After the U.S. debt-ceiling deal drove its yields to a record low, Norilsk Nickel has swooped into the Eurobond market, reports Bloomberg.
“Norilsk is offering seven-year dollar-denominated notes with a yield of 5.875 percent to 6 percent, a person familiar with the offering, who asked not to be identified because the terms aren’t set, said yesterday. The yield on its dollar bond due April 2018 fell 15 basis points to 4.50 percent at 1:02 p.m. in Moscow, the lowest since the sale six months ago. That compares with a rate of 6.49 percent for emerging-market metals and mining companies in JPMorgan Chase & Co. CEMBI Broad Index.”
On Thursday, October 17, the day’s biggest mover was the Indian nickel cash price, which saw a 0.7 percent increase. The nickel spot price saw a 0.4 percent decline on the LME to $13,835 per metric ton. On the LME, the nickel 3-month price declined 0.3 percent to $13,910 per metric ton.
Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row. The price of Chinese ferro-moly continues to hover for the fifth day in a row.
For the fifth consecutive day, the price of Chinese 316 stainless coil held flat. The price of Chinese 304 stainless coil held steady. The price of Chinese 316 stainless steel scrap saw little movement. For the fifth day in a row, the price of Chinese 304 stainless steel scrap remained essentially flat. The price of Chinese primary nickel showed little movement on Thursday.