Gazprom Neft lowers guidance on 15 bln ruble bonds to 8.7%-8.8%
MOSCOW. April 5 (Interfax) - Gazprom Neft has lowered yield guidance on the first coupon of series 001P-01R exchange-traded bonds for 15 billion rubles to 8.70%-8.80% from 8.80%-8.90% per annum, a banking market source told Interfax.
The guidance corresponds to yield to maturity of 8.89%-8.99% per annum.
Book building is taking place on April 5 from 11:00 a.m. until 3:00 p.m. Moscow time. The coupon rate guidance was set at 8.80%-8.90% during premarketing.
Technical placement of the five-year bonds is scheduled for April 12.
Promsvyazbank and Sberbank CIB are the placement organizers.
The bonds, which were registered with the Moscow Exchange in March 2015, are part of a Gazprom Neft borrowing program totaling up to 100 billion rubles. The program provides for placing bonds with maturities up to 30 years.
Gazprom Neft previously borrowed on the market in August 2016, placing 30-year series Bo-01 and Bo-04 bonds totaling 15 billion rubles. The bonds stipulate a five-year offer. The rate of the first 10 coupons is 9.4% annually.
Gazprom Neft currently has in circulation three issues of classic bonds totaling 30 billion rubles and five issues of exchange-traded bonds totaling 50 billion rubles.