Metinvest bond adds fuel to fears of investor pushback

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By Francesca Young
02 Oct 2019

Ukrainian steel and mining company Metinvest sold a dual tranche dollar and euro bond on Tuesday, but an inability to tighten from initial price guidance and poor trading in the secondary market on Wednesday had some investors worried that the perfect window for EM issuance is closing.

Metinvest, rated B3/B/BB-, printed a $500m 10 year tranche at a yield of 7.95% and a €300m long five year tranche at a yield of 5.75%. Both were trading down on Wednesday. The dollar note was printed at 98.629 and had slipped to 97.90/98.40 and the euro note ...

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