EuroChem allocates up to half its $500m bond to a  bookrunner

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By Virginia Furness
28 Jun 2017

Russia’s EuroChem once again appeared to prove on Monday that it can squeeze bond investors for every last basis point and get away with it, but one of the bookrunners ended up owning up to half of the deal.

Fair value for the new $500m four year bond was 4.1%, according to a banker on the deal. But after three pricing iterations, it became clear that many international investors were not willing to go that low. Nevertheless, the bond was priced still more tightly than that. 

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