Hunger for hybrids intensifies

Far East prices maiden perpetual bond, while Noble Group markets its second as investors clamour for duration and yield.

Far East Horizon has raised its first ever hybrid bond, while Noble Group launched its second as investors sought to gain exposure to longer tenor bonds amid an anticipated summer lull and increase returns amid a low interest rate environment.

The Hong Kong-listed Chinese equipment leasing company sold a $200 million senior perpetual note on Monday, catching an ideal issuance window as cost of funding for longer maturity bonds sink to the lowest in a year.

The Reg S-registered unrated bond callable in year three was priced at a yield of 5.55%, 45bp tighter than its initial price guidance of around 6%, according to a source close...

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