Eurochem launches $750m 2017s; could signal return of second tier names
Russian fertiliser company Eurochem has launched its $750m five year bond at 5.125%, the tight end of 5.375% yield area price guidance. One analyst in London said that if the note traded well, it could encourage the return of a large swathe of other second tier Russian corporates to the Eurobond market.
The deal from Eurochem is the companys first since 2007, a time when a large number of companies turned to the dollar market because of the cheaper cost of funds versus the rouble domestic market.
Since 2009 Russian authorities have encouraged their corporates to borrow in the local market
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