NLMK gets 7.75% yield on bonds in 12-mth low for Russian market
MOSCOW. March 5 (Interfax) - Novolipetsk Steel (NLMK) has now closed the order book for 10 billion rubles in commercial paper in the form of series Bo-06 exchange bonds, which will yield 7.75% p.a., the lowest for any issuer of three-year exchange bonds since the spring of 2009.
The Russian steel major said 92 bids ranged from 7.00% to 8.25% p.a. during marketing and that demand was 30.92 billion rubles. The company eventually set a rate of 7.75% for the first coupon.
NLMK also said it was preparing to offer 50 billion rubles in ten-year conventional local-currency bonds.