Metinvest 2029 note included into JPMorgan CEMBI indices

Ukraine’s largest steelmaker Metinvest (METINV)
reported in a Dec. 2 release that its USD 500 mln notes maturing in 2029 were
included in JPMorgan’s two corporate emerging markets bond index series (CEMBI)
indices, the CEMBI Broad and CEMBI Broad Diversified. Metinvest’s 2029 note met
the criteria to be included into these high-yield USD-denominated indices after
a regular review on Nov. 29, the company said.

Metinvest’s 2029 notes were issued in October
2019 as a part of a liability management exercise,
Metinvest’s release said.

Dmytro Khoroshun: This index
inclusion likely was expected by the markets because Metinvest’s notes had
previously been included in JPMorgan’s CEMBI indices. Particularly, its 2023
(USD 505 mln currently outstanding) and 2026 notes (USD 648 mln) were included
in May 2018, a month after the company completed its previous restructuring and financing round.

We maintain our neutral outlook on METINV bonds.