Bank GPB International S.A. is pleased to inform that it has acted as a Joint Lead Manager in an offering of debt securities issued by Gaz Capital S.A. in an aggregate principal amount of EUR 1bn 3.125% Notes due 17 November 2023.
The “benchmark” size transaction has been announced with the initial price thoughts at “low 3%” and final pricing in the announced range. The Lead manager’s well-chosen tactics and strong interest from foreign investors resulted in the order book being oversubscribed, with the deal closing at 3.125%.
Final demand from investors exceeded EUR 1.3bn (66% of overall demand coming from Continental Europe).
It is important to note that the bond issuance was placed without a new issue premium to the secondary curve of Gazprom Eurobonds, solid evidence of strong interest from Western investors in high quality Russian risk, even when the markets are highly volatile.