Gazprom's executive board approves EMTN-program

Gazprom's executive board has approved a program of floating Euro medium-term notes (EMTNs). According to the company's press service, the implementation of the program may become one of the most attractive sources of unsecured funds for Gazrpom. No details have been provided as to the volume of loan or its time of maturity however.

The program envisages an issue of several tranches, their parameters will depend on the situation on financial markets. Gazprom may use different currencies and maturities for different tranches. Organizers of the issue of the first tranche of EMTNs are Deutsche Bank and UBS Warburg.

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