At $1.75bn, this issue was the biggest ever emerging markets corporate bond and with a 10-year maturity is the longest maturity achieved by any Russian corporate issuer to date.
This was the first bond from OAO Gazprom, the world’s biggest natural gas company, issued under Rule 144A, and investor demand was boosted by the associated increase in disclosure and transparency. The book was more than 3.5 times over-subscribed, resulting in an upsizing of the transaction from $1.25bn.
