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Gazprom plans to issue Eurobonds in US dollars and British pounds in March — source

January 24, 2017, 20:58 UTC+3 MOSCOW
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MOSCOW, January 24. / TASS /. Gazprom plans to issue Eurobonds in US dollars and British pounds in March, an investment banker familiar with the company's plans told TASS.

"The planned volume of the issue is the benchmark," he said. The benchmark for Gazprom is 1 billion euros.

"Benchmark is a landmark or an approximate figure, the base for calculations. In this case, it means that the issue volume will be approximately the same as the previous one. This is done to ensure that the company has an equal distribution of debt, to avoid situations when it has to repay $1 billion in the next two years, and for the third year it has to pay $5 billion," another investment banker said.

Last time Gazprom borrowed in dollars in summer of 2014. Right after the introduction of EU sanctions the company took $700 million for one year. Then, analysts and traders said that Gazprom was trying to maintain the interest of investors after the sanctions were imposed.

Last year, Gazprom borrowed on the foreign market three times: first it borrowed 1 billion euros and made two Eurobond issues each worth 500 million Swiss francs.

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