Russia's NLMK points to 4.625-4.75% yield for Eurobond-source
MOSCOW Feb 11 (Reuters) - Russia's Novolipetsk Steel is pointing investors towards a yield of between 4.625 to 4.75 percent for its benchmark five-year dollar-denominated Eurobond, a source in the financial sector told Reuters on Monday.
IFR, a Thomson Reuters news and financial news service, provided the same details of the deal on Monday.
Novolipetsk joins a number of Russian companies taking advantage of favourable terms in the bond markets as well as positive investor sentiment towards emerging markets.
Last yea, Russian borrowers raised a total of around $53 billion via Eurobond issues.
Novolipetsk hired a series of banks last week to arrange meetings with investors to test appetites towards a possible bond issue.
In September NLMK issued $500 million in Eurobonds at 4.95 percent. The issue trades now at around 4.691-4.641 percent.
Separately, Renaissance Credit is seeking to add to its outstanding subordinated Eurobond, maturing in 2018, guiding investors towards a yield of approximately 12.7 percent, the source added.
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