Naftogaz Ukrainy starts bookbuilding for LPNs pegged to U.S. dollars, euros – source

11:12, 12.07.2019 1 min read

National joint-stock company Naftogaz Ukrainy on Friday started bookbuilding for two tranches of loan participation notes (LPN) pegged to the U.S. dollars and euros, a source in banking circles has told Interfax-Ukraine.

Starting Monday, the company has held a road show of five-year bonds in euros in London and Frankfurt, but finally investors were offered three-year U.S. dollar LPNs.

The minimum U.S. dollar LPNs total $300 million, the euro LPNs are EUR 500 million. It is planned that the total amount of the transaction will not exceed the equivalent of EUR 900 million.

The benchmark yield of three-year U.S. dollar eurobonds is about 7.75%, five-year eurobonds in euros is about 7.5%.

The organizers of the transaction are Citi and Deutsche Bank.