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Sibur’s Eurobonds oversubscribed by over 250% - Prime

September 29, 2017 | Cbonds

The bidding book of Russian petrochemical holding Sibur’s U.S. $500 million 6-year Eurobonds has been oversubscribed by more than 250%, Denis Shulakov, first vice president of Gazprombank, which acted as an organizer of the placement, said late on Thursday.

The company offered Eurobonds at a yield of 4.125%. The initial yield guidance amounted to 4.25–4.75% and was later narrowed to 4.1-4.25%.

“Investor interest during road shows in Russia and Europe including Switzerland, the Netherlands, Germany, the U.K. and the U.S, was high. The bidding book was oversubscribed by about 250%,” he said.

The company held a road show for the Eurobonds in Moscow, London, the U.S., and the continental part of Europe from September 20 through Wednesday. ING, J.P. Morgan, Gazprombank, Goldman Sachs, and Sberbank CIB act as organizers.

Simultaneously, the company plans to buy back $171.954 million out of a total of $616.175 million Eurobond maturing in 2018 at $1,009 per security. In 2013, Sibur set the coupon for its debut $1 billion Eurobond at 3.914% annually.

Issue: SIBUR Holding, 4.125% 5oct2023, USD

StatusCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
outstandingRussia10/05/2023307,977,000 USDBaa3/-/BBB-

Company: SIBUR

Full company nameopen joint stock company SIBUR
Country of riskRussia
Country of registrationRussia
IndustryChemical and petrochemical industry

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