Gazprom USD1.25bn 5.15% Feb 26

  • By Francesca Young
  • 07 Feb 2019
Email a colleague
Request a PDF

Rating:Baa3/BBB-/BBB-

Amount:$1.25bn

Maturity: 11 February, 2026

Issue/fixed reoffer price:100

Coupon:5.15%

Spread at reoffer:252bp over mid-swaps 

Launch date:Wednesday, February 6

Payment date:February 11

Joint books: Gazprombank, JP Morgan, Banca IMI, Crédit Agricole, Mizuho Securities, Renaissance Capital, SMBC Nikko, VTB Capital 

Bookrunners’ comment: 

Books for the deal exceeded $5bn at their peak. We printed at 5bp-10bp inside Gazprom’s own curve. 


Market appraisal: 

“…it was trading as low as 99.5 on Thursday having been printed at par. I think they squeezed it a little tight, but to be fair, the demand did seem pretty big. It bodes well for other issuers, though Gazprom is in a league of its own. Does this mean a third tier issuer can push pricing to the limit as well? Probably not. I think the final print for Gazprom was 5bp-10bp inside the curve.”

“…I’m not really sure why they started so wide.” 

  • By Francesca Young
  • 07 Feb 2019

Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 16.96 84 10.49%
2 Citi 16.47 74 10.18%
3 HSBC 13.06 94 8.08%
4 Standard Chartered Bank 8.51 60 5.26%
5 BNP Paribas 8.28 55 5.12%

Bookrunners of LatAm Emerging Market DCM

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Santander 4.35 19 13.01%
2 JPMorgan 3.89 18 11.62%
3 Citi 3.70 18 11.05%
4 Morgan Stanley 2.60 9 7.78%
5 BNP Paribas 2.42 9 7.23%

Bookrunners of CEEMEA International Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 6.94 29 14.41%
2 Citi 5.72 20 11.86%
3 HSBC 5.08 24 10.54%
4 Standard Chartered Bank 4.14 19 8.60%
5 Goldman Sachs 2.95 6 6.12%

EMEA M&A Revenue

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 0.20 50 10.55%
2 Goldman Sachs 0.16 37 8.77%
3 Morgan Stanley 0.14 46 7.64%
4 Bank of America Merrill Lynch 0.11 33 6.18%
5 Citi 0.10 35 5.16%

Bookrunners of Central and Eastern Europe: Loans

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 ING 1.57 13 8.92%
2 Credit Agricole CIB 1.53 7 8.68%
3 MUFG 1.24 5 7.08%
4 Sumitomo Mitsui Financial Group 1.16 8 6.61%
5 UniCredit 1.04 10 5.91%

Bookrunners of India DCM

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 HSBC 1.12 9 17.54%
2 JPMorgan 0.92 8 14.49%
3 Standard Chartered Bank 0.88 8 13.92%
4 Barclays 0.82 7 12.82%
5 MUFG 0.72 6 11.36%