Noble Group's bonds recover as commodity distress eases

Singapore

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 the Straits Times Index, recovered to 60.1 cents on the dollar on Tuesday from as low as 41 cents on Jan 22, a period in which its shares surged almost 60 per cent. Noble Group is also the top-performer from South-east Asia in a Bank of America Merrill Lynch Asian high yield index, as commodity prices climb about 9 per cent from a January low.