Eyes on Severstal in secondary after super-tight $750m

Lead managers of Severstal’s $750m 10 year new issue hailed the deal as a success on Thursday after raising a $5bn book and pricing it with a yield of 5.9%, flat to where its 2017s were trading. However, rival syndicate bankers said they would be watching the secondary performance closely, with some questioning whether the strength of demand will be enough to keep the note above par.