Naspers, Gazprom keep CEEMEA bonds alive; others holding off
Internet and pay TV provider Naspers and Russian oil and gas giant Gazprom have kept CEEMEA Eurobond supply alive this week. Naspers sold a $250m tap of its recently priced seven year bond inside the pricing of the original. Gazprom meanwhile has closed books for a €900m deal at 3.7% with €5.5bn of orders — a level that some are saying is tighter than a new dollar deal could have managed, once swap costs are taken into account.
The strong secondary market performance of recent deals and a stable backdrop argue in favour of a resurgence of issuance, but some borrowers are still hoping to wait for smaller new issue concessions and cheaper funding costs.Russian Standard Bank
have also seen their
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