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Concorde Capital Research: Metinvest secures GBP 15 mln Islamic trade finance facility

December 29, 2017 | Cbonds

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.

Company: Metinvest

Full company nameMetinvest B.V.
Country of riskUkraine
Country of registrationNetherlands
IndustryFerrous metals

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