Gazprom Places Record 60-Billion-Ruble Bonds
PJSC "Gazprom" (issuer — LLC "Gazprom Capital") successfully closed the book of applications for a new bond issue totaling 60 billion rubles at a coupon rate of KS + 150 basis points for a term of three and a half years.
Consensus
- Gazprom placed a bond issue of 60 billion rubles.
- The coupon rate was set at the key rate of the Central Bank of Russia plus 150 basis points.
- The bond has a maturity of 3.5 years.
- The placement was the largest among classical bonds issued by Gazprom on the Russian market.
- The book-building process was closed successfully.
- The demand exceeded the initial target by more than three times.
- The 50 billion ruble threshold was reached within the first 40 minutes after opening the book.
- The structure of demand was balanced, with 33% coming from asset management companies, pension funds, and insurance companies.
- Individual investors, including clients of brokerage and private banking services, showed significant interest.
- The placement supports the further development of the yield curve for Gazprom's bonds.
- Gazprom Bank acted as the placement agent.
- Technical settlement is scheduled for August 28, 2026.
Points of divergence
- The issuer is PJSC Gazprom (issuer: Gazprom Capital LLC). — kommersant
- Gazprom Bank completed the placement of a main issue of five-year bonds worth 2 billion rubles in March, realizing 83.41% of the loan for 1.7 billion rubles, with the placement price at 53.5% of nominal value. — vedomosti
- As of October 21, 2025, ACRAs confirmed the bank's credit rating at AA+(RU) with a stable outlook, citing potential extraordinary state support as a rating support factor. — vedomosti
- Including nine additional placements, bonds worth 35.99 billion rubles are currently in circulation. — vedomosti
Coverage (4 sources)
- Gazprom issued record bonds for 60 billion rubles — Коммерсантъ
- Gazprom issued record bonds for 60 billion rubles — Ведомости
- Gazprom will issue variable-coupon bonds for 60 billion rubles — Коммерсантъ
- Gazprombank will issue a supplementary issue of discount bonds for 5 billion rubles — Ведомости