Metinvest secures GBP 15 mln Islamic trade finance facility

Spartan UK, a flat products rerolling subsidiary of
Ukraine’s largest steelmaker Metinvest (METINV) based in Newcastle, U.K.,
secured a GBP 15 mln revolving commodity trade finance facility with the Bank
of London and The Middle East, the holding announced on Dec. 28. The facility
has an initial term of 12 months with an option for extension and is
sharia’a-compliant, Metinvest’s press release said.

Dmytro Khoroshun: The news is moderately positive for Metinvest’s credit history.
However, we think that Metinvest’s liability management move concerning its
outstanding Eurobond, which is possible in January-February 2018, will be the ultimate test for the holding’s
stance with the debt markets. We are keeping our neutral view on METINV Eurobond.