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Wednesday, June 10, 2009

Lukoil sells $160m rouble bond

06-10-2009 - Upstream OnLine - Russian oil major Lukoil started the placement of a 5 billion rouble ($159.9 million) bond, a spokesman for Troika Dialog, the mandated bookrunner for the deal said today. Lukoil sees the coupon range, for its first rouble-denominated bond issue since the credit crisis effectively froze the local bond market in the second half of last year, at 13.75% to 14.75%. The company plans to close the book 19 June, wrote Reuters. In April, Gazpromneft , the oil arm of gas export monopoly Gazprom, sold a 10 billion rouble bond with a coupon rate at 16.7%. Analysts have said the placement was successful due to solid demand from investors seeking to benefit from expected central bank rate cuts and the strengthening of the rouble.

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