Uralkali tightens and Nornickel roadshows, as Russian issuance set for strong year end
Russian potash producer Uralkali hit the market on Tuesday, tightening pricing on a $500m bond issue, the borrower's first international deal since 2013. DCM bankers are confident Russian issuance will continue to fill the market throughout the fourth quarter, as Norilsk Nickel began a roadshow.
The $500m Reg S/144A five year dollar bond achieved final pricing of 4%.
Uralkali, rated Ba2/BB-/BB-, announced initial guidance of 4.375% area for the benchmark issue on Tuesday morning, later tightening it to 4.125%-4.25%.JP Morgan, Sberbank, Société Générale and VTB Capital were joint global co-ordinators. Crédit Agricole, ING, Natixis, Renaissance ...