The bonds of Rosneft will yield as much as the bonds of Gazprom. The slogan reads: "Rosneft."
Photo: Alexander Miridonov
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Rosneft Bonds to Yield As Much As Gazprom Bonds
The bonds of Rosneft to be released in size of 15 billion rubles will yield as much as the bonds of Gazprom, Interfax reported with reference to an anonymous representative of the business community, who spoke on the sidelines of the 6th International Investment Forum in Sochi. The bonds will circulate for five to 10 years.
Rosneft will place the first issue in late November or in early December but provided the market environment is favorable, the source specified.
Earlier, a source close to the placement arrangers said that Rosneft wouldn’t be ready to launch bonds before November. “Rosneft hasn’t applied to register bonds and this procedure usually takes 30 days,” the source explained. Although the parameters haven’t been finally determined so far, but it is known that the bonds won’t be convertible and that they will circulate for five to 10 years. Moreover, the terms are likely to set forth the put-or-call option.
Rosneft is said to be preparing three issues of bonds worth 45 billion rubles overall, planning to spend generated money to refinance debts. The launch of the second and the third issues is slated for 2008. Troika Dialog, Gazprombank and VTB are the placement arrangers.
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