Gazprom Neft cuts pricing after book hits $15bn
Russian energy firm Gazprom Neft ratcheted down pricing from initial guidance on Tuesday to print a debut $1.5bn 4.375% 10 year bond from a book that at its peak reached $15.5bn. The eventual result was praised in the market but the strategy used to achieve it came in for some criticism from syndicate officials away from the deal.
Crédit Agricole, Gazprombank and JP Morgan arranged the deal, which was priced at par and was trading at 101.125 on Wednesday as investors jostled to pick up a higher allocation of the paper in the secondary market.
Gazprom Neft twice revised down its yield guidance. Price thoughts were initially
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