| C/P | Industry | Status | Ticker(s) | Issuer(s) | Size(m) | Tranches | Region | Date | |
|---|---|---|---|---|---|---|---|---|---|
IGC | ENGY | PRCD | GAZPRU | Gaz Finance PLC | $2,000 | 1 | EMEA | Feb 18, 2020 |
[GAZ FINANCE]
Gaz Finance Plc “GAZPRU” (Baa2/BBB-/BBB) hit the market today with US$2bn benchmark 144A/Reg S 10y LPNs due 2/25/30. Borrower: PJSC Gazprom. List Euronext Dublin. English Law. Settle 2/25 (T+5).
VIA Gaz/JPM (B&D)/UniCred joint leads/books.
Announced as benchmark size, we heard initial thoughts as 3.625% area.
Guidance at the NY open came in at 3.375%-3.50%. At this point books were around $4bn.
Final guidance was 3.25%-3.30% (wpir)
Ultimately, a $2bn deal priced at 3.25%.
PRICED: $2bn 3.25% 2/25/30 100.00 3.25% T+170.
As for r/v, the outstanding GAZPRU 4.95s of 2/06/28 were quoted G+160bp (3.10% YTW; T+155bp; $112.99). - $900m pxd Jan 2013.
Adding around 10bp for the 28s/30s curve puts you at 3.20%. At the 3.25% pricing level, CONCESSION IS 5BP.
We did not catch a final book size on this transaction.