April 9, 2019 / 4:41 PM / in 14 days

Gazprom should avoid London debt market over Brexit worries: Gazprombank

MOSCOW, April 9 (Reuters) - Russian lender Gazprombank said in a presentation that Brexit could drive up the cost of borrowing and cost of financial services for Russian gas giant Gazprom.

In the presentation, which was dated March 7 and which was seen by Reuters, Gazprombank said it recommended that Gazprom monitors the pound-denominated debt market and exits the market if possible.

It advised Gazprom to increase debt-raising on European financial markets other than London and said the Swiss franc-denominated debt market could be a good source of capital for the gas producer, post-Brexit, according to the presentation.

The bank also said in the presentation it recommended that Gazprom considers issuing bonds in Chinese yuan. (Reporting by Maria Grabar and Olesya Astakhova, writing by Maria Tsvetkova Editing by Christian Lowe)

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