noble-sets-the-tone-for-asian-highyield-bonds

Noble sets the tone for Asian high-yield bonds

Noble Group attracts an impressive $4 billion in orders and prices at the tight end of guidance in a deal that augurs well for Asia's high-yield borrowers.
Noble Group, a global supply chain manager of agricultural, metals, minerals, ores, and energy products, last Thursday succeeded in raising $500 million in five-year senior notes at the tight end of guidance issued at 8.5%-8.75%. The deal, which priced at par, attracted just under $4 billion in orders with approximately 150 accounts being allocated bonds.

ôThe deal was hot, hot, hot. Everyone bought it,ö says a syndicate banker not connected with the transaction. In general terms, the deal shows that weaker credits in attractive sectors like commodities which price at large enough discounts can generate huge order books and raise large amounts of medium-term debt.

Citi and JPMorgan handled the trade, which bankers hope...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222