Gazprom Raises $1bn From Eurobond Sale: Press
Russia's Gazprom has raised $1bn from the placement of seven-year Eurobonds, RIA Novosti reported on June 23 citing Gazprombank, which helped organised the sale.
The US dollar-denominated bonds mature in June 2027. They had an initial benchmark yield of 3.25-3.375% per year, but this was lowered to 3.125%. Demand for the notes exceeded $2.2bn, of which around 70% came from international investors. Despite volatility, Gazprom had "chosen the right moment" to tap international capital markets, Gazprombank vice president Denis Shulakov said.
Besides Gazprombank, the placement's organisers were JP Morgan, Banca IMI, Natixis and VTB Capital.
Gazprom is due to report its first-quarter results under international accounting standards sometime in July. But the state gas supplier published its results under Russian standards in mid-June, reporting a net loss of rubles 306.2bn ($4.4bn) on weaker sales in Europe, asset impairments and inflated debt as a result of ruble devaluation.