Russia’s most indebted company, energy giant Gazprom, is set to launch a commercial paper programme next week, with the first tranche likely to be $500 million, banking sources told Reuters.

“Next week Gazprom begins meetings with investors. It will collect
subscribers and will set the terms, volumes and yield of the tranche,”
a source said.

Another source said the first tranche of the paper — a new way of
financing for Gazprom — would have a three-month maturity. “We will
look at the real demand, the market now is great, but Gazprom doesn’t
really need money that badly. It just wants to try a new instrument of
financing,” the banker said.

Moody’s assigned Prime-2 rating to the commercial paper programme, which is worth a total of $4 billion.

Last time Gazprom tapped the market was in July when it raised $1.275
billion and 825 million euros in heavily oversubscribed Eurobonds as
investor appetite for emerging market risk brought a hefty cut in
pricing rates.

Gazprom, whose debt is estimated at over $40 billion excluding Gazprombank, has over 20 outstanding bond issues.

Source: Reuters

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