Severstal releases tight talk, then tightens again; book at $5bn
Despite warnings from rival bankers of potentially damagingly aggressive pricing, bookrunners on Severstal’s new 10 year benchmark bond tightened guidance further on Thursday morning to 5.9%-6%. Bookrunners had released price thoughts on Wednesday evening at 6.125% area — a level that bankers away for the deal called tight. They warned that the deal’s pricing could be being pushed too far.
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