MMK lands $500m ‘flat to curve’ in bond market comeback

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By Francesca Young, Lewis McLellan
06 Jun 2019

Magnitogorsk Iron & Steel Works (MMK) broke a 16 year bond market hiatus with a five year dollar benchmark on Wednesday, raising $500m without paying a new issue premium.

Citi, JP Morgan and Société Générale ran the books, offering initial price thoughts of 4.75% area for a $500m Reg S/144A five year no-grow.

When the book reached $1.4bn, guidance was updated to 4.625% — a level one investor described as “interesting”. A second investor ...

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