Hybrid issuers go bespoke as Noble follows Hutch with perp
Asia’s private banks and other corporate bond investors were given more choice this week in the rapidly expanding hybrid asset class as Noble Group offered a $350m perpetual non-call five year bond with more equity-like features than recent deals.
The commodities company came to the market less than a week after Hutchison Whampoa closed its own $2bn deal but apart from the perpetual non-call five maturities of the issues, investors and rating analysts found little to compare them.
Noble approached investors last week with the structure of
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