Gazprom sells first dollars since sanctions, inside curve

Gazprom2 230x150
By Francesca Young
07 Feb 2019

Gazprom, the Russian state oil and gas company, printed its $1.25bn 5.15% 2026s on Wednesday, with a book that peaked at over $5bn and with pricing estimated at 5bp-10bp inside its own curve, according to lead managers. The bond was the first from Russia in dollars since the US sanctions imposed on the country last April.

Price guidance started at 5.375% area before being crunched to 5.2% area. The note was printed at par with a 5.15% coupon, or a spread of 252bp over mid-swaps.

Leads said the final pricing was 5bp-10bp inside the Gazprom curve. A US based investor agreed with that estimate. ...

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