Gazprom says plans to replace 15 more issues of Eurobonds

ST. PETERSBURG, Dec 9 (PRIME) -- Russian gas giant Gazprom has already replaced seven issues of Eurobonds with local bonds of the same parameters, and has to replace 15 issues more, Ignat Dirks, deputy director of a Gazprom department, said on Friday during a congress.

“Gazprom entered the situation with the largest bond portfolio on the market. At the moment of introduction of sanctions against the National Settlement Depository, the portfolio amounted to an equivalent of U.S. $24.5 billion and comprised 24 series. There also is a 25th series in the Japanese yen, but there are no Russian holders there,” he said.

The share of Russian holders of the bonds ranged from 30% to 40% and even to 50% depending on the issue, of which individuals accounted for about 5–10%. The company is experienced in replacing bonds, he said.

“As of the moment, we carried out seven replacements in which settlements have already been done. This week, the bidding book for another series was closed, which means the eighth replacement is in the process,” he said, adding that the average ratio of conversion of Eurobond holders in the Russian infrastructure exceeded 95%.

Gazprom is to replace 15 more Eurobonds, and plans to offer additional bonds to the investors that failed to replace their bonds the first time, Dirks said.

(62.5722 rubles – U.S. $1)

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