Page 122 - RusRPTApr21

creditors can convert to equity at a 10-20% discount if the company goes
public, was reportedly lower than expected. Telegram initially said that it may
issue $1-1.5bn in debt at a 5-7% coupon rate. But the placement did not
exceed $1bn, and the bonds carried a 7% coupon, meaning Telegram had to
pay the highest borrowing costs that it envisioned. Furthermore, many
investors received 100% of the allocation that they bid for. A source at
Telegram has refuted this reporting, however, noting that given the recent rise
in US Treasuries yields, the company did not seriously consider a 5% coupon
rate.
The Russian Direct Investment Fund (RDIF) bought part of the $1bn
messenger Telegram bond issue. RDIF told PRIME that the fund acquired
on Tuesday a minor part in Mubadala Investment Company’s holding of
Telegram’s bonds under the Russia–United Arab Emirates investment
platform.
9.0 Industry & Sectors 9.1 Sector news
9.1.1a Oil & gas sector results
Russian oil and gas sector liquids production down 0.8% m/m – Lukoil, Surgutneftegas and Tatneft increase output in daily terms daily gas production adds 6.4% y/y.
CDU TEK has published detailed Russian oil and gas production data for February 2021. Russian liquids production declined 0.8% m/m to 1,377kt/d. Rosneft (without Bashneft) cut its daily liquids production 1.5% m/m, Bashneft’s output was down 17.8% MoM. The other public integrated oils increased liquids production in daily terms: there were m/m rises in output at Lukoil (1.4%), Gazprom Neft (2.0%), Surgutneftegas (0.7%) and Tatneft (1.0)%.
Gazprom’s natural gas production was 42.9bcm in February (based on Interfax’s 2mo21 estimate), up 9.4% y/y (in daily terms; 5.7% y/y without adjusting for the leap year). Novatek’s standalone production increased 6.9% y/y. Its JVs Arcticgas, Terneftegas and Yamal LNG increased their output 3.7% y/y, 5.7% y/y and 2.2% y/y, respectively. Among integrated oils, Lukoil cut its gas output 7.7% y/y, Rosneft 11.7% y/y (including the effect of sold tail assets) and Surgutneftegas 4.7% y/y.
Overall, gas production in Russia was up 6.4% y/y (in daily terms).
122 RUSSIA Country Report April 2021 www.intellinews.com