March 8, 2017 / 10:25 AM / 10 months ago

CORRECTED-Russia's Gazprom to test U.S. Eurobond market for first time in 3 years - IFR

(Corrects headline and paragraphs 3-5 to say that Gazprom had a U.S. dollar Eurobond after sanctions but redeemed it)

MOSCOW, March 8 (Reuters) - Russia’s Gazprom, the world’s top conventional gas producer, has mandated banks to arrange investor meetings in the United States next week, IFR, a Thomson Reuters news and market analysis service, said on Wednesday.

IFR said a U.S. dollar denominated Eurobond of a benchmark size may follow after the roadshow, set for March 13 in Los Angeles and March 14 in New York.

According to Reuters data the dollar deal would be the first for Gazprom since autumn 2014, when it raised $700 million in a one-year Eurobond issue.

That deal came after Western sanctions were imposed on some of Russia’s biggest companies, banks and individuals earlier that year over Moscow’s role in the Ukraine crisis.

Among the outstanding issues, Gazprom last tapped the market for a U.S. dollar denominated Eurobond in February 2013, raising $800 million and $900 million in a dual tranche deal.

Gazprom has a total of $10.4 billion in dollar-denominated Eurobonds outstanding, according to Thomson Reuters data. The last time the company tapped international debt markets was in November 2016, raising 500 million Swiss francs ($493.4 million) in a Swiss franc Eurobond.

IFR said Gazprom had mandated Gazprombank, JP Morgan, Mizuho and SMBC Nikko to arrange the meetings. Russian borrowers are returning to the international debt markets this year, raising a total of over $2 billion in Eurobonds so far in 2017. ($1 = 1.0134 Swiss francs) (Reporting by Katya Golubkova; editing by Susan Thomas)

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