Gazprom sells first dollars since sanctions, inside curve

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.

  • By Francesca Young
  • 07 Feb 2019

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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