Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

New World Development is a Hong Kong-based conglomerate primarily engaged in property development and investment, hotels, infrastructure and services, and department stores in Greater China, particularly the Greater Bay Area. Its portfolio includes residential, retail, office, and industrial properties, as well as hotel operations and various infrastructure projects. The company was founded in 1970 and is headquartered in Central, Hong Kong.

<ul>
<li>We believe that New World Development's (NWD) focus for the proposed exchange offers is to reduce its outstanding debt, mainly by restructuring the existing perps.</li>
<li>Hence, the exercise, if completed, would be credit positive for the company.</li>
<li>This would in turn support the prices of the existing straight bonds.</li>
</ul>


We believe that New World Development's (NWD) focus for the proposed exchange offers is to reduce its outstanding debt, mainly by restructuring the existing perps.
Hence, the exercise, if completed, would be credit positive for the company.
This would in turn support the prices of the existing straight bonds.


New World Development - Event Flash - Exchange Offers For All USD Perps And Bonds - Lucror Analytics

China Water Affairs Group is a leading integrated water service operator that invests in, constructs, and operates urban water supply, sewage treatment, and related value-added services, including pipeline direct drinking water, across Mainland China. The company is headquartered in Hong Kong and was founded in 1998.

<ul>
<li>China Water Affairs (CWA) is roadshowing an issuance of senior unsecured Reg-S only 5NC3 USD notes.</li>
<li>The notes are being issued as blue bonds under the company’s green and blue finance framework.</li>
<li>Moody’s has provided a second-party opinion, and assigned a SQS2 (very good) sustainability quality score to the framework. </li>
</ul>


China Water Affairs (CWA) is roadshowing an issuance of senior unsecured Reg-S only 5NC3 USD notes.
The notes are being issued as blue bonds under the company’s green and blue finance framework.
Moody’s has provided a second-party opinion, and assigned a SQS2 (very good) sustainability quality score to the framework. 


China Water Affairs - Event Flash - Proposed Issuance Of 5NC3 USD Notes - Lucror Analytics

Trung Nguyen

Nickel Industries Limited is an ASX-listed company that engages in nickel ore mining and the production of nickel pig iron, nickel matte, and mixed hydroxide precipitate. The company's products are used in the stainless steel industry and the electric vehicle supply chain. It was incorporated in 2007 and is based in Sydney, Australia.

<ul>
<li>Nickel Industries (NIC) launched a roadshow yesterday to market a USD 144A/RegS 5NC2 senior unsecured notes offering.</li>
<li>The new notes are rated B1 by Moody's and B+ by Fitch.</li>
<li>The expected size is USD 500 mn.</li>
</ul>


Nickel Industries (NIC) launched a roadshow yesterday to market a USD 144A/RegS 5NC2 senior unsecured notes offering.
The new notes are rated B1 by Moody's and B+ by Fitch.
The expected size is USD 500 mn.


Nickel Industries - Event Flash - Launches New Notes And Concurrent Tender Offer - Lucror Analytics

Health and Happiness (H&H) is a global family nutrition company that manufactures and sells premium nutrition and wellness products across adult, baby, and pet segments. Its offerings include infant formulas, probiotic supplements, vitamins, health supplements, and pet nutrition. The company is headquartered in Hong Kong and was founded in 1999.

<ul>
<li>Health and Happiness' (H&amp;H) proposed tender offer and new notes issuance will extend its debt maturity profile and alleviate debt repayment pressure in FY 2026.</li>
<li>In our view, the high tender offer price of 109.8 is to incentivise bondholders to tender and subscribe to the new notes.</li>
<li>We see fair value for the proposed notes at c. 8%.</li>
</ul>


Health and Happiness' (H&amp;H) proposed tender offer and new notes issuance will extend its debt maturity profile and alleviate debt repayment pressure in FY 2026.
In our view, the high tender offer price of 109.8 is to incentivise bondholders to tender and subscribe to the new notes.
We see fair value for the proposed notes at c. 8%.


Health And Happiness - Event Flash - Launches Tender Offer And Concurrent Notes Issuance

China Hongqiao Group is one of the world's largest producers of primary aluminum, specializing in the manufacturing and sale of aluminum products such as molten aluminum alloy, aluminum alloy ingots, and various deep-processed aluminum products. The company also engages in bauxite mining, alumina refining, and power generation. It was founded in 1994 and is headquartered in Zouping, Shandong, China.

<ul>
<li>This morning, China Hongqiao held a roadshow to market USD benchmark-sized three-year RegS bonds.</li>
<li>The expected issuance size is USD 300-400 mn (capped at USD 400 mn).</li>
<li>The order book is reported at USD 2 bn (including USD 395 mn interest from the 15 joint global coordinators).</li>
</ul>


This morning, China Hongqiao held a roadshow to market USD benchmark-sized three-year RegS bonds.
The expected issuance size is USD 300-400 mn (capped at USD 400 mn).
The order book is reported at USD 2 bn (including USD 395 mn interest from the 15 joint global coordinators).


China Hongqiao - Event Flash - Roadshowing USD 3Y Regs Notes - Lucror Analytics

Credit Events
Track catalysts impacting credits

New World Development - Event Flash - Exchange Offers For All USD Perps And Bonds - Lucror Analytics

We believe that New World Development's (NWD) focus for the proposed exchange offers is to reduce its outstanding debt, mainly by restructuring...

Lucror Analytics

China Water Affairs - Event Flash - Proposed Issuance Of 5NC3 USD Notes - Lucror Analytics

China Water Affairs (CWA) is roadshowing an issuance of senior unsecured Reg-S only 5NC3 USD notes. The notes are being issued as blue bonds under...

Lucror Analytics

Nickel Industries - Event Flash - Launches New Notes And Concurrent Tender Offer - Lucror Analytics

Nickel Industries (NIC) launched a roadshow yesterday to market a USD 144A/RegS 5NC2 senior unsecured notes offering. The new notes are rated B1 by...

Lucror Analytics

Health And Happiness - Event Flash - Launches Tender Offer And Concurrent Notes Issuance

Health and Happiness' (H&H) proposed tender offer and new notes issuance will extend its debt maturity profile and alleviate debt repayment...

Lucror Analytics

China Hongqiao - Event Flash - Roadshowing USD 3Y Regs Notes - Lucror Analytics

This morning, China Hongqiao held a roadshow to market USD benchmark-sized three-year RegS bonds. The expected issuance size is USD 300-400 mn...

Lucror Analytics