• 2 hours Thanksgiving Gas Prices At 3-Year High
  • 6 hours Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 8 hours South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 12 hours Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 12 hours Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 13 hours Iraq Steps In To Offset Falling Venezuela Oil Production
  • 15 hours ConocoPhillips Sets Price Ceiling For New Projects
  • 3 days Shell Oil Trading Head Steps Down After 29 Years
  • 3 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 3 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 3 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 3 days Venezuela Officially In Default
  • 4 days Iran Prepares To Export LNG To Boost Trade Relations
  • 4 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 4 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 4 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 4 days Rosneft Announces Completion Of World’s Longest Well
  • 4 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 5 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 5 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 5 days Santos Admits It Rejected $7.2B Takeover Bid
  • 5 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 5 days Africa’s Richest Woman Fired From Sonangol
  • 5 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 5 days Russian Hackers Target British Energy Industry
  • 5 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 6 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 6 days Lower Oil Prices Benefit European Refiners
  • 6 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 6 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 6 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 6 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 7 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 7 days OPEC To Recruit New Members To Fight Market Imbalance
  • 7 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 7 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 7 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 7 days GE Considers Selling Baker Hughes Assets
  • 7 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 7 days Saudi Aramco To Invest $300 Billion In Upstream Projects

Breaking News:

Thanksgiving Gas Prices At 3-Year High

China’s Mysterious Arctic Silk Road

China’s Mysterious Arctic Silk Road

As China pushes through its…

EVs Won’t Stifle Oil Demand Anytime Soon

EVs Won’t Stifle Oil Demand Anytime Soon

There will be 280 million…

Gazprom To Seek First Eurobond Issue Since Sanctions

Gazprom

Russia’s gas giant Gazprom has hired banks to set up investor meetings in the U.S. to test the market for a possible U.S.-dollar denominated Eurobond issue, which would be the first since the U.S. and the EU slapped sanctions on Russia three years ago, over the annexation of Crimea.

According to Thomson Reuters’ market analysis service IFR, Gazprom would hold a roadshow in Los Angeles and New York next week, which could be followed by the issue of a U.S.-dollar denominated Eurobond of a benchmark size.

According to IFR, Gazprom has hired Gazprombank, JP Morgan, Mizuho and SMBC Nikko to arrange the meetings in the U.S.

The western sanctions against Russia over the conflict in Ukraine were expanded in September 2014 to include U.S. Treasury sanctions that prohibit the exportation of goods, services (not including financial services), or technology in support of exploration or production for Russian deepwater, Arctic offshore, or shale projects that have the potential to produce oil, to five Russian energy companies – Gazprom, Gazprom Neft, Lukoil, Surgutneftegas, and Rosneft – involved in these types of projects. In 2016 the Treasury further extended the sanctions to a number of Gazprom subsidiaries.

Should the upcoming U.S. roadshow lead to a U.S.-dollar bond issue, it would be Gazprom’s first since the sanctions were enacted.

Related: Strong Gasoline Draw Sees Oil Prices Spike

According to Gazprom data about its Eurobond issues currently in circulation, Gazprom’s last bond sale in U.S. dollars dates back to 2013, when in February that year the group sold a dual tranche bond, one of US$800 million due in 2020, and another of US$900 million maturing in 2028.

The Russian gas giant has a combined US$10.4 billion worth of dollar-denominated Eurobonds outstanding, according to Thomson Reuters data.

Gazprom’s last Eurobond issue was a five-year 500-million Swiss francs (US$493.2 million) sale in November 2016.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News