LONDON, April 3 (IFR) - Russia’s Rosneft is likely to return to the international capital markets in the next couple of weeks, according to bankers, with its first bond deal since completing the state-owned company’s US$55bn acquisition of TNK-BP.
“It’s one of the names that could come intraday in the next two weeks or so,” said one banker familiar with the situation, adding, though, it would take at least a week for the company to get its documents ready.
Another banker, who agreed an April sale was probable, said timing was dependent on Rosneft getting a sufficiently attractive price.
Much will depend on the likely size, which at this stage remains uncertain. “I really don’t know what they want to do,” said the first banker.
Oil and gas companies raised record levels of debt in the global bond market in 2012, selling in excess of US$84bn, according to Thomson Reuters data. This month, bankers are forecasting record issuance from the CEEMEA region with the volume possibly surpassing US$25bn.
It is unclear what the line-up of arranging banks will be, although sources reckoned that every bank involved in the US$24.62bn bridge loans that were signed in December and February (as part of an overall US$31bn financing package) is likely to have some role. Thirteen banks acted as mandated lead arrangers on the bridge financing.
Rosneft made its debut in the international bond markets when it printed a US$3bn dual-tranche offering, split between a US$1bn 3.149% March 2017 note and a US$2bn 4.199% March 2022 bond.
The former note is trading at a bid yield of 2.95%, while the longer dated bond was quoted by Tradeweb at 4.19%.
Reporting by Sudip Roy; Editing by Alex Chambers and Philip Wright