NLMK prints with tightest ever spread to sovereign
Novolipetsk Steel (NLMK) placed a $500m seven year bond on Wednesday inside its own curve and at its tightest ever spread to the Russian sovereign, according to a lead manager on the deal.
Russian steel company NLMK, rated Ba2/BBB-/BBB, released initial talk at 5%-5.125% on Wednesday morning in London. Guidance was later updated to 4.875% area and then again to 4.75% area.
The note was sold at 4.7%, with books having peaked in excess of $1.7bn.JP Morgan, Société Générale, ING ...
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