On Friday, Rusal started investor meetings in Europe, North America and Asia testing appetite for its planned Eurobond issue which will have a tenor of up to five years.
For a company of Rusal size, benchmark size starts from $500 million. The company plans to use proceeds from the Eurobond issue to refinance part of its debt, one of the sources said.
Rusal's net debt was at $8.3 billion at the end of September. Rusal declined immediate comment.
Rusal said in September that along with Eurobond issue it was also considering a debut Chinese yuan-denominated bond and the use of multi-currency bond programme previously registered in Russia for repayment of $1.2 billion of its debt in 2017.
Rusal, the world's second largest aluminium producer after China's Hongqiao, is controlled by Russian tycoon Oleg Deripaska and part-owned by Glencore. It owns a stake in a nickel and palladium producer Nornickel.