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.

  • 28 Oct 2010

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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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 173,957.50 760 7.17%
2 Bank of America Merrill Lynch 154,418.14 713 6.36%
3 Citi 136,997.26 734 5.65%
4 Goldman Sachs 109,713.42 475 4.52%
5 Barclays 106,206.79 488 4.38%

Bookrunners of Euro Denominated Corporate IG Bonds

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1 BNP Paribas 29,965.54 145 8.65%
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3 Deutsche Bank 24,247.02 105 7.00%
4 SG Corporate & Investment Banking 21,192.48 112 6.12%
5 HSBC 19,467.45 94 5.62%

Bookrunners of European HY Bonds

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1 JPMorgan 8,469.76 69 4.02%
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5 BNP Paribas 5,941.97 66 2.82%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 37,132.38 289 10.79%
2 Citi 28,905.88 231 8.40%
3 Bank of America Merrill Lynch 28,820.93 250 8.37%
4 Goldman Sachs 24,953.24 183 7.25%
5 Barclays 23,023.01 153 6.69%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Barclays 28,102.94 134 6.35%
2 Deutsche Bank 28,087.32 104 6.34%
3 BNP Paribas 27,948.80 144 6.31%
4 HSBC 25,944.81 127 5.86%
5 Citi 23,312.66 103 5.26%