Kernel pricing divides opinion amid Ukraine turbulence

Ukraine (resized 230 x 150)
By Lewis McLellan
10 Oct 2019

Kernel, a Ukrainian agricultural producer, hit the market on Thursday with a five year non-call three bond and raised $300m with a trade that bankers said was tricky to price.

ING and JP Morgan ran the books for the deal — a Reg S/144A bond that was targeted to raise $300m-$350m. Initial price thoughts were set at 6.75% area.

The leads said the book was oversubscribed and revised the guidance to a range of 6.625%-6.75%.

The ...

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