September 11, 2019 | Cbonds
|Severstal placed 5-year Eurobonds valued at $800 million via SPV Steel Capital. The securities coupon rate was the lowest of all the issuances from this issuer at 3.15% per annum, with 167.8 b.p. spread to UST. Settlements will take place on September 16. The listing is on the Irish Stock Exchange, with the bookrunners Sberbank CIB, VTB Capital, JP Morgan, Societe Generale, Citi and ING.|
Demand for this issuance exceeded $2.2 billion, including the bookrunners’ share. Investors include resident institutions of Great Britain (30%), Russia (30%), continental Europe (26%), the USA (5%), Asia (8%) and other regions (1%).
The last time Severstal entered the international market was in February of 2017, when it placed 4-year Eurobonds at 3.85% per annum. Aside from this latest placement, the company has 4 Euroissues in circulation totaling $1.5 billion, two of which are convertible.
|Status||Country of risk||Maturity (option)||Amount||Issue ratings (M/S&P/F)|
|Full company name||Severstal PJSC|
|Country of risk||Russia|
|Country of registration||Russia|