Gazprom will take bids for up to 40 billion rubles in bonds from11:00 a.m. to 4:00 p.m. local time on July 24, a financial market source told Interfax.
The bonds will mature in 30 years with an offer in seven years.
Rate guidance for the first coupon is not more than 80 basis points against the zero-coupon yield curve for seven-year federal loan bonds (OFZ).
The technical placement of the bonds is planned for July 31.
Gazprombank, VTB Capital, Renaissance Capital and Sberbank CIB are organizing the offering.
Gazprom has a record borrowing program of 417 billion rubles. Since the beginning of the year, the company has raised 30 billion rubles, 750 million euros and 750 million Swiss francs with bond offerings in rubles, euros and francs, respectively and has raised a loan of 600 million euros from Credit Agricole, in other words Gazprom has already borrowed 171 billion rubles according to public statements.
Gazprom can confirm its plan to carry out in full the record borrowing program for 2018: 417 billion rubles, Deputy CEO Andrei Kruglov said during a press conference at the end of June. “We are proceeding on the basis that for now our approved borrowing program is 417 billion rubles and we plan to carry it out in full,” Kruglov said. The borrowing program for 2018 is currently “around halfway fulfilled,” he said.
Gazprom has two ruble-bond issues worth a total of 30 billion rubles outstanding.
