By Paul A. Harris
St. Louis, Sept. 15 - Russia's Gazprombank, issuing via GPB Eurobond Finance plc, priced a $1 billion issue of 10-year senior unsecured notes (Baa2/B+) at par to yield 6½%, according to a market source.
The notes priced at a 190 basis point spread to mid-swaps, at the tight end of the revised mid-swaps plus 190 to 195 bps price talk. Earlier in the week the spread had been talked at mid-swaps plus 200 bps.
Citigroup and Dresdner Kleinwort Wasserstein ran the books for the Regulation S issue.
The issuer is the biggest branch bank in Russia, with corporate headquarters in Moscow.
| Issuer: | GPB Eurobond Finance plc/Gazprombank
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| Amount: | $1 billion
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| Maturity: | Sept. 23, 2015
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| Security description: | Senior unsecured notes
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| Bookrunners: | Citigroup, Dresdner Kleinwort Wasserstein
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| Coupon: | 6½%
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| Price: | Par
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| Yield: | 6½%
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| Spread to U.S. Treasuries: | 232 basis points
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| Spread to mid-swaps: | 190 basis points
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| Trade date: | Sept. 15
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| Settlement date: | Sept. 23
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: B+
|
| Price talk: | Mid-swaps plus 190-195 bps, revised from mid-swaps plus 200 bps
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