Rosneft Picks Ruble Bonds as Dollar Yields Climb: Russia Credit
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OAO Rosneft is returning to ruble bonds as Russia’s largest oil company opts for local funding amid rising yields on international markets.
State-run Rosneft is offering 40 billion rubles ($1.3 billion) of bonds redeemable in five years at a yield of 8.00 percent to 8.16 percent next week, according to sale organizer ZAO Raiffeisenbank. The rate on its dollar bonds due March 2022 has increased 60 basis points in May, or more than twice as much as local-currency debt redeemable in the same month of 2018, according to data compiled by Bloomberg.