Noble Group Debt Back Above 60 Cents as Commodity Distress Eases
- Bonds rally to 60.3 cents after sinking to 41 cents in January
- Credit fundamentals `still warrant some caution,' says RHB
Noble Group CEO Yusuf Alireza.
Photographer: Nicky Loh/BloombergThis article is for subscribers only.
Noble Group Ltd.’s plans to refinance loans due next month are getting a boost as the commodities collapse eases.
Bonds due 2018 from the resources trading company, which has been cut to junk and will be removed from Singapore’s Straits Times Index, recovered to 60.3 cents on the dollar Tuesday from as low as 41 cents on Jan. 22, a period in which its shares surged 60 percent. Noble Group is also the top-performer from Southeast Asia in a Bank of America Merrill Lynch Asian high yield index, as commodity prices climb about 9 percent from a January low.