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

In this month’s In-Focus, we provide an update on the Macau gaming sector, including our market outlook, concession renewals and a peer comparison of the four companies under our coverage. The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

   In this month’s In-Focus, we provide an update on the Macau gaming sector, including our market outlook, concession renewals and a peer comparison of the four companies under our coverage.    The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - Macau Gaming Update - Lucror Analytics

The Asia HY Trade Recommendations report for September includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index.

   The Asia HY Trade Recommendations report for September includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - September 2019 - Lucror Analytics

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar. 

Lucror Analytics - Morning Views Asia - 20 Sep 2019

Lucror Analytics - Morning Views Asia - 18 Sep 2019

Trung Nguyen

Azure Power is marketing 5.25NC3 144A/RegS green bonds due 2024, with a total issue size of up to USD 350 mn. The proposed Notes are expected to be rated Ba2/BB by Moody’s and Fitch, i.e. one notch higher than the existing AZUPOE 22 (Ba3/BB-).  The structure of the new Notes is similar to that of the Azure 2022 Notes. They are both guaranteed by the parent guarantor. That said, the guarantee will be removed if Debt/EBITDA improves to 5.5x or below. The key difference is the restricted subsidiaries’ counter party exposure. While the restricted subsidiaries of the 2022 Notes have c. 33% exposure to stronger, sovereign-backed entities, those of the proposed Notes have c. 70%. Thus, the quality of revenue stream of the proposed Notes is better.  We believe the proposed Notes could price tighter than the IPT (c. 6%), at 5.5%-5.75%, and see fair value these levels. We maintain our "Hold" recommendation on the existing AZUPOE '22s.    .

   Azure Power is marketing 5.25NC3 144A/RegS green bonds due 2024, with a total issue size of up to USD 350 mn. The proposed Notes are expected to be rated Ba2/BB by Moody’s and Fitch, i.e. one notch higher than the existing AZUPOE 22 (Ba3/BB-).     The structure of the new Notes is similar to that of the Azure 2022 Notes. They are both guaranteed by the parent guarantor. That said, the guarantee will be removed if Debt/EBITDA improves to 5.5x or below. The key difference is the restricted subsidiaries’ counter party exposure. While the restricted subsidiaries of the 2022 Notes have c. 33% exposure to stronger, sovereign-backed entities, those of the proposed Notes have c. 70%. Thus, the quality of revenue stream of the proposed Notes is better.     We believe the proposed Notes could price tighter than the IPT (c. 6%), at 5.5%-5.75%, and see fair value these levels. We maintain our "Hold" recommendation on the existing AZUPOE '22s.    . 

Azure Power - Event Flash - Roadshowing Up To USD 350 Mn 5.25NC3 Notes - Lucror Analytics

India

Azure Power Global Limited operates as an independent solar power producer. The Company designs, constructs, maintains, and operates solar energy projects. Azure Power Global serves customers worldwide.

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Azure Power Global Ltd (AZRE US)

Asia HY Monthly - Macau Gaming Update - Lucror Analytics

In this month’s In-Focus, we provide an update on the Macau gaming sector, including our market outlook, concession renewals and a peer...

Lucror Analytics

Asia HY Trade Recommendations - September 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for September includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 20 Sep 2019

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 18 Sep 2019

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Azure Power - Event Flash - Roadshowing Up To USD 350 Mn 5.25NC3 Notes - Lucror Analytics

Azure Power is marketing 5.25NC3 144A/RegS green bonds due 2024, with a total issue size of up to USD 350 mn. The proposed Notes are expected to...

Lucror Analytics

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