Gazprom is preparing a bonded loan for 120 billion rubles.

Gazprom may place perpetual ruble bonds for 120 billion rubles. Experts are cautious about such a significant placement of ruble-denominated debt securities on the Russian market. In addition, the placement of replacement bonds put significant pressure on the yield, which leads to the filling of investors’ limits on the company’s papers.

“Gazprom” intends to place bonds without maturity in the amount of up to 120 billion rubles. Interfax with reference to a source in financial circles. According to the agency, the placement is planned in the format of a closed subscription for qualified investors. The issuer will be Gazprom Capital, and the organizer will be Gazprombank. It provides for the payment of semi-annual coupons and a call option every five years. The initial coupon rate will be determined based on the yield of five-year OFZs +250 bp. p. (currently – about 10.6% per annum). The date for collecting investor applications will be determined later.

Placements of such volume are extremely rare for the Russian market. For example, at the end of last year, Sberbank entered the market with such a volume, but two issues. However, the issuer attracted only 92 billion rubles.

“Gazprom” with such a large-scale proposal “only scares the market,” says Artem Mayorov, director of the asset management department of Ingosstrakh-Investments Management Company.

The expert sees colossal pressure on the issuer’s securities in the market for replacement bonds (Gazprom Capital placed such issues worth about $12 billion). Many institutional investors, according to him, have already exceeded their issuer limits. “Even regardless of Gazprom, the market will not digest long-term securities now in the light of the impending meeting of the Central Bank on the key rate. Such issuers will do well only in floater placements,” he believes.

However, other market participants are more optimistic. “Gazprom” is conducting a fairly large placement, comparable in volume to the loans of the Ministry of Finance, said the strategist of “Arikapital” Sergei Suverov. At OFZ auctions a week ago, the ministry attracted almost 190 billion rubles. However, according to Mr. Suverov, “the book will be collected, management companies, pension funds, state banks may be interested.” Dmitry Alexandrov, Managing Director of Ivolga Capital, also believes that the placement volumes are large, but “definitely uplifting for the market.” He notes that in the first half of the year the total volume of placements amounted to about 1.6 trillion rubles, “so 120 billion rubles. might well be attracted.”

At the moment, a situation has formed on the market when large corporate clients need long-term ruble liquidity, but investors are also ready to buy debt instruments with a premium to OFZ, but with a similar credit quality, says Andrey Barkhota, an independent financial analyst.

Against the background of the absence of significant issues in the debt market over the past year, the volume of new bonds of 100 billion rubles. will be promptly utilized by investors, the expert believes.

At the same time, Mr. Aleksandrov looks at Gazprom’s placements with caution, given that the company has lost its key European market. In addition, the company will have to finance a massive infrastructure investment program in the east in the coming years, which will also put pressure on cash flow, he said.

Gazprom did not respond to Kommersant’s request.

Ksenia Kulikova