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

The Asia HY Trade Book for July 2023 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia (ex-Japan) HY and crossover credits.

  The Asia HY Trade Book for July 2023 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia (ex-Japan) HY and crossover credits. 

Asia HY Trade Book - July 2023 - Lucror Analytics

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

JSW Infrastructure / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsw-infrastructure" target="_blank" data-smartkarma-citation="entities:35408:1" rel="noopener">JSW Infrastructure (5978490Z IN)</a> is looking to raise up to US$341m in its upcoming India IPO. </li>
<li>The deal will be run by JM Financial, Axis Capital, Credit Suisse, DAM Capital, HSBC, ICICI Securities, Kotak and SBI Capital.  </li>
<li>JSW Infrastructure (JSWI) is the fastest growing port-related infrastructure company in terms of growth in installed cargo handling capacity and cargo volumes handled during FY20 to FY22, according to CRISIL. </li>
</ul>



JSW Infrastructure (5978490Z IN) is looking to raise up to US$341m in its upcoming India IPO. 
The deal will be run by JM Financial, Axis Capital, Credit Suisse, DAM Capital, HSBC, ICICI Securities, Kotak and SBI Capital.  
JSW Infrastructure (JSWI) is the fastest growing port-related infrastructure company in terms of growth in installed cargo handling capacity and cargo volumes handled during FY20 to FY22, according to CRISIL. 


Trung Nguyen

Debt Capital Markets

JSW Infrastructure / Debt Capital Markets

Private port owner and operator​ JSW Infrastructure (JSWIL) is roadshowing a USD RegS/144A 7-year sustainability-linked bond (SLB), with the proceeds mainly to be used for refinancing existing debt. We view JSWIL as “Low Risk” on our LARA scale. The port/terminal business is relatively stable, driven mainly by cargo volumes (not prices of commodities) with regulated tariffs. JSWIL also benefits from the high contractual cash flows from take-or-pay contracts, and has relatively low leverage. However, the credit is weighed down by the high related-party transactions and elevated concentration risk. Still, we note that the counterparties are mainly JSW Group companies with generally good credit. Our fundamental Credit Bias is “Stable”, given the stability of the business and the recovery in the Indian economy.  We believe the proposed SLB could price at c. 4.5%.

 Private port owner and operator​ JSW Infrastructure (JSWIL) is roadshowing a USD RegS/144A 7-year sustainability-linked bond (SLB), with the proceeds mainly to be used for refinancing existing debt.  We view JSWIL as “Low Risk” on our LARA scale. The port/terminal business is relatively stable, driven mainly by cargo volumes (not prices of commodities) with regulated tariffs. JSWIL also benefits from the high contractual cash flows from take-or-pay contracts, and has relatively low leverage. However, the credit is weighed down by the high related-party transactions and elevated concentration risk. Still, we note that the counterparties are mainly JSW Group companies with generally good credit. Our fundamental Credit Bias is “Stable”, given the stability of the business and the recovery in the Indian economy.   We believe the proposed SLB could price at c. 4.5%.

JSW Infrastructure - New Issue Snapshot - Lucror Analytics

India

JSW Infrastructure Limited operates and manages ports and terminals. The Company handles various types of cargo, including dry bulk, break bulk, liquid bulk, gases, and containers, as well as offers cargo handling, end-to-end logistics, and storage solutions. JSW Infrastructure serves customers in India.

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JSW Infrastructure (JSWINFRA IN)

Asia HY Trade Book - July 2023 - Lucror Analytics

The Asia HY Trade Book for July 2023 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features...

Lucror Analytics

JSW Infrastructure Pre-IPO Tearsheet

JSW Infrastructure (5978490Z IN) is looking to raise up to US$341m in its upcoming India IPO. The deal will be run by JM Financial, Axis Cap, CS,...

Ethan Aw

JSW Infrastructure - New Issue Snapshot - Lucror Analytics

Private port owner and operator JSW Infrastructure (JSWIL) is roadshowing a USD RegS/144A 7-year sustainability-linked bond (SLB), with the...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asia HY Trade Book - July 2023 - Lucror Analytics

The Asia HY Trade Book for July 2023 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features...

Lucror Analytics

JSW Infrastructure Pre-IPO Tearsheet

JSW Infrastructure (5978490Z IN) is looking to raise up to US$341m in its upcoming India IPO. The deal will be run by JM Financial, Axis Cap, CS,...

Ethan Aw

JSW Infrastructure - New Issue Snapshot - Lucror Analytics

Private port owner and operator​ JSW Infrastructure (JSWIL) is roadshowing a USD RegS/144A 7-year sustainability-linked bond (SLB), with the...

Lucror Analytics

Private port owner and operator JSW Infrastructure (JSWIL) is roadshowing a USD RegS/144A 7-year sustainability-linked bond (SLB), with the...