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...

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