01-09-13 Arcelor Mittal (MT)

$1.75B mando sub notes (MCN) coming tonight from GS/Boa/DB. Terms: 3yr, 5.875-6.375% up 20-25%, protected for all divs. Concurrent $1.75B stk placement. L+450 (Euro entity), 2 skew (36/38), 30 bp brw

US mando space is depleted. Total mkt cap 19.5B with 8B rolling off in 2013 alone. Within this low rate paradigm, despite being sub, 6% up on sen BB+ credit will still be attractive to market. Not directly comparable to VW given rating but this is a BUY

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