April 2003
Gazprom bond high note dips on reform
Gazprom’s recent Eurobond was something of a sovereign surrogate but investors and analysts worry that the money raised won’t do much to hasten the company’s reconstruction.
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LUKoil petrol station: backing out
of
the domestic market is Gazprom's
long-term strategy
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PRESIDENT VLADIMIR PUTIN hosted a glitzy reception in the
Kremlin in February to celebrate Gazprom's 10th anniversary. But
the dinner for CEOs past and present paled in comparison to the
boardroom revelry that must have followed a week later when the
management of Russia's biggest company issued a $1.75 billion
corporate Eurobond, the biggest in emerging-market history.
Investors couldn't get enough of the state-owned gas producer's
paper. Gazprom had initially gone to market hoping to issue a $1
billion Eurobond with a yield to maturity of between 10.2% and
10.6%. In the end the bond was six times oversubscribed, allowing
the company to raise extra money and driving the yield down to
9.625% priced at par.
In one go, Gazprom borrowed more than all Russia's companies put
together had managed in the whole of...
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