Russia’s VneshEkonomBank, Gazprom, might place Eurobonds in July.

By bne IntelliNews June 19, 2013

Russia’s state development bank VneshEkonomBank (VEB) and the country’s largest gas company Gazprom plan to issue Eurobonds in July, following FinMin’s sovereign placement, Cbonds reports citing market sources. Gazprom has already picked JP Morgan, BAML, Deutsche Bank, and GazpromBank as organisers. No other parameters are yet disclosed.

In March 2013, Gazrpom placed EUR 1bn worth of 7-year Eurobonds at 210bps to mid-swaps and EUR 500mn worth of 12-year Eurobonds at 240bps to mid-term swaps. The yield guidance for two issues was revised downwards by 15bps and 20bps, respectively. In the end of January Gazprom placed USD 1.7bn worth of Eurobonds in two tranches: USD 800mn worth of 7-year bonds were placed at 3.85% and USD 900mn worth of 4.95%.

VEB placed debut EUR 1.5bn worth of Eurobonds in two issues in February 2013. The 5-year securities worth EUR 1bn were placed at 195bps to mid-swaps (3.035% coupon rate) and 10-year securities worth EUR 500mn at 215bps to mid-swaps (4.032% coupon rate). Initial yield guidance was reportedly brought down by 25bps for both issues, with demand for the issues more than doubling the proposed amount.

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