TMK tempts the US with its first 144a

Russian steel pipe company TMK priced its first 144A bond on Monday — $500m 6.75% 2020s — picking up a $1bn book and interest from the US amounting to around 36% of the deal. The note was priced at par and was trading slightly weaker on Tuesday morning, at 99.75 bid.

  • 26 Mar 2013

Citi, Deutsche Bank and JP Morgan arranged the Reg S/144A bond.
No official book breakdown has yet been released, but an origination official on the deal said US distribution was around 36%, UK 25% and Switzerland 21%.

“There was a good global mix of investors involved,” said that origination official. ...

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5 ING 1,477.05 5 5.77%