Gazprom’s big issue bucks the market trend
These are strange times in the corporate bond markets. Gazprom, Russia's largest natural gas company, is hardly the most transparent of issuers and it is also only B+ rated. Yet it was one of only three corporate issuers worldwide to get a deal of $500 million or more away last month.
At the beginning of the month Gazprom issued its second Eurobond of the year - a seven-year $500 million issue through CSFB and Salomon Smith Barney.
|Corporate issues $500 million equivalent or above, Oct 2002|
Speaking at an investor conference in New York, Gazprom CFO Boris Yurlov said he hoped the Eurobond would get pricing comparable to the company's inaugural $500 million issue in April, which was also launched through CSFB and Salomon Smith Barney.