Nostrum Oil and Gas - Fixed Income Analysis

We maintain our recommendation to SELL Nostrum Oil and Gas bonds with a maturity date in February and November 2019. We continue to believe that the Company does not generate sufficient cash flows and will not be able to repay the bonds in the total amount of $960mn at current oil prices. Even when the company achieves planned production levels, which, in our opinion, are too optimistic, the price of oil will restrain operating cash flows.

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