Registration: 144A/Reg S; Comments: ALROSA Finance SA (ALRSRU) exp Baa2/BBB-/BBB- US$500m (no grow) 144A/Reg S 7y sr notes due 6/25/27. Gtd by Alrosa PJSC. JPM (GC/B&D)/Gaz/SG/VTB joint books. UOP: gcp, and to refi existing debt. Pricing today. Settle 6/25. IPTs: 3.375-3.50%.  PRICED AT MS+356. PJSC “ALROSA”, rated Baa2 by Moody’s, BBB- by S&P and BBB- by Fitch, has mandated J.P. Morgan as Sole Global Coordinator and Joint Bookrunner and Gazprombank, Societe Generale and VTB Capital as Joint Bookrunners to organise a series of fixed income investor calls on 15-16 June 2020. A US$-denominated benchmark Rule 144A/Reg S senior unsecured guaranteed notes offering with a 7-year tenor will follow, subject to market conditions. FCA/ICMA stabilisation applies.;

ALROSA Finance SA “ALRSRU” (Baa2/BBB-/BBB-) hit the market today with US$500m (no grow) 144A/Reg S 7y sr notes due 6/25/27. Gtd by Alrosa PJSC. UOP: gcp, and to refi existing debt. Settle 6/25.

VIA JPM (GC/B&D)/Gaz/SG/VTB joint books.

Having held calls 06/15-06/16, the deal was announced overnight with IPTs at 3.375-3.50%

Revised guidance came out at 3.25% area.

Final guidance was 3.10%-3.15% (WPIR)

Ultimately the $500m deal priced at 3.10%
PRICED: $500m 3.10% 6/25/27 100.00 3.10% T+253 (MS+256).

Outstanding ALROSA was quoted as follows:

ALRSRU 4.650% due 04/09/24 was quoted 2.60% YTW (T+226; G234; $106.92) - $500m pxd Apr ’19

Novo Steel (Baa2/BBB m/f)
NLMKRU 4.000% due 09/21/24 2.53% (T+219; G223; $105.89) - $500m pxd Sept ‘17

NLMKRU 4.700% due 05/30/26 3.03% (T+269; G258; $109.02) - $500m pxd May ‘19

NLMKRU 24/26 curve is 50bp. Adding that to ALRSRU 2.60s of 24 gets you to 3.10% 2026 f/v. Today’s deal was 2027. Seems negative, but we’re not sure by how much. So we’ll have to say N/A

Final book size was heard as $1.35bn