Noble tweaks corporate hybrid structure, pricing debate begins
Noble Group is planning to launch Asia’s second corporate hybrid bond this year and has left market participants divided over where the deal should price. But Standard and Poor’s gave investors some guidance after the market closed on Tuesday, arguing the hybrid issue would be rated four notches lower than the company’s senior paper.
The deal will not be rated by either Fitch, Moody’s or Standard and Poor’s, leading to some debate between investors and analysts on how to calculate fair value for the bond. However, S&P said on Tuesday evening that the corporate hybrid would have a “high” equity value —
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