Russian energy company Gazprom raised €1bn ($1.21bn) via a 6Y Loan Participation Note (LPN) (Term of the day, explained below) at a yield of 1.5%, ~31.25bp inside initial guidance of 1.75%-1.875% area. The bonds have expected ratings of Baa2/BBB-/BBB and received orders over €1.75bn, 1.75x issue size. The new bond deal comes just three weeks after Gazprom raised $2bn via an 8Y Eurobond issue in January. Prior to this year’s issuance, the company had last tapped the bond markets in October, raising $1.4bn via a perp at a yield of 4.6% and another €1bn at 3.9%. Gazprom’s EUR 3.897% Perp was 0.1 higher trading at 103.57, yielding 3.07%.

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