Gazprom secures record bonds in rubles and yuan amid ruble's sharp decline
Gazprom has secured two major bond issues in recent months, raising funds in both rubles and yuan. The Russian energy giant closed a record 50 billion ruble bond in early February 2026, followed by a 3 billion yuan issue in late December 2025. These moves come as the ruble continues to weaken against the euro, hitting nearly 90 rubles per euro by February 2026.
The financial landscape remains challenging, with high energy prices and ongoing geopolitical tensions affecting markets.
In early February 2026, Gazprom finalised its largest ruble-denominated bond since October 2023. The initial target was 25 billion rubles, but strong demand pushed the final volume to 50 billion. Institutional investors led the subscription, while retail demand exceeded 800 million rubles. The spread also tightened from 160 to 150 basis points over Russia's key rate, reflecting investor confidence.
Settlement for the ruble bond is set for February 24, 2026, with Gazprombank acting as the placement agent.
Two months earlier, in December 2025, Gazprom closed a 3 billion yuan bond issue. This offering carried a 7.4% monthly coupon rate over a 3.2-year term. The issue set a record for the longest duration among corporate yuan bonds in Russia since September 2022.
The ruble's decline has been sharp, falling to 89.98 per euro by February 5, 2026. This drop follows prolonged geopolitical pressures from the Ukraine conflict and unstable global markets. High fuel costs, such as gasoline exceeding 2 euros per litre in March 2026, have added to economic strains.
Gazprom's bond issues mark a significant financial move amid Russia's economic challenges. The 50 billion ruble bond stands as the company's largest since late 2023, while the yuan issue extends its funding options. With settlement dates approaching and the ruble under pressure, these deals reflect Gazprom's efforts to secure long-term capital in a volatile market.
