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

<ul>
<li>Treasury yields fell 9-10 bps across the curve yesterday, as the weak ADP employment and ISM services data raised expectations for Fed rate cuts.</li>
<li>The yield on the 2Y UST declined 9 bps to 3.87%, while that on the 10Y UST was down 10 bps at 4.36%.</li>
<li>Equities were largely steady, with the S&amp;P 500 unchanged and the Nasdaq up 0.3%. </li>
</ul>


Treasury yields fell 9-10 bps across the curve yesterday, as the weak ADP employment and ISM services data raised expectations for Fed rate cuts.
The yield on the 2Y UST declined 9 bps to 3.87%, while that on the 10Y UST was down 10 bps at 4.36%.
Equities were largely steady, with the S&amp;P 500 unchanged and the Nasdaq up 0.3%. 


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi


<ul>
<li>Medco Energi has announced a cash tender offer to repurchase up to all the outstanding USD 242.3 mn MEDCIJ 7.375 '26s and USD 418.7 mn MEDCIJ 6.375 '27s.</li>
<li>It is also concurrently seeking to issue new USD 400 mn 5NC2 notes.</li>
<li>In our view, the proposed transactions demonstrate Medco’s proactive management of its debt maturity profile.</li>
</ul>


Medco Energi has announced a cash tender offer to repurchase up to all the outstanding USD 242.3 mn MEDCIJ 7.375 '26s and USD 418.7 mn MEDCIJ 6.375 '27s.
It is also concurrently seeking to issue new USD 400 mn 5NC2 notes.
In our view, the proposed transactions demonstrate Medco’s proactive management of its debt maturity profile.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Greenko Energy, Vedanta Resources, Reliance Industries</li>
<li>Last Friday, US Treasuries tightened by 5-8 bps across the curve. US equities continued to recover, albeit at a slow pace, with the S&amp;P 500 up by 0.7% and Nasdaq rising 1.3%.</li>
<li>The US economy is projected to register a weak 0.4% annualised growth rate in Q1/25, according to the US government's initial estimate, with a large trade deficit and consumer fatigue contributing to the slowdown, even before the tariff-related upheaval.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Greenko Energy, Vedanta Resources, Reliance Industries
Last Friday, US Treasuries tightened by 5-8 bps across the curve. US equities continued to recover, albeit at a slow pace, with the S&amp;P 500 up by 0.7% and Nasdaq rising 1.3%.
The US economy is projected to register a weak 0.4% annualised growth rate in Q1/25, according to the US government's initial estimate, with a large trade deficit and consumer fatigue contributing to the slowdown, even before the tariff-related upheaval.


<ul>
<li>Medco Energi's performance remained robust in FY 2024, with the company reporting stable earnings but improved cash flows.</li>
<li>FCF was positive and net debt declined, supported by the disposal of Medco's Vietnamese assets.</li>
<li>Consolidated Net Debt/EBITDA was healthy at 2.3x.</li>
</ul>


Medco Energi's performance remained robust in FY 2024, with the company reporting stable earnings but improved cash flows.
FCF was positive and net debt declined, supported by the disposal of Medco's Vietnamese assets.
Consolidated Net Debt/EBITDA was healthy at 2.3x.


Medco Energi - Earnings Flash - FY 2024 Results - Lucror Analytics

Indonesia

PT Medco Energi Internasional Tbk is an integrated energy company. The Company explores for and produces oil and gas both in Indonesia and internationally, operates gas-fired power plants in Panaran I, Batam Island, and develops renewable fuels such as Bio-fuel.

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Medco Energi (MEDC IJ)

Lucror Analytics - Morning Views Asia

Treasury yields fell 9-10 bps across the curve yesterday, as the weak ADP employment and ISM services data raised expectations for Fed rate cuts.

Lucror Analytics

Lucror Analytics - Morning Views Asia

Treasury yields ended slightly lower yesterday, after erasing a sell-off that briefly pushed the yield on the 30Y UST above 5%, in the wake of...

Lucror Analytics

Medco Energi

Medco Energi has announced a cash tender offer to repurchase up to all the outstanding USD 242.3 mn MEDCIJ 7.375 '26s and USD 418.7 mn MEDCIJ 6.375...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Greenko Energy, Vedanta...

Lucror Analytics

Medco Energi - Earnings Flash - FY 2024 Results - Lucror Analytics

Medco Energi's performance remained robust in FY 2024, with the company reporting stable earnings but improved cash flows. FCF was positive and...

Lucror Analytics

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