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Sibur’s Eurobonds oversubscribed by over 250% - Prime

September 29, 2017
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.
  • Status
    outstanding
  • Country of risk
    Russia
  • Redemption (put/call option)
    *** (***)
  • Amount
    307,977,000 USD
  • М/S&P/F
    — / — / —
Company — SIBUR
  • Full name
    open joint stock company SIBUR
  • Registration country
    Russia
  • Industry
    Chemical and petrochemical industry