Noble Group raised $850 million through a 10-year bond issue early Friday morning Hong Kong time, pricing the deal at a fixed yield and at the tight end of early guidance.
Although the yield on the issue wasn't fixed relative to the yield of the 10-year US Treasury bond, at the time of pricing it translated into a spread of 344.5 basis points over that benchmark. The senior notes pay a 6.75% coupon each year, and were reoffered to investors at 99.105 to yield 6.875% to a maturity date of January 29, 2020.
The bonds were offered inside the existing Noble yield spread curve, but investors seemed happy with the terms of the new issue,...
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