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Obbligazioni societarieHIGH YIELD e oltre, verso frontiere inesplorate, vol.3
This call-rich 2031 (first call Jun 15, 2026 @ 104.375) is backed by a well-hedged, acquisitive, non-operated E&P with ample liquidity (revolver base $1.8bn; elected $1.6bn) and an active liability-management program. NOG just priced $725m 7.875% notes due 2033 and launched an any-and-all tender for its 2028s—clear evidence of market access and near-term balance-sheet de-risking.
Agencies and markets are comfortable with NOG’s liquidity and risk profile; today’s 7.875% 2033 print is an important reference point for relative value on your 8.75% 2031s.
Capital structure: RCF ca. 700mm + 2028 notes (705Mio) + 2031 notes (500Mio) and 2029 converts (675Mio)
In my take the 2031s become the next logical candidate for refi/call once the NC period ends (callable from 6/15/2026 at 104.375%). If credit spreads remain cooperative, economics favor a 2026–2027 take-out, especially if oil/gas hold and hedges continue to support cash flows.