Norilsk Swoops Into Bond Market on U.S. Debt Deal: Russia Credit
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OAO GMK Norilsk Nickel, the world’s largest producer of nickel and palladium, swooped into the Eurobond market after the U.S. debt-ceiling deal drove its yields to a record low.
Norilsk is selling $1 billion of seven-year notes with a yield of 5.55 percent, a person familiar with the offering, who asked not to be identified because the terms aren’t set, said today. The yield on its dollar bond due April 2018 fell 17 basis points to 4.48 percent at 5:43 p.m. in Moscow, the lowest since the sale six months ago. That compares with a rate of 6.49 percent for emerging-market metals and mining companies in JPMorgan Chase & Co. CEMBI Broad Index.