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 weaker credits in attractive sectors like commodities which price at large enough discounts can generate huge order books and raise large amounts of medium-term debt.
Citi and JPMorgan handled the trade, which bankers hope...
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