Page 90 - RusRPTMay19

8.5.1 Fixed income - bond news
Russia’s natural gas giant Gazprom redeemed a $2.25bn Eurobond issue placed in 2009, the company said on April 23. The issue was the biggest Eurobond placement in Gazprom’s history. The company has over $40bn bonds in circulation under the Euro Medium Term Note (EMTN) programme alone, with the latest issues placed in November 2018 (€1bn) and the next one planned for October 2019 ($1.25bn). In November 2018 Reuters claimed that Gazprom managed to borrow €3.4bn and RUB58bn ($859mn) from international banks despite previous reports that the company halted international borrowing amid sanction risks and ongoing legal dispute with Ukrainian gas company Naftogaz. Gazprom reportedly had to call off a road- show for a potential GBP Eurobond issue in the middle of June 2018 and needed to refinance $15.2bn in external debt by the end of 2018. Other sources claimed that Gazprom had also had to call off the planned euro and Japanese yen Eurobond planned this autumn. Prior to June 2018 Gazprom was able to raise CHF750mn 5-year Eurobond in, which UBS was the only Western bank to participate, with another €750mn in 8-year Eurobond arranged by Deutsche Bank, JPMorgan, and along with three Russian banks.
90 RUSSIA Country Report May 2019 www.intellinews.com