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Demand for Polyus Gold’s Dollar Bonds Was $1.5b: Solovyev

20 October 2016
More than 140 accounts bid for Polyus Gold’s $500m bond, Andrey Solovyev, Global head of debt capital markets at VTB Capital in London, says by phone. 

  • Co. was “very price-sensitive”; “all efforts were directed toward lowering the yield,” which impacted geographic composition of investors
  • Russian investors are less price-sensitive, their share increased, while many foreigners stayed away
  • Fair value was at ~4.85%
  • “Not all Western investors were ready for such aggressive pricing, which stopped some investors from buying”
  • As end of yr approaches, investors are becoming “more cautious” about investing; political volatility also prompting caution
  • Unlikely that Polyus Gold will sell another Eurobond in near future
  • NOTE: PRICED: Polyus Gold $500m Long 5Y; 4.7% (T+347.5)

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