CEEMEA currency switch? Gazprombank beats dollar funding with euro blowout

Gazprombank offered CEEMEA borrowers definitive proof that euros can offer tighter pricing than the dollar market this week, writes Steven Gilmore. The bank sold a €1bn five year bond at a level that bankers on and off the deal unanimously agreed was more advantageous than what the issuer could have achieved in dollars. The result gives added ammunition to syndicate officials arguing that Turkish and Middle Eastern issuers should be doing the same.