Gazprom proves it has guts

Citigroup and Morgan Stanley released guidance this morning for the first benchmark corporate bond issue of the year from Europe’s emerging markets. Books opened for Gazprom’s maximum $1.5bn five and 10 year deal at 400bp and 400bp-425bp over mid-swaps respectively. The order book was already over $1.5bn this morning, and pricing could be as early as New York morning today. For the inside track on the deal, pick up EuroWeek this week.