Some of Gazprom’s dollar and euro denominated bonds rose over 7-10% yesterday. Its USD 4.95% 2028s were up by over 8 points to 71.27, yielding 12.66%. Its EUR 2.25% 2024s rallied over 5 points to 72.2, yielding 20.6%. Also, its EUR 3.897% Perp rose by 2 points to 42.5, yielding 14.3%. While there was no particular news attributable to this jump, Gazprom’s bonds have been on an uptrend since July. Most recently, the company made a coupon payment on its outstanding €560.3mn bonds due 2023.

Gazprom yesterday saw a Polish court revoke a PLN 29.1bn ($6.3bn) fine on the company regarding the Nord Stream 2 pipeline after the country’s anti-monopoly office had imposed the penalty. Further details were not available.

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