Yandex listed on the Nasdaq stock exchange in New York in May 2011. Reuters
Yandex listed on the Nasdaq stock exchange in New York in May 2011. Reuters
Yandex listed on the Nasdaq stock exchange in New York in May 2011. Reuters
Yandex listed on the Nasdaq stock exchange in New York in May 2011. Reuters

JP Morgan snubs advisory role on Russia’s Yandex debt talks


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JP Morgan Chase turned down a role to advise Russian search engine Yandex on a potential debt restructuring exercise after taking part in initial discussions with a group of the company’s bondholders.

The decision comes as Yandex faces the risk that investors holding $1.25 billion of the company’s debt will demand to be repaid after a suspension in trading of its US-listed shares.

The company does not have enough money to redeem the notes in full, it said last week.

During initial discussions over the company’s financial situation, Yandex bondholders were told that JP Morgan and US law firm Latham & Watkins participated along with the Russian company, according to sources.

“Following talks at the weekend, we decided not to be involved in this potential restructuring,” a spokesman for JP Morgan said on Wednesday in response to questions from Bloomberg.

A Latham representative did not respond to requests for comment. On Wednesday, the firm published a statement condemning the war in Ukraine and announcing its intention to wind down its presence in Russia. The release did not address any specific engagements with clients.

Holders of the Yandex bonds, convertible notes that can be turned into equity, are entitled to seek redemption at face value after Yandex’s US shares were suspended for more than five days.

That made Yandex the first Russian company with debt issued abroad to trigger a so-called delisting event allowing bondholders to request repayment.

E-commerce company Ozon Holdings and social network operator VK have similar notes. Ozon is currently drafting a proposal for its note holders.

“We are taking all the appropriate steps to address the situation,” a spokeswoman for Yandex wrote in an email.

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JP Morgan acted as book-runner in the issuance of Yandex’s convertible bond in February 2020.

The debt was issued from a subsidiary incorporated in the Netherlands. Latham & Watkins participated in a public offering and private placement by Yandex in June 2020, advising the sole underwriter and the sole placement agent in the deal.

A group of Yandex creditors holding more than 70 per cent of the bonds are working with investment bank Houlihan Lokey and law firm Weil Gotshal, the company said on Monday.

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Ipaf in numbers

Established: 2008

Prize money:  $50,000 (Dh183,650) for winners and $10,000 for those on the shortlist.

Winning novels: 13

Shortlisted novels: 66

Longlisted novels: 111

Total number of novels submitted: 1,780

Novels translated internationally: 66

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Women%E2%80%99s%20T20%20World%20Cup%20Qualifier
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MATCH INFO

Newcastle United 1 (Carroll 82')

Leicester City 2 (Maddison 55', Tielemans 72')

Man of the match James Maddison (Leicester)

Pad Man

Dir: R Balki

Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte

Three-and-a-half stars

Trump v Khan

2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US

2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks

2019: Trump calls Khan a “stone cold loser” before first state visit

2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”

2022:  Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency

July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”

Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.

Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”

UAE currency: the story behind the money in your pockets
Types of fraud

Phishing: Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.

Smishing: The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.

Vishing: The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.

SIM swap: Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.

Identity theft: Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.

Prize scams: Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.

* Nada El Sawy

How does ToTok work?

The calling app is available to download on Google Play and Apple App Store

To successfully install ToTok, users are asked to enter their phone number and then create a nickname.

The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.

Users can also invite other contacts to download ToTok to allow them to make contact through the app.

 

Updated: March 10, 2022, 6:23 AM