Noble's Bank Debt Prices Signal Concern That Worst Isn't Over

For all the steps Noble Group Ltd. has taken to shore up its cash, investors in its bank debt are signaling concern that the worst isn’t over for the commodities trader after its ratings were cut to junk.

A parcel of about $15 million of a group credit facility that matures on April 17 traded at about 75 cents on the dollar last week, according to people familiar with the matter who asked not to be identified because they aren’t authorized to speak to the media. The last trade on a portion of the facility occurred in December and settled above 80 cents, the people said, without specifying the size. The parcel is part of a $2.3 billion revolving credit line that Noble Group borrowed in 2015.