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July 7, 2017 www.intellinews.com I Page 30
bne:Credit
Polish utility Tauron places €500mn Eurobond
State-controlled Polish power firm Tauron has sold €500mn worth of Eurobonds, the company said on July 5. The company said it is seeking admission for the eurobonds to trading on the regulated market of the London Stock Exchange.
Tauron needs capital to refinance the costs of construction and
the purchase of a number of wind power assets, as well as to finance investment in distribution and “overall corporate goals”, the company said. The issue was preliminarily rated BBB by Fitch.
More than 100 investors placed bids for the issue, putting demand at €1.4bn. Over 30 investors eventually bought the eurobonds, with half of the offer going to investors from the UK. Most buyers were asset management companies.
“Our goal was to secure diversification of financing for the company’s operations and extend the average debt maturity date,” Tauron’s CEO Filip Grzegorczyk said in a statement.
Macedonia's finance ministry said on July 5 that it has fully repaid a €77.3mn loan to Deutsche Bank, thereby lowering the overall pub- lic debt by 0.7 percentage points of the country’s GDP. Macedonia’s public debt to GDP ratio was 46% at the end of Q1.
The loan was taken out by the previous government led by VMRO- DPMNE in 2012, which was heavily criticised by the then opposition, now governing, Social Democratic Union of Macedonia (SDSM) for excessive borrowing.
The loan was issued with an interest rate of 6.456% and was in- tended to finance the budget gap and refinance the liabilities due for regular repayment of the government debt, the finance ministry said in a statement.
Russian natural gas major Gazprom is planning to start a road- show of Swiss franc-denominated Eurobonds on July 10, unnamed banking sources told Prime. The organisers of meetings with investors in Geneva and Zurich are Deutsche Bank, JP Morgan, Gazprombank and VTB Capital, the business news agency reported on July 5.
The last time Gazprom borrowed in CHF was in November 2016, when it raised CHF500mn (€459mn). In March 2017, the state-con- trolled company placed £850mn worth of seven-year Eurobonds, yielding 4.25%, while it last borrowed in dollars in summer 2014.
Macedonia repays Deutsche Bank loan as it seeks to rein in debt
Russian gas major Gazprom reportedly to start CHF Eurobond roadshow