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Sibneft Postpones Eurobond Issue

30 November 2001 , 11:21390
"Sibneft intends to return to international capital markets once market conditions improve," Sibneft president Eugene Shvidler said.

"We received an enthusiastic response from investors in the pre-marketing phase," he added. "But the external environment remains unfavorable, and as a result we have chosen to defer the issue. We have a duty to our shareholders to secure competitive rates for the finance which we raise."

Moody's Investors Service assigned a B1 rating to the planned Eurobond issue, piercing the sovereign ceiling. The Russian Federation is rated B2 by Moody's.

Sibneft was the first Russian company to issue a Eurobond. The $150 million three-year bond was launched in August 1997 through Salomon Smith Barney and redeemed in August 2000. In March 1998, Sibneft issued a $200 million six month zero-coupon promissory note which was arranged by Salomon Smith Barney. This note was successfully redeemed in September 1998.


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