CSN Floats Bond Guidance

CSN has put out 7.00%-7.25% yield guidance for its upcoming 2019 bond issue, according to investors. The Brazilian steelmaker was on the road on the east coast last week, and is set to wrap up today in Los Angeles. The Ba1/BB+/BBB- issue is expected be worth up to $750m. Itau and Morgan Stanley are managing the 144a/Reg S CSN transaction, done through the Islands XI special purpose vehicle created for the issue. Proceeds will go to replacing old debt.