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Bond Market News
Gazprom’s Reports Worst Loss in Over 20 Years
May 6, 2024
Gazprom reported its worst annual loss in over two decades, at RUB 629bn ($6.9bn) in 2023, significantly worse than the RUB 447bn ($4.9bn) loss expected by the market. This is also in stark contrast to the profit seen in 2022 that stood at RUB 1.2tn ($13.1bn). Total revenue also dropped to RUB 8.5tn ($93bn) in 2023, a slide from the RUB 11.7tn ($128bn) seen in the previous year. The poor results came on the back of European exports falling significantly, due to Europe’s continuing sanctions on several individual employees of Gazprom following the Russia-Ukraine war.
Gazprom’s dollar bonds have been trending lower since the beginning of the year. Its 2.95% 2029s are down 16% since February, to 52.3 cents on the dollar, yielding 18.6%.
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