Commentary & Deal Flow

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.