Russian aluminum giant Rusal plans second float of yuan-denominated bonds in May

Russian aluminum giant Rusal may offer the second tranche of yuan-denominated bonds (Panda Bonds) in May, a source familiar with corporate plans told TASS on Wednesday.

"A road show is underway now. Rusal is holding meetings with investors in China. The slot will be in early May. The volume depends on demand," the source said.

An official spokesperson of Rusal refrained from comments.

Rusal floated the first tranche of three-year Panda Bonds with an option of early redemption after two years on March 21. The offering amounted to 1 bln yuan ($145 mln). The coupon rate is 5.5% per annum.

Early in 2017 Rusal registered an issue prospectus for Panda Bonds with the total amount up to 10 bln yuan ($1.5 bln) and the tenor up to seven years.