Metinvest BV, the Ukrainian steel and mining group owned by billionaire Rinat Akhmetov, is testing investor appetite for new debt after redeeming a $428 million bond in April. The company is working with Morgan Stanley on a roadshow to gauge pricing for a potential five‑year issue ahead of a planned 2026 issuance.

Earlier this year, Metinvest abandoned a debt‑restructuring pact with bondholders and instead used internal cash to fund the redemption. The move came amid higher energy and labor costs, and the loss of assets at its Azovstal plant in Mariupol after the Russian invasion, which weakened its credit profile and raised yields.

Market sentiment for Ukrainian issuers improved at the start of 2026, allowing peers like MHP to issue new bonds. Metinvest held a London roadshow in February, but escalating U.S.–Iran tensions pushed yields higher, pushing its October 2029 bond to 12.5% before settling at 11.2%.

S&P Global Ratings upgraded Metinvest to CCC+ but kept a negative outlook, noting the company must build a cash buffer. The recent redemption and potential new issue signal that Metinvest remains resilient enough to navigate the volatile Ukrainian market while avoiding immediate liquidity pressure in a region beset by conflict.