noble-group-issues-cb-with-65-conversion-premium

Noble Group issues CB with 65% conversion premium

The raw materials supplier raises $200 million from the offering, which comes as the share price has risen 54% year-to-date.
Noble Group has raised $200 million from a convertible bond, which clearly shows investors still have an appetite for high premium offerings despite the set-back in the secondary market for several of the more recent deals.

In fact, the Singapore-listed supplier of raw materials and commodities managed to pull off the highest premium ever for an Asian CB outside of India at 65%. That it was able to do this even after the stock has run up close to 50% in the past three months, is partly a testament to the experience of Citi and JPMorgan, which were joint bookrunners on the transaction. The pair gathered enough interest for the issue û which has...
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