Russian steelmaker Severstal has narrowed the coupon guidance for its 10-15-billion ruble bonds to 8.65-8.75% annually, which corresponded to an 8.84-8.94% annual yield to a 5-year buyback offer, a banking source reported.
The initial guidance was set at 8.65-8.85% annually.
The issue carries semiannual bonds.
Technical placement is preliminarily scheduled for April 9.
VTB Capital, Rosbank and Sberbank CIB are the organizers. (Prime/Ukrainian metal)