Metinvest tests waters after sov bond saga

By Mariam Meskin
18 Sep 2020

Ukrainian steel and mining company Metinvest was one of several emerging markets issuers to tap bond markets this week. The deal was several times oversubscribed, confirming that investors are still on the hunt for yield and are willing to look to single B rated emerging market credits for that.

The senior unsecured RegS/144A $333m bond has a tenor of seven years, with the notes expected to mature in October 2027. 

Metinvest, rated B2/B/BB-, increased the deal size from $300m following heavy oversubscription. Final order books peaked at $1.6bn, excluding joint lead manager interest. The bond was sold on Thursday ...

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