Gazprom and ICBC talk RMB bonds

Gazprom and ICBC talk RMB bonds

Published: October 15, 2014

Russian gas company meets with reps from Chinese bank to discuss offshore renminbi issuances.

Russian state gas company Gazprom is in talks with Industrial and Commercial Bank of China (ICBC) about issuing offshore renminbi (RMB) bonds.

Representatives from the two banks met at Gazprom’s Moscow headquarters to discuss potential bond deals as well as other areas of co-operation, including trade and corporate financing and the introduction of a rouble-RMB payment system.

Developing a presence in the RMB bond market would offer Gazprom an alternative funding source following US and EU sanctions that prevent the company from tapping Western capital markets.

Earlier this year Gazprom agreed a 30-year, US$400bn deal to supply China with gas.