Sibneft floats Eurobonds

The Russian oil company Sibneft, the sixth-largest oil company in the country, has floated Eurobonds for $500m under Regulation S. The coupon to be redeemed in January 2009 at the 10.75-percent interest rate was placed at the nominal value during one day, the company's press service reported.

Moody's assigned Sibneft the Ba3 credit rating with the outlook "stable". The corresponding rating provided by Standard & Poor's is B+ with the outlook "developing". Earlier, Sibneft received the Ba2 rating from Moody's for ruble loans. It was also assigned the ruAA national rating by Standard & Poor's.

This was the fourth placement of Eurobonds by Sibneft. The first placement, when three-year Eurobonds for $150m were floated, took place in 1997. The latest placement was the most long-term issue of Eurobonds in the Russian corporate history.

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