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Blackpink or BlackGold? Short KNOC/KOROIL notes

  Korea National Oil Corporation has fully wiped out its equity. We analyze the credit scenario where the government lets the BlackGold tar sand project go and bets on the Blackpink COP26 trajectory instead.  Includes flash views on the KNOC/KOROIL bond transaction in the market.

(29 March 2021)



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