Gazprom has raised about $576 million via a placement of bonds worth 65 billion yen in a deal supported by the Japan Bank for International Cooperation, according to capital markets publication Refinitiv IFR. The bond issue marks the first time that the Russian gas company has tapped the Samurai bond market in more than 10 years. It is part of the group's efforts to diversify its investor base and funding currencies.
GPB Financial Services Hong Kong, J.P Morgan, Mizuho, and SMBC Nikko are the leads on the deal that has no credit ratings. "This is the second-largest yen-denominated placement from emerging markets in history," Kirill Kondrashin from J.P Morgan, said, adding that demand exceeded offers, while the bulk of the investors were from Japan. The new yen deal, issued by funding entity GazAsia Capital, is a 1.01 percent 10-year Samurai bond. The deal is a private placement for qualified institutional investors only, Refinitiv IFR said.