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Comments by Andrey Solovyev, Global Head of DCM at VTB Capital, for Global Capital

22 October 2019

Norilsk Nickel snags lowest ever coupon with dollar Eurobond

By Lewis McLellan Norilsk Nickel printed a five year Eurobond on Monday, raising $750m with its lowest ever coupon. The bond was priced to yield 3.375%, 25bp inside initial price thoughts. “There were over 110 bids, and the order book exceeded $2bn at its peak,” said Andrey Solovyev, global head of DCM at VTB Capital. “Substantial investor demand allowed us to increase the deal volume from the $500m initially planned to $750m, and lower the price guidance three times, placing the issue with a final yield of 3.375%.” Citi, JP Morgan, and Société Générale were joint global coordinators, while Gazprombank, ING, Sberbank and VTB Capital were bookrunners. The issuer is rated Baa2/BBB-/BBB-.

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