Commentary & Deal Flow

PJSC Gazprom via Gaz Finance Plc (GAZPRU), exp issue ratings Ba1/BB/BB+ (issuer ratings Baa2/BBB-/BBB), US$1.4bn (maximum) 144A/Reg S PerpNC5.25 sub notes. Via Gazprombank and J.P. Morgan (B&D) as Joint Global Coordinators, Bookrunners and Structuring Agents and Credit Agricole CIB and Sber CIB as Joint Lead Managers and Bookrunners. Callable from and including 1/26/25 to and including the first reset date (1/26/26) and each int pay date thereafter. Clean-up call (75%), perp call, tax changes call, regulatory / capital disqualification call. Coupon fixed until 1/26/26 (first reset date). If not called, coupon fixes every 5y at 5y UST + init margin + relevant step-up. Step-up: 25bps from 1/26/31; further 75bps from 1/26/46. FCA/ICMA stabilization applies.

IPTs: low 5%.
OVERNIGHT GUIDANCE: 4.875-5%.
GUIDANCE: 4.625%-4.75%. Maximum size US$1.4bn. Books closed >$4.4bn.
LAUNCHED: $1.4bn PerpNC5.25 at 4.60%.

PRICED: $1.4bn, 4.60% at 100. T+426.4. 

Concurrently offering EUR PerpNC5.25 hybrid.