Sibur shrugs off Saudi drone attack to print $500m

petrochemicals px230 for gc
By Lewis McLellan
17 Sep 2019

Russian petrochemicals firm Sibur was able to print $500m of five year paper in its return to the bond market this week, brushing off news of a drone attack on Saudi oil infrastructure and a subsequent 10% jump in the oil price.

Sibur’s new benchmark was priced with a yield of 3.45%, 30bp inside initial price thoughts. The bond is bid at par in the secondary market. Gazprombank, Goldman Sachs, JP Morganand Sberbank ran the books.

A banker at one of the leads called this a 5bp new issue premium. ...

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