Global Markets and Investment Banking

Debt Capital Markets

Troika Dialog is one of the most prominent participants in the Russian debt capital markets, providing our clients with an exhaustive range of services from arranging and leading primary bond issues to secondary market trading and in-depth Fixed Income market research.

In 2001, we underwrote the first public corporate bond issue in Russia and since then have maintained our leadership in terms of the number and volume of issues arranged and placed. Overall, Troika Dialog has participated in arranging and the placement of more than 100 corporate and municipal bond issues totaling more than 300bn rubles. The largest ever bond placement in Russia – Russian Railways for 20bn rubles (July 2008) – was also lead arranged by Troika. Our clients include top tier Russian corporates, such as Rosneft, MTS, Sukhoi, Stroitransgaz, Vimpelcom, Russian Railways, AvtoVAZ, TGK-10, Severstal, Federal Grid Company, Gazprom Neft, Aeroflot, Evraz Group, NLMK, as well as some of the top Russian municipalities – Moscow region, Samara region, Lipetsk region, and many others. In 2009 we arranged and placed 29 bond issues for a total amount of over 235bn rubles (excluding allocation). Troika's DCM team maintains a high level of excellence, providing all services related to a bond issue in-house, setting us apart from the competition.

Our superior team of DCM professionals has also propelled Troika to become the most innovative and cutting-edge investment bank in terms of introducing new legislative initiatives, working closely with the regulatory authorities, as well as bringing new products, structures and ideas to the Russian debt markets to the benefit of our clients and the financial system as a whole.