The floating of Gazprom's bearer bonds, series No A2, has started on the MICEX exchange, the MICEX press service reported to RBC.
Bonds will be placed at the nominal value of 1,000 rubles (about $31.42) for a total of 5bn rubles (about $157m). Bonds will be in circulation for 1,080 days. Gazprombank acts as the paying agent and Renaissance Broker is the underwriter of the issue.
A source in MICEX noted that Gazprom had become one of the first domestic companies that started attracting investments by issuing corporate bonds. The first issue of Gazprom's bonds worth 3bn rubles was listed on MICEX in 1999. Through 1999-2002, the MICEX exchange saw 157 IPOs of corporate bonds, and more than 70 issuers attracted more than 100bn rubles (about $3.14bn at the current exchange rate) on the open securities market.