NLMK leads say 30bp NIP on offer at initial talk

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By Francesca Young
22 May 2019

Novolipetsk Steel (NLMK)’s $500m seven year bond drew a book in excess of $1.5bn on Wednesday morning allowing leads to tighten initial guidance, which they said offered a 30bp new issue concession.

Russian steel company NLMK, rated Ba2/BBB-/BBB, released initial talk at 5%-5.125% on Wednesday morning in London for the deal. Guidance was later updated to 4.875% area.

The size of the Reg S/144A note was capped at $500m at the start of the process. A lead manager on the note ...

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