer in connection with the financing and development of real estate projects in Ukraine. Notably, the office advises the EBRD on legal and regulatory reform on the trading infrastructure, including capital market development. The team further demonstrates involvement in domestic European-wide projects in the fintech industry, being involved in wide-ranging advice on e-money matters, payment services, blockchain, fintech incubators and start-ups. Lead partner ­Natalia Selyakova oversees transaction work and actively boosts the fintech area. Nadiya Shylienkova, counsel, fronted work in international ­finance, including PXF and project finance, restructuring and derivative transactions. ­Artur Savin and ­Polina ­Reshetniak are involved in regulatory and fintech assignments.

DLA Piper Ukraine^[2] has a well-versed finance, projects and restructuring practice rendering legal support in bank lending, project and acquisition finance, restructuring and insolvency, debt capital markets and financial services. The team acts for commercial banks, payment systems, private equity firms, key export credit agencies, project sponsors and investors, and major international financial institutions, state aid and international development agencies. With its international presence the firm regularly advises on projects involving international payment systems, relating to fintech, as well as insurance. In the research period the team advised a US-headquartered bank in connection with a hedging product to be implemented in Ukraine; acted for an international investor on the termination and restructuring of a public-private partnership arrangement between a private company and the State of Ukraine. The restructuring of indebtedness and Eurobonds is another area of the team’s focus. As for the operation of the capital markets, the practice team advised VFU Funding PLC on its debut USD 500 million loan participation notes on Euronext Dublin intended for, among others, the bridge loan prepayment attracted for Bakcell’s acquisition of Vodafone Ukraine. Dmytro Pshenychniuk acts for IFIs and development institutions, supporting lending, aviation finance, capital markets, derivatives, asset-backed securities and financial services regulatory matters. ­Illya Muchnyk focuses on project finance in the energy renewables projects. The practice lead partner is Oleksandr Kurdydyk.

Over the last couple of years the banking and finance practice of INTEGRITES has been centered on supporting high-profile renewable energy projects with respect to financing. As lead counsel to major wind farm developers and solar power producers, the firm has continued to demonstrate involvement in large-scale transactions in the sector. INTEGRITES advised Scatec Solar in relation to the review, execution and perfection of security over immovable property of the Chigirin, Progressovka, Kamianka Rengy Projects in favor of the lenders. The dedicated team renders ongoing support to Wärtsilä, a Finnish-headquartered global leader in smart technologies and complete lifecycle solutions for the marine and energy markets, on finance and security documentation of an ultra-large scale project related to construction of several generation and cogeneration power plants and implementation of electricity supply security. The firm advises the Ministry of Energy on an independent power project framework, including project financing. The latest landmark representation was advising Ukrgasbank, a state-owned bank, and the Ministry of Finance of Ukraine on a EUR 30 million loan extended by the International Finance Corporation. Further expertise includes financial restructuring, banking acquisitions, payment systems and fintech regulations. Igor ­Krasovskiy, lead partner and practice head, is highly visible on the market and praised for his strong performance in project finance in the renewable sector. Dr. Oleh Zahnitko acts on regulatory projects. Olena Savchuk is a promising senior executive involved in the firm’s key projects.

EVERLEGAL enhances its banking and finance practice, advising both lenders, including banks and IFIs, and borrowers, like local and international businesses. The firm’s recent profile spans project finance, acquisition finance, real estate finance, securitisation and regulatory work. Attracting financing for the construction and development of innovation parks in Ukraine is a landmark experience from this past year. The firm rendered comprehensive legal support to UNIT.City with regard to attracting financing from the European Investment Bank, and advised Novopecherska School in relation to a loan agreement with the Black Sea Trade and Development Bank. The firm’s focus on renewables, among other matters, includes project finance of respective projects in Ukraine. For example, the firm represented UDP Renewables in a process of receipt by its project company LLC Terslav financing from Oschadbank for the construction and development of a solar power plant in Dnipropetrovsk Region. The agrarian sector is another key area of the team’s presence, where it acts for banks in terms of providing trade finance and export lending. The practice has two partners on board, Vsevolod Volkov and Andriy Olenyuk.

Over the research period Kinstellar was equally active in representing lenders, sponsors and borrowers. The Kyiv office was mandated by the EBRD to act as Ukrainian law counsel on its new financing deals. This past year was notable for infrastructure projects, in particular project financed concessions and PPPs. The team acted for QTerminals on all aspects of the Olvia sea port concession, including the project finance element; prepared for the WB/IFC an extensive feasibility study on the financing options for the Kyiv passenger transportation project known as Troeschina Rapid Transit. Kinstellar advised SESS Solar, a Ukrainian renewable energy business, in connection with financing of its two project companies West Solar LLC and Snyatinenergoinvest LLC by the EBRD. The office also advises the Supervisory Board of Naftogaz, in particular, on finance matters, including on debt arrangements (loans and bonds) for an aggregate amount in excess of USD 4 billion. On the restructuring front, the practice team handles a number of multimillion debt restructurings procedures representing debtors. Financial services regulation is another area of the team’s focus. Andriy Nikiforov heads the practice with the key input from Anna Kalinichenko.

Being highly visible in the real estate space, KPD Consulting is called upon by banks for assisting with sophisticated collateral, pledge and restructuring matters, as well as lending transactions. The firm advised UniCredit Bank AG on extending a USD 60 million loan facility to commodities traders; assisted Sberbank in review and roll-over of the USD 40 million investment loan facility to Kyiv International Airport operator — Master Avia LLC, which is aimed at financing the new terminal construction; advised Viceroy Trade and Invest Limited on extending a USD 6 million loan to Poltava Rail Road Overhaul Plant. The firm also demonstrates the established practice of supporting intra-group loans, cash management and collateral issues. Vladyslav Kysil splits his time with real estate practice and is mostly known for substantial collateral law experience.

The new banking and finance practice of Marchenko Partners rapidly added strength throughout the past year, demonstrating a strong focus on transaction work. The team continued representation of its long-standing Client WNISEF in connection with granting three social loans in 2020, namely to Walnut House, a Lviv-based bakery and a social enterprise, to CLRDP Printing House, a social enterprise in Kramatorsk, Donetsk Region, specializing in the production of various types of printing products, and to Veterano Pizza, a restaurant chain in Kyiv, which supports veterans of the ongoing military conflict in Eastern Ukraine. One more area of recent focus is pre-export financing. The team stands out for its performance in multimillion complex debt restructuring mandates. This past year the firm acted for EnergoGroup in the USD 1 billion debt restructuring under the PXF facility granted by a syndicate of international banks (ING Bank N.V., UniCredit Bank AG, VTB Bank (France) SA, Raiffeisen Bank International AG and others) back in 2013. Roman Shulyar is lead partner, who splits his time with the corporate and M&A practice.

AMBER Law Company has focused its legal advisory on advising top managers of Ukrainian commercial banks on the proper implementation of compliance procedures and on financial monitoring. Selected publishable clients include Bank Julius Baer (Switzerland), Bank Pictet & Cie (Switzerland), PJSC Tascombank, PJSC Ukreximbank. ­Andriy Segal and Semen Khanin are the main contacts.

The banking and finance team at Arzinger is known as a lender-side practice. The firm is noted for representing international banks in crediting Ukrainian corporate borrowers, financial restructuring, including large-scale indebtedness. Lead partner Oleksandr Plotnikov is visible on the market.^[3]

Avidbiz is mostly positioned as an international tax boutique, which has offices in Kyiv, Tallinn, Warsaw, Vienna and Munich, drawn on engagements in debt restructuring and anti-money laundering procedures. The firm assisted European Financial Solutions Ltd, a Maltese company specializing in finance, with debt restructuring, which involved EUR 11 million in loans from companies in Malta, Estonia, UK, Germany. The team helped SH Trade House Ltd to unfreeze USD 1.66 million from a UK bank which had frozen this amount for AML risk and involved the tax authorities in the dispute. Olga Solovyova and Pavlo Khodakovsky are the main contacts.

EQUITY, a domestic dispute resolution heavyweight renowned for its solid portfolio of insolvency disputes, is also actively growing its advisory offering on the non-performing loans market. The team advised LLC Finance Company on its portfolio of NPLs of large-scale developers in Ukraine, and LLC Finance Company Helios on its NPL portfolio of Ukrspyrt, the leading state-owned enterprise in the alcoholic spirits market, and large financial and industrial group Primorye, in particular, on the available instruments for out-of-court enforcement of pledges and mortgages. In 2020 it added restructuring projects to its practice profile, and banking compliance with the standards of liquidity and solvency. Another notable advisory was rendered to the Corporate Non-Governmental Pension Fund of the National Bank of Ukraine — the largest private fund in Ukraine, on the compliance of certain transactions entered into by the former management. Oleg Malinevskiy is noted for his vivid activity on NPL-related workflow.

Eterna Law re-launched its banking and finance practice with the arrival of new partner Nikolas Likhachov. The scope of its recent profile included asset tracing and recovery, factoring, banking regulation abroad, non-banking institutions regulation. Further expertise covers regulation of currency emission and cryptocurrency trading issues. Among the public highlights of the firm is advising the Factoring Finance International Finance Company on conducting cross-border factoring transactions involving three jurisdictions; legal support to J.P. Morgan’s branch in Luxembourg on art financing.

In 2020 EY Ukraine started performing reviews and providing advice on various aspects of functioning of the non-performing loans and supply chain finance (SCF) markets in Ukraine, including on the relevant regulatory framework and possible investment structures, and regulation of certain non-bank financial markets. Another area of unique expertise is regulation of the Ukrainian insurance market. The team continued to expand its profile of supporting financial/debt restructuring, particularly under the Financial Restructuring Law. In 2020 the dedicated team acted as an advisor to TriO LLC, the owner of the Gulliver Shopping and Office Complex in Kyiv, in the course of financial restructuring of its debts to Oschadbank and Ukreximbank; assisted Ekobiotek-Ukraina LLC, a major Ukrainian producer of sunflower oil, in the course of financial restructuring of its debt to Oschadbank. The clients of the restructuring practice belong to agriculture and sunflower oil production, alcoholic beverages production (including beer, cognacs and spirits), metalworking and recycling, real estate and construction, retail. The team includes Bogdan Malniev and ­Andrii ­Pryimak. Borys Lobovyk is lead partner.

Given the focus on the renewable energy sector, GOLAW’s team renders advice on financing subsequent projects in the sector. In 2020 Max Lebedev and Taras Lytovchenko advised KBPP Management on financing of a Ukrainian subsidiary and extending a loan agreement for the Khmelnytsky Biofuel Power Plant; advised the German company Wealth Diplomats on financing renewable energy projects in Ukraine. The firm is also known for its good standing among export agencies and foreign banks. Most recently the team, as guided by Iryna ­Kalnytska, advised creditors — Export Guarantee and Insurance Corporation and Erste Abwicklungsanstalt on a USD 60 million debt restructuring of PJSC Eurocar and LLC RIC. Sergiy Oberkovych acts as lead partner in banking projects.

Gramatskiy & Partners is regularly enlisted by its established clientele from industrial companies, the real estate and construction sector, on finance and re-finance matters, trade financing and intra-group transactions, financial monitoring and anti-laundering procedures. The firm represented PJSC Voronin clothing factory in a debt finance transaction for City Capital Group for the reconstruction of the Voronin Business Center; advised VPG Agro Plus LLC, agriholding conducting grain trading and owning a land bank in Kyiv and Chernihiv Regions, on a project finance provided by Financial Company Status Capital Plus. The firm also continues to advise on restructuring of indebtedness and bad debt management, and handles dispute resolution with the deposit insurance fund. The practice is led by Igor Reutov.

Ilyashev & Partners is retained for legal support within sophisticated cross-border disputes involving banks, and challenging domestic proceedings. The firm also advises on matters related to banking resolution. The firm has recently represented BTA Bank in the reorganization of its banking business throughout spin-off. Insolvency and related restructuring is another busy side of the practice. Managing partner Mikhail Ilyashev is the key contact.

The Kyiv office of Jeantet has a consistent following from international financial institutions, supporting their lending transactions with Ukrainian corporate borrowers. The firm acts as a legal counsel to the European Investment Bank on secured loans for Kernel Group, Astarta Group, Nibulon, state postal operator JSC Ukrposhta and PJSC Ukrainian Railways. Project finance in the renewable energy sector is another area of focus. The firm has also advised the European Investment Fund on guarantee agreements with various Ukrainian banks on DCFTA guarantees to cover a portion of risk related to the portfolio of domestic loans to small and medium-sized enterprises in Ukraine in the amount of EUR 70 million. The team includes Victoria de Robien and Andriy Koshman, and is headed by Olga Babiy.

The Odesa-based law firm Jurline is sought for supporting lending transactions with the largest banks in Odesa Region, debt financing projects with the EBRD, debt restructuring in a foreign legal field and extensive court practice regarding conclusion and execution of financing agreements, including the sale of pledged property and corporate rights. The firm’s recent practice included support in obtaining credits, pledging, mortgage and surety agreements. The team includes partners Vitaliy Cherkes, Maxim Kapelist, as led by Volodymyr Zubar.

As an active player in the IT sector, Juscutum Law Firm demonstrates rapid development in the fintech space. For example, the firm advised on the digital tokenization project for FC Dynamo Kyiv aimed at creating a convenient loyalty program for the club’s supporters and to give them opportunity to benefit from special offers and participate in different PR events. Another noteworthy representation was rendered to the online investment platform Wotan for investing without human intervention. Artem Afian, managing partner, is known for being one of the co-authors of the draft law On Virtual Assets.

KPMG Law Ukraine advises on financial restructuring and offers its service of independent business review and transactions with NPLs. The team acted for TriO LLC Ukraine as an independent consultant to provide a financial and legal overview of the business, which is a precondition to restructuring. The notable highlight of 2020 was support to the Deposit Guarantee Fund in the sale of its NPL portfolio. Another area of presence is financial services, including development and implementation of anti-money laundering procedures. The firm recently supported JCB International Co on its proper registration as an international payment system in Ukraine. Yuriy Katser is in charge of legal services.

In 2020 LCF Law Group added transactional and regulatory expertise in the banking sector, especially after its integration with Evris Law Firm. The firm advised Fozzy Group on obtaining a loan from the EBRD for the opening or renovation of various supermarkets and convenience stores. In addition to traditional dispute work, such as debt collection and foreclosure of collateral, the firm expanded its offering with financial restructuring in accordance with the Financial Restructuring Law, acquisition of the rights of claim, banking regulations and operations. The group advised VR Global Partners, one of the largest privately-owned hedge funds, on the restructuring of loans issued for PJSC Ukrainian Railways and the settlement of the 26 disputes related thereto. Artem Stoyanov and Olena Volianska are lead partners.

The young and ambitious domestic firm of Stron Legal Services has a distinctive focus on e-commerce and sophisticated fintech projects, project finance, financial services regulations. The team’s members came from payment systems legal units and scale their in-house experience in projects often involving multiple jurisdictions, inter alia, establishing operations abroad and implementing regulatory regimes. In particular, the firm handled the corporate and tax structuring of the payment system in Estonia and obtaining a license for electronic money. The landmark instruction included structuring the entry of a Ukrainian group focused on micro-crediting onto the South East Asian market, structuring of lombard licenses, followed by securitization of a microcredits portfolio with subsequent placement among accredited investors. Another highlight is legal support to a crypto exchange project based on blockchain technology. Oleg Derlyuk is the main point of contact.

TCM Group Ukraine is part of the international network of law firms and debt collection agencies, focused on debt restructuring. The team is called upon to act in cross-border assignments for Ukrainian debtors and a group of CIS debtors. In 2020 the firm handled the financial restructuring of the world’s largest provider of flexible workspace solutions worldwide. Denys Kopii is the managing partner.

Wolf Theiss advises on banking and finance law issues in the course of M&A transactions, joint venture projects and general business on applicable Ukrainian currency control issues. Most recently the Kyiv office advised Optimum Solar Kft, a major Hungarian solar power equipment producer and developer of solar power projects, on the financing of a project in connection with its entry onto the Ukrainian solar generation market. Other instructions contained payment and financial services regulatory law, in particular, e-money issuance and circulation, money remittance services and other payment services. The practice head is Oksana Volynets.

Yuliya Barabash, managing partner of SBSB, is referred for her visibility in obtaining payment/e-money licenses and setting up “neobanks” beyond the shores of Ukraine. Quantum Attorneys is known as a fintech-focused firm. According to public sources, Nazar Polyvka, Axon Partners, is observed in projects related to the implementation of virtual assets structures. Iryna Marushko, Marushko Law Office, was mentioned for advising on complex banking matters.

INTERNATIONAL LAW FIRMS

 

Allen & Overy is a highly-preferred international counsel for debt capital markets and cross-border financing transactions, as well as restructuring mandates. The London team, as guided by partners Jeanette Cruz and Jamie Durham, acted as English law counsel to Metinvest on its new USD 333 million Eurobond issue. Catherine Lang-Anderson acted as a partner in acting for Metinvest Group on a EUR 62 million loan from the Black Sea Trade and Development Bank. Joe Clinton led the team acting for Natixis, the EBRD and Deutsche Bank in connection with borrowing base financing for Kernel.

Latham & Watkins represents international lenders in debt capital markets transactions. This past year the firm advised the joint lead managers and joint dealer-managers on Ukraine’s successful completion of the settlement of its new USD 2 billion Eurobond due in 2033 as well as its first ever intra-day switch tender offer in relation to its outstanding US dollar-denominated senior notes due 2021 and US dollar-denominated senior notes due 2022. Latham’s deal team was led by corporate partners David Stewart and Lene Malthasen. In terms of corporate issues, the firm advised joint lead managers Credit Agricole, J.P. Morgan, and Natixis on a USD 300 Eurobond million issue by Kernel.

Linklaters regularly acts in the transactions in the CEE region, and is known for representation of lenders. The London team guided by partners Yaroslav Alekseyev and Richard O’Callaghan advised joint bookrunners Deutsche Bank, Natixis, IMI Intesa Sanpaolo, and Raiffeisen Bank International on Metinvest’s new USD 333 million Eurobond issue. Another notable representation was handled for joint lead managers of the Eurobond offering by Vodafone Ukraine, intended for the bridge loan prepayment attracted for Bakcell’s acquisition of Vodafone Ukraine.

White & Case demonstrates its traditional strong presence in international capital markets transactions and financing mandates. The firm has consistently over many years acted for the Ministry of Finance of Ukraine. In 2020 the dedicated practice advised Ukraine on the issue of its new USD 2 billion senior notes due 2033, and its first ever switch tender offer in relation to its outstanding US dollar-denominated senior notes due 2021 and US dollar-denominated senior notes due 2022; on a USD 344.4 million term loan facility to the State of Ukraine from Deutsche Bank AG. The team was guided by London-based partners Ian Clark and James Hardy.

Please see Tables 1, 2 and 3 for more information about international law firms involved in capital markets transactions, banking and finance and debt restructuring projects.

^[1] In March 2021 Mark Segall joined Dentons.

^[2] Effective 14 June 2021, the Kyiv office of DLA Piper
was acquired by Kinstellar.

^[3] The firm has not submitted information for the current research.