Gazprom has made the largest offer of Eurobonds
Gazprom has offered ten-year European bonds totaling $2 billion on the international foreign exchange market with a yield of 3.25%. Investor demand exceeded the expected one by $3.6 billion. Investors from the United States purchased more than thirty percent of Eurobonds, said Denis Shulakov, a top manager of Gazprombank. The company acted as the organizer of the placement, JP Morgan and Unicredit stood in as partners.
This was the largest placement not only in the history of the company, but in the global market as a whole. Shulakov also drew attention to the fact that the current eurobonds rate against dollar became the lowest in the history of the company in the world market. The organisation was placed not only with the minimum rate, but also much cheaper than its competitors Saudi Aramco and Total were.
British investors bought about 10-11%, while European ones – 17%, Asian – 15%, Russian – 20%. According to the bank’s representative, the willingness of investors to provide an amount exceeding $5.5 billion is very important for the Russian market.
Shulakov also focused on the fact that despite external factors, the deal was successful. As a reminder, the oil and gas market is oversaturated with the level of supply, on February 18 the United States imposed sanctions against a subsidiary of Rosneft, as well as its vice president Didier Casimiro. Also, the Hague Court of Appeal ordered Russia to pay $50 billion as compensation to the former shareholders of Yukos company.