Gazprom sets 10-year tenor, guidance on benchmark note offering

By Paul A. Harris

St. Louis, Nov. 15 - Russian energy giant OJSC Gazprom set a tenor of 10 years on its proposed benchmark issue of notes (Baa1/BBB-/BBB-), according to a market source.

The company plans to issue in tranches of dollar-denominated notes, on which the price guidance is mid-swaps plus 110 basis points, and euro-denominated notes, with price guidance of mid-swaps plus 118 bps.

The roadshow continues on Thursday in London.

Books are expected to close on Friday.

Credit Suisse and UBS have the books for the Rule 144A and Regulation S offering.

The Moscow-based company last visited the global bond market on Oct. 20, 2006, pricing a €780 million issue of bonds due February 2014 at par to yield 5.03%.

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