Pavel Kornilov | White & Case LLP International Law Firm, Global Law Practice

Pavel Kornilov

Partner, Astana

T +7 717 255 28 68

E [email protected]


Pavel's practice focuses on banking and financial markets transactions, including structured products, synthetic securitizations, and credit and equity derivatives. Clients also seek the benefit of his knowledge and experience of financial regulatory issues, corporate matters and mergers and acquisitions.

Recommended by Chambers Global 2014, Pavel has worked on a number of major transactions, including Kazakhstan's ground breaking US$2.5 billion sovereign bond issuance, Nostrum Oil & Gas' successful listing on the London Stock Exchange, and the highly complex restructuring of BTA Bank.

Due to the unprecedented nature of many such deals, Pavel is accustomed to developing innovative solutions to help clients to achieve their strategic goals. Adept at navigating the legal intricacies of multijurisdictional transactions, his international outlook was enhanced by his legal studies in London.

Pavel is also an experienced speaker, and has authored numerous financial publications for the Firm.

Bars and Courts

  • Kazakhstan


  • LLM, The University of Westminster, London, UK
  • LLB, Adilet Higher Law School, Almaty, Kazakhstan


  • English
  • Russian


Kazakhstan's US$2.5 Billion Sovereign Bond Issuance

Pavel advised Citigroup Global Markets Limited, J.P. Morgan Securities plc and HSBC Bank plc as lead managers, on the establishment of the Republic of Kazakhstan's US$10 billion Medium Term Note Programme and a subsequent US$2.5 billion issuance under it. The issuance was the first by the Republic of Kazakhstan in 2014, but its significance lay not only in its rarity but because it was the first sovereign issue to use the collective action and pari passu clauses recommended by the ICMA. Pavel worked on this complex, innovative transaction with an international team of lawyers drawn from Astana, New York and London.

Nostrum Oil & Gas' Premium Listing on the London Stock Exchange

Pavel advised Nostrum Oil & Gas plc on its successful admission to the premium listing segment of the Official List and to trading on the main market of the London Stock Exchange. Nostrum Oil & Gas, an independent oil & gas exploration and production business with assets in Kazakhstan, previously had a listing of global depositary receipts on the London Stock Exchange. Pavel worked as part of a cross-border, cross-practice team of lawyers to efficiently navigate the corporate, capital markets and banking complexities of the transaction.

US$200 million of High Yield Debt Offerings

Pavel advised Kazakhstan's BTA Bank JSC on the restructuring of approximately US$11.1 billion of its financial indebtedness. The complex restructuring involved the holders of various classes of Eurobonds issued in connection with the bank's first restructuring in 2010, and the lenders under the bank's revolving committed trade finance facility, all of whom were represented in negotiations by a ten-member steering committee, and also involved JSC Sovereign Wealth Fund ‘Samruk-Kazyna’. The restructuring proceedings were recognized in the courts of the USA, the UK, Russia, Kyrgyzstan and Ukraine.

Kazakhstan Temir Zholy B.V.'s US$800 Million Bond Offering

Pavel advised Barclays Bank PLC and HSBC Bank plc as joint lead managers, and JSC Kazkommerts Securities as Kazakhstan manager, on the offering of US$800 million 6.950 percent notes due 2042 by Kazakhstan Temir Zholy B.V. The notes were guaranteed by JSC National Company Kazakhstan Temir Zholy, the national railway company of Kazakhstan, and its subsidiaries JSC Kaztemirtrans and JSC Lokomotiv, with approximately US$220 million of the net proceeds being used to repay an existing bridge facility and the remainder used to acquire rolling stock.

UniCredit’s US$200 million credit facility to Rompetrol Group

In a complex deal involving lawyers from the Firm's Bucharest, Prague and Almaty offices, Pavel advised UniCredit Group, as sole co-coordinator and facility agent, on the US$200 million club deal for the Rompetrol Group. UniCredit Bank Austria AG was joined by Citi, JP Morgan and The Royal Bank of Scotland as bookrunners and mandated lead arrangers. The complex transaction required the analysis, interpretation, negotiation and incorporation work across multiple jurisdictions, including English, Kazakh, Dutch and Romanian law.

Landmark US$16.65 billion BTA bank restructuring

Pavel was part of the international team which advised Kazakhstan's BTA Bank JSC on the restructuring of its financial debt. The restructuring, which reduced its debt from US$16.65 billion to US$4.24 billion, allowed the bank to emerge from the crisis as a going concern. This complex transaction involved a range of creditor groups, all of whom were represented by a steering committee consisting of 12 institutions. The deal was the first in Eastern Europe to require two thirds of all creditors to vote in favor of the restructuring, and was named CEE Deal of the Year 2010 by Euromoney.


Pavel advised Barclays Capital, HSBC and The Royal Bank of Scotland plc as joint lead managers of a US $700 million Eurobond issue for Kazakhstan's state-owned railway, JSC Kazakhstan Temir Zholy. Pavel was part of a team of lawyers which worked seamlessly across Almaty, London and Washington, DC to deal with the complex issues involved in this type of transaction.

Awards & Recognition

Corporate & Finance - Kazakhstan, Chambers Asia Pacific 2014/Chambers Global 2014