Russian metals giant OAO Norilsk Nickel, the world top producer of palladium, said on Friday it plans to issue a convertible eurobond at the end of this month or October to finance a planned buyback of its shares for $4.5 billion.

I believe the (buyback) procedure will start in the end of September or early October, Vladimir Srzhalkovsky, Norilsk CEO, told reporters. Convertible bonds will be issued simultaneously to finance the buyback. Work is going on. The banks have been chosen, he added without providing more details.

Besides palladium, Moscow-based Norilsk produces nickel, platinum and copper.