Metalloinvest kicks off new deal pipeline; Ziraat, Rusal, and Phosagro expected to price

By Colin Hanner

Chicago, April 25 – The new deal pipeline continued to grow in emerging markets on Tuesday, market sources said, with Russia’s JSC Holding Co. Metalloinvest the first to price ahead of several others for the week.

The Moscow-based mining and metallurgy company priced $800 million 4.85% seven-year notes at par on Tuesday, a market source said.

The notes were issued via subsidiary Metalloinvest Finance DAC.

The notes priced on top of price talk, which was tightened from initial talk of 5% to 5¼%, a market source said.

Demand for the deal was in excess of $1.6 billion, a market source said.

Turkiye Cumhuriyeti Ziraat Bankasy AS is expected to sell a benchmark offering of dollar-denominated five-year notes, a market source said.

Initial price talk for the Rule 144A and Regulation S deal is in the 5½% area, a market source said.

United Co. Rusal plc is expected to price six-year bullet notes, a market source said.

Initial price talk is in the 5.3% area, a market source said.

Phosagro is expected to price $500 million of four- or five-year notes with initial price talk of 4% to 4¼% on Wednesday, a market source said.

A roadshow for the notes took place from Thursday to Monday, a market source said.

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