Uralkali tightens and Nornickel roadshows, as Russian issuance set for strong year end

Potash 230x150
By Mariam Meskin
16 Oct 2019

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 AgricoleINGNatixis, Renaissance ...

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