NBLACT 10 06/20/22 Corp

Noble Group Ltd

Credit, Energy


Publicly Traded Companies Mentioned Herein: Harbour Energy PLC (HBR LN), Noble Group Limited (NOBGY)

Highlights

The presenter is long Noble Group’s secured bonds with 10% coupon due Jun. 20, 2022. Noble Group Ltd is a Hong Kong based commodity trader with exposure to independent energy products and industrial raw materials supply chains. The bond currently trades in the 85 - 87 range, and is collateralized by 3 main assets: a stake in Harbor Energy, Jamalco, and about $100MM in cash. The presenter feels this gives the bonds good upside on a risk adjusted basis and backs it well beyond its trading value. Overall, the presenter sees upside potential between 115 and 140, backed by strong assets that have incremental optionality based on performance. 

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