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Bank GPB International S.A. acted as a Joint Lead Manager and Bookrunner for PJSC "Gazprom" EUR 750 mln Eurobond placement

23.03.2018

On 14 of March 2018 Bank GPB International S.A. acted as a Joint Lead Manager and Bookrunner for PJSC "Gazprom" EUR 750 mln Eurobond placement with a 8-year tenor and 2.5% coupon yield. 

Investment-grade ratings were obtained by PJSC "Gazprom" from all three international rating agencies: Baa3/BBB-/BBB- (Moody's/S&P/Fitch). Issuance under the EMTN Programme with listing on the Irish Stock Exchange in accordance with Regulation S.

At its peak, investor demand for bonds exceeded the proposed amount threefold; the final book was 2x oversubscribed. Investor bids totaled 180 with 70% of the issue size bought by Continental Europe investors, including 38% German demand.

It is important to note that the issue of bonds has been placed flat to the secondary eurobond curve of Gazprom, being a good proof of high interest from global investors to qualitative Russian risk even in the conditions of high volatility in the markets.