First Vice President, Head of the Capital Markets Division
Gazprombank: Denis Shulakov joined Gazprombank in October 2012 as Head of its Capital Markets Division, including operations in primary and secondary capital markets and, since early 2016, in conversion and money markets and structured instrument markets; he coordinates the research and brokerage support for customer deals, supervises and coordinates assignments for more than 100 Bank employees in Moscow, Hong Kong and Cyprus.
Key outcomes: Gazprombank maintains leading positions in the rankings of leading underwriters of debt placements by Russian issuers (including Eurobonds):
-in 2015, Gazprombank was ranked No. 1 in 4 out of 6 categories in public rankings of underwriters according to Cbonds (local DCM and Eurobonds; local DCM (all placements); local DCM (corporate); local DCM (securitization); the bank was ranked No. 3 by equity and debt issues of Russian corporates
-in 2014, Gazprombank was ranked No. 1 in local DCM (corporate sector, market placements) and No. 2 in the ranking of bond lead managers (Russia, corporate sector, market placements)
-in 2013, Gazprombank was ranked No. 1 in local DCM (corporate sector); No. 2 in local DCM (all placements); No. 1 among Russian banks in DCM Eurobond placements (Russia); No. 2 in DCM Eurobond placements (Russia)
-in 2012, Gazprombank was ranked No. 1 in local and international DCM for Russian oil & gas companies
Denis Shulakov focuses on development of Russia’s capital market as a single platform for securities placements not only by Russian but also international issuers, primarily from the Eurasian Economic Union and BRICS. Some of his notable recent deals include:
-Debut issue of Ministry of Finance of Russia inflation-adjusted bonds worth RUB 75 billion. Thanks to Gazprombank’s efforts, Asian investors took part for the first time ever in a primary placement of local bonds by the Ministry of Finance of Russia.
-Issue of bonds backed by a pool of car loans granted by AO Credit Europa Bank – the first non-mortgage securitization deal structured under Russian law.
-Primary equity placement of the Evroplan leasing company, one of three primary equity placements in the Russian market in 2015.
Among Gazprombank’s “franchise” deals:
-Benchmark issue of 3 tranches of US dollars and euro denominated Russian Federation Eurobonds for a total equivalent to USD 7 billion.
-Issues of offshore yuan denominated Gazprombank Eurobonds where Gazprombank has become the only Russian issuer to have 2 issues of outstanding yuan denominated bonds.
-Debut issue of rouble denominated OAO FSK UES Eurobonds worth RUB 17.5 billion.
-Issue of two tranches of OAO Rosneft Eurobonds for a total of USD 3 billion. The deal was the biggest issue of Eurobonds by a Russian corporate.
-Issue of OAO Gazprom Neft Eurobonds for a total of USD 1.5 billion.
-Placement of a debut issue of SIBUR Holding Eurobonds.
-Successful placements of PAO Gazprom, OAO Novatek and OAO MTS Eurobonds.
A separate area of his work involves ensuring mutual access for investors from Russia and China to one another’s capital markets; as part of these efforts, the bank’s subsidiary GPB Financial Services Hong Kong Ltd operates in Hong Kong, where it was licensed by SFC (local regulator) in December 2015 as a broker-dealer and advisor. Denis Shulakov is Chairman of its Board of Directors and, as such, he is in charge of developing the bank’s operations on the Asian capital market, including debt instruments to be used in settlements in the Russian and Chinese national currencies.
Barclays: Prior to joining Gazprombank, from 2003 to 2012 Denis Shulakov worked at Barclays Bank in London, where he built up and headed the investment banking department focused on the Russian market and subsequently on working with state-owned customers from Russia and the CIS. Under Denis Shulakov’s direction, the bank became No. 1 Eurobond underwriter in Russia in 2010.
Denis Shulakov has participated in more than 100 Eurobond placements by Russian issuers, including the Ministry of Finance’s placements in 1996, 2010 and 2013 and a number of placements by PAO Sberbank and Vnesheconombank, in addition to the OAO LUKoil convertible bond placement in 2010.
From 1999 to 2003, he worked as general representative of AFK Sistema in London and Chairman of the Board of Directors of Intourist Limited.
Denis Shulakov served for ten years in diplomatic posts in London, New York and Istanbul and also worked as an assistant to the Senior Deputy Foreign Minister of Russia.
Since 2016, he has been a member of the Board of PAO Moscow Exchange.
Denis Shulakov is a regular speaker at international conferences and forums, summits and business meetings; he teaches master classes for MGIMO undergraduate and post-graduate students on capital market development topics.