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Concorde Capital Research: Naftogaz starts book building for Eurobonds

July 12, 2019 | Cbonds

Ukraine’s leading natural gas company, Naftogaz (NAFTO), started book building for two issues of Eurobonds on July 12, Interfax-Ukraine reported the same day. The company offers one issue of five-year Euro-denominated Eurobonds and one issue of three-year of U.S. dollar-denominated Eurobonds.

The minimal volume of U.S. dollar Eurobond issue will amount to USD 300 mln, while the volume of Euro-denominated issue should start from EUR 500 mln. The total volume of the two issues should not exceed EUR 900 mln.

The pricing guidance for 3Y USD-denominated Eurobonds is around 7.75%, for 5Y EUR-denominated Eurobonds – 7.5%.

Evgeniya Akhtyrko: It looks like Naftogaz decided to diversify risks by splitting the issue into two currencies, though its previously announced plan called for the issue of only euro-denominated bonds. The announced pricing guidance of euro-denominated Eurobonds coincided with the upper end of our estimate range for the EUR 5Y yield. We calculate that the guidance implies the spreads to Ukraine’s sovereign curve of about 200-215 bps for the two tranches.

Company: Naftogaz

Full company namePJSC "Naftogaz of Ukraine"
Country of riskUkraine
Country of registrationUkraine
IndustryOil and gas


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