ndo npv calc, page-32

ml bond issue Im amazed no one here has focussed on what an extrodianary event this is..... 'USD22m , UNSECURED and Unsubordinated' .... Ive never seen anything like this level of lending to a junior oiler on such seemingly risky terms by a major insto .... It either shows a huge leap of faith in Galoc , or there is more to the Nido story than the general market knows , ...or both !

As for the recent selling being linked to the bond issue , I dont think ML held NDO in the first place , but it is possible , and the debt is not subordinated so it cant be another holder hedging ...imo.

Having worked for a couple of major banking insto's in a previous life I just cannot see how this deal got banked ...anyway ,,, very interesting , and a huge coup for Gillian Evans et al ;)

SALTY