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Morning Commentary: Gazprom bid below par; CEZ prices; CAF launches $750 million notes
By Rebecca Melvin
New York, Nov. 15 – PJSC Gazprom’s 2.949% five-year notes were bid just below par in trade on Thursday. The Moscow-based natural gas producer priced €1 billion of the loan participation notes at par on Tuesday.
The Gazprom notes were quoted at 99.89.
CEZ a.s. priced €500 million of 7/8% notes due 2022 at 99.93 to yield mid-swaps plus 70 basis points, which was a new issue premium of about 10 bps, a London-based market source said.
CEZ is a Czech integrated electricity conglomerate.
Elsewhere, Corporacion Andina de Fomento (CAF), a Caracas, Venezuela-based regional development bank, launched $750 million of five-year global notes to yield mid-swaps plus 79 bps. Final pricing was expected to be set later Thursday, according to a syndicate source.
Pricing was set on top of initial spread talk that was in the mid-swaps plus 80 bps area.
Proceeds will be used to repay debt set to mature during the first half of 2019.
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