Registration: 144A/Reg S;

Gazprom PJSC via Gaz Finance PLC (GAZPRU) exp Baa2/BBB-/BBB (s/s/s) US$1bn (exp) 144A/Reg S 10y sr unsec loan participation notes due 7/14/31. Gazprombank/JPM (B&D) as JGCs/JBRs, IMI-Intesa Sanpaolo/MUFG/SBERBK as JLMs/JBRs. Pricing 7/7. Settle 7/14. IPTs: 3.875% area. GUIDANCE: 3.65-3.70%. Deal size capped at $1bn. Books in excess of $1.95bnn (incl $150m JLM interest). Subject at 14:30 UKT / 9:30 NYT. PJSC Gazprom, rated Baa2 (Stable) by Moody's, BBB- (Stable) by S&P and BBB (Stable) by Fitch, has mandated Gazprombank and J.P. Morgan as Joint Global Coordinators and Bookrunners and IMI-Intesa Sanpaolo, MUFG and Sber CIB as Joint Lead Managers and Bookrunners to organize a Global Investor Call that took place on July 5 at 3pm UKT, 4pm CET, 5pm MSK, 10am NYT and arrange a series of fixed-income investor calls commencing on 5 July. A 144A/Reg S sr unsec benchmark USD-denom Loan Participation Notes offering with a maturity of 10 years will follow, subject to market conditions.

[GAZPROM]

Gazprom PJSC via Gaz Finance PLC (GAZPRU) exp Baa2/BBB-/BBB (s/s/s) US$1bn 144A/Reg S 10y sr unsec loan participation notes due 7/14/31. Settle 7/14. IPTs: 3.875% area.

Via Gazprombank/JPM (B&D) as JGCs/JBRs, IMI-Intesa Sanpaolo/MUFG/SBERBK as JLMs/JBRs.

Announced overnight with benchmark size ($1bn expected) following marketing on Tuesday, we heard IPTs at 3.875% area.

Guidance came in at 3.65%-3.70%

Ultimately, a $1bn deal priced way INSIDE THE GUIDANCE RANGE at 3.50%

PRICED:

As for r/v, outstanding GAZPRU was quoted as follows:

PRICED: $1bn 3.50% 7/14/31 100.00 3.50% T+217.4.

GAZPRU 4.950% due 02/06/28 T+165 (G194; $111.75; YTM 2.969%) - $900m pxd Jan ‘13
GAZPRU 2.950% due 01/27/29 T+217 (G212; $97.91; YTM 3.265%) - $2bn pxd Jan ‘21
GAZPRU 3.250% due 02/25/30 T+221 (G217; $97.66; YTM 3.302% - $2bn pxd Jan ‘21

Gazprom Hybrid (NR/BB/BB+)
- GAZPRU 4.5985% PerpNC 10/25 T+280 (G293; $104.00; YTC 3.586%) - $1.4bn pxd Oct ‘20

Working up from the '30s at 3.302%, the yield curve is worth 7bp, adding in credit curve you could probably argue for 10bp curve in total. That puts f/v at 3.402%. At the 3.50% pricing level, CONCESSION IS 10BP.

We didn't catch a final book.