Metinvest weighs bond issuance to cover major debt payment due in April

Metinvest, the largest private company in Ukraine UA, is exploring the issuance of new debt to address a looming bond payment of near $428 million due on April 23. This strategic move is currently under discussion as the company seeks to manage its short-term liquidity and retain access to international debt markets following significant operational losses caused by the war. As of February 24, 2026, the steelmaker is navigating a complex financial landscape where meeting this imminent liability is seen as a crucial step for its ongoing operations.

The potential debt issuance comes as Metinvest continues negotiations with a group of bondholders regarding a broader $1.25 billion restructuring. These talks are essential for the company to stabilize its finances after suffering major setbacks, including the loss of the Azovstal plant. The outcome of these discussions will significantly influence the company's relationship with its creditors and its future within the Ukrainian iron and steel sector. Alan Siow, a portfolio manager at Ninety One, is among the investors monitoring the company's ability to service its debt under these challenging conditions.