Gazprom's franc Eurobonds oversubscribed by 50%
MOSCOW. Nov 24 (Interfax) - Demand for Gazprom's Eurobonds denominated in Swiss francs exceeded supply by 50%, with investors submitting more than 140 bids, Denis Shulakov, senior vice president at Gazprombank , one of the organizers of the offering, told Interfax.
The Russian gas giant placed five-year Eurobonds totaling CHF500 million with a 2.75% coupon on Wednesday. Swiss investors bought about 70% of the issue.
"A deal amounting to CHF500 million is a fairly rare event for the Swiss market. Such substantial amounts are available primarily to Swiss issuers or international corporations in the highest rating category. With the new placement, Gazprom again confirmed its status as a borrower of international standing that enjoys the interest and respect of Swiss investors," Shulakov said, adding that this was Gazprom's fourth Eurobond issue in Swiss francs.
"Gazprom is known on the market for what is called a responsible debt policy. For Swiss investors, of course, it is appealing that Gazprom borrows on the markets where it works or it is known as an operating company. In addition, investors are also attracted by Gazprom's Asian development strategy, related to cooperation with China, in which European investors are showing great interest," Shulakov said.