GTLK USD500m 6.125% Apr 25

  • By Francesca Young, Lewis McLellan
  • 11 Apr 2019
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Rating: Ba2/—/BB

Amount: $500m

Maturity: 17 April 2025 

Issue/fixed reoffer price: 99.132 

Coupon: 5.95%

Spread at reoffer: 379.4bp over mid-swaps

Launch date: Wednesday, April 10

Payment date: April 17

Joint books: Gazprombank, JP Morgan, Renaissance Capital, Société Générale, Sovcombank, VTB Capital


Bookrunners’ comment: 

This is a very impressive trade. It’s the issuer’s third deal after debuting in 2015. We got a really diverse and high quality order book including some of the top institutional accounts across Europe.

We were able to tighten the price significantly. We opened at 6.375%-6.5%, then moved to 6.25% area, then 6.1%-6.15% before we fixed at 6.125%.

We felt that was pretty much flat to fair value. The issuer has a May 2024 trading at 5.9%. We felt that a curve extension of 20bp-25bp for a new six year was reasonable, which doesn’t leave much in the way of new issue premium.

We did a two-day roadshow, which was very well attended. The market is busy just now, but issuers are clearly prepared to do the work. 

We didn’t feel the other activity distracted investors from our deal. There were a lot of new names for GTLK in the book.


Geographical distribution

Continental Europe 27%

Russia 21%

UK 18%

Germany and Austria 17%

Switzerland 8%

US offshore 5%

Asia and MENA 4%


Distribution by investor type

Asset managers/funds 59%

Banks/private banks 41%

  • By Francesca Young, Lewis McLellan
  • 11 Apr 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%