Magnitogorsk Iron and Steel Works (“MMK”), one of the largest steel suppliers in Russia rated Baa2 (Moody’s) / BBB (Fitch) / BBB- (S&P), returned to the international market after more than 15 years with a successful placement of 5-year US$500mm Eurobonds with an annual coupon rate of 4.375% payable semi-annually. The proceeds of the issue will be used for general corporate purposes.
The issue was oversubscribed by over 4.5 times with the total order book exceeding US$2.2 bn ...
