Here's why it's likely for Noble to commence refinancing this month

Banks should have enough collateral to back the embattled group.

Whilst some have doubts over Noble's ability to secure sufficient credit facilities, DBS Group Research reckons that the beleaguered group will be able to refinance its upcoming borrowing base facility in June.

"However, in our view, as long as CIC remains a shareholder, which may provide some hope for Noble's bankers that a key backer will provide support in the worst-case scenario, Noble should be
able to refinance its credit facilities, albeit smaller in size and with higher borrowing costs," DBS Group Research said.

In addition, it argued that by lending on a secured inventory basis, various banks should have sufficient collateral to continue backing Noble.

Here's more from DBS:

Given the negative sentiment surrounding Noble at the moment, a potential investment by a strategic partner may provide confidence to investors and bankers about the strength of its business model and value of its assets. However, given Noble’s low share price, there remains some risks that a strategic investor may offer unfavourable terms, which may dilute existing shareholdings in the near term.

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