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By Robert Smith LONDON, April 23 (IFR) - A new bond for Fortescue Metals Group has rocketed up more than three points in the secondary market on Thursday, suggesting investors had the Australian iron ore producer over a barrel on pricing. Sole lead JP Morgan priced the US$2.3bn 9.75% senior secured seven-year non-call three deal at 97.608 to yield 10.25% - just a touch inside talk of 10.5%. But the bond has already traded up massively, with two investors seeing it bid above a cash price of 101. Fortescue withdrew a US$2.5bn bond last month after investors' price expectations drifted towards 9% yields. A further crash in iron ore prices put the company on the back foot when it returned to market to get the crucial deal done, however. "They had the last deal done at 9 to 9.25%, but they didn't pull the trigger as they didn't want to pay that much," said one of the investors. "I think it's fair to say that everyone who liked it at 9.25% was very happy to get involved at 10.25%." The new deal means Fortescue has tackled its biggest short-term refinancing needs, giving it some breathing space and reassuring the bond market. The second investor cautioned that a further slump in iron ore prices would quickly erase the early secondary market gains on the new deal, however. (Reporting by Robert Smith, editing by Helene Durand and Julian Banker)
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Fortescue Metals Group
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EN DÉVELOPPEMENT |
CODE : FMG.AX |
ISIN : AU000000FMG4 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Fortescue Metals est une société développant des projet miniers de fer basée en Australie. Fortescue Metals détient divers projets d'exploration en Australie. Ses principaux projets en développement sont CHRISTMAS CREEK et NULLAGINE IRON en Australie et son principal projet en exploration est SOLOMON GROUP en Australie. Fortescue Metals est cotée en Australie et en Allemagne. Sa capitalisation boursière aujourd'hui est 54,4 milliards AU$ (36,6 milliards US$, 33,0 milliards €). La valeur de son action a atteint son plus bas niveau récent le 29 janvier 2016 à 1,41 AU$, et son plus haut niveau récent le 13 septembre 2024 à 17,47 AU$. Fortescue Metals possède 3 113 799 936 actions en circulation. |