Noble Group prints $750 million dual tranche deal

Hong Kong’s Noble Group returns with a five-year security and a 10-year non-callable issue. The next in line are Coastal Expressways and Olam.

Noble Group has returned to the market with its second transaction for the year printing a $750 million Baa3BBB dual tranche deal. As the sole bookrunner to the deal, J,P. Morgan helped Noble sell a $500 million 4.87% semi-annual five-year security and a $250 million 6.625% 10-year bond.

The five-year bond is a Reg-S144A deal and holds an August 5, 2015 maturity date. At the time of pricing it was re-offered at 99.842 to yield 4.911%. This is equivalent to a spread of 330bp over the five-year US Treasury yield.

The 10-year bonds will be callable after five years and are set to mature on August 5, 2020. The re-offer spread...

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