Gazprom launches EUR1.5bn dual-tranche Eurobond

Wed Mar 13, 2013 9:03am EDT

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LONDON, March 13 (IFR) - Russia's Gazprom has launched a EUR1.5bn dual-tranche Eurobond offering at the tight end of guidance, according to market sources.

The borrower, rated Baa1/BBB/BBB, has launched a EUR1bn tranche at a spread of 210bp over mid-swaps and a EUR500m tranche at 240bp over.

Books on the issue were heard at around EUR6.5bn before launch, allowing the issuer to revise guidance to 215bp area over mid-swaps for the seven-year and 245bp over mid-swaps for the 12-year (plus or minus 5bp on both tranches) from initial guidance of 230bp area and 265bp area.

Credit Agricole, JP Morgan and Gazprombank are the leads on the transaction, which is expected to price later this afternoon. (Reporting by Davide Scigliuzzo; Editing by Anil Mayre)

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