Senior Credit Analyst, Lucror Analytics

Trung Nguyen

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

Lippo Malls Indonesia Retail Trust / Credit

Yesterday, Lippo Malls Indonesia Retail Trust (LMIRT) launched an exchange offer for the USD 7.25% 2024 notes maturing on June 19th, with an outstanding amount of USD 138.4 mn. The company has offered to exchange each of the USD 1,000 principal of the notes for USD 432 of USD 7.5% 2026 notes and a USD 600 cash payment. The funding will come from a credit facility of up to IDR 1.5 tn. We recommend that holders of the 2024 notes participate in the offer. Considering that it requires 70% of holders to take part, holding out could cause the transaction to fall through, with LMIRT then defaulting on the notes.

  Yesterday, Lippo Malls Indonesia Retail Trust (LMIRT) launched an exchange offer for the USD 7.25% 2024 notes maturing on June 19th, with an outstanding amount of USD 138.4 mn. The company has offered to exchange each of the USD 1,000 principal of the notes for USD 432 of USD 7.5% 2026 notes and a USD 600 cash payment. The funding will come from a credit facility of up to IDR 1.5 tn.   We recommend that holders of the 2024 notes participate in the offer. Considering that it requires 70% of holders to take part, holding out could cause the transaction to fall through, with LMIRT then defaulting on the notes. 

Lippo Malls Indonesia - Event Flash - Exchange Offer For 2024 Notes; Q1 Results - Lucror Analytics

Leonard Law, CFA

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.<ul><li><a href='#lucror-entity-1776'>Indika Energy</a></li><li><a href='#lucror-entity-10946'>Lippo Malls Indonesia Retail Trust</a></li><li><a href='#lucror-entity-16955'>SK Hynix</a></li><li><a href='#lucror-entity-22202'>Vedanta Resources</a></li></ul>

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.Indika EnergyLippo Malls Indonesia Retail TrustSK HynixVedanta Resources

Morning Views Asia: Indika Energy, Lippo Malls Indonesia Retail Trust, SK Hynix, Vedanta Resources

Lippo Malls Indonesia Retail Trust has launched a capped tender offer for its two outstanding USD notes: the 7.25% '24s, with USD 231.8 mn outstanding; and the 7.5% '26s, with USD 181.7 mn outstanding. The purchase prices will be 76.5 for the '24s, and 66.5 for the '26s. Funding for the tender offer would be from, and capped by the size of, an INR 2.5 tn (SGD 215 mn) secured amortising term loan facility. We recommend that holders of the '24s and '26s tender their notes.

  Lippo Malls Indonesia Retail Trust has launched a capped tender offer for its two outstanding USD notes: the 7.25% '24s, with USD 231.8 mn outstanding; and the 7.5% '26s, with USD 181.7 mn outstanding. The purchase prices will be 76.5 for the '24s, and 66.5 for the '26s. Funding for the tender offer would be from, and capped by the size of, an INR 2.5 tn (SGD 215 mn) secured amortising term loan facility.   We recommend that holders of the '24s and '26s tender their notes. 

Lippo Malls Indonesia - Event Flash - Tender Offer For USD Notes - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Lippo Malls Indonesia Retail Trust's ESG as "Adequate", in line with its Environmental and Social scores. We deem Governance as "Weak", despite the "Adequate" score in quantitative terms. Controversies are "Immaterial" and Disclosure is "Adequate".

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).  We assess Lippo Malls Indonesia Retail Trust's ESG as "Adequate", in line with its Environmental and Social scores. We deem Governance as "Weak", despite the "Adequate" score in quantitative terms. Controversies are "Immaterial" and Disclosure is "Adequate". 

Lippo Malls Indonesia - ESG Report - Lucror Analytics

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>For the better part of two decades, Singaporean real estate investment trusts (REITs) have provided an efficient and popular exposure to quality large-scale commercial properties. </li>
<li>Yet as global central banks hike interest rates to address inflationary pressures, can REITs retain their attractiveness?</li>
<li>SREITs have corrected as Singaporean interest rates have increased. The question is whether higher interest rates are baked in, and which SREITs will hold up; and which ones will not?</li>
</ul>


For the better part of two decades, Singaporean real estate investment trusts (REITs) have provided an efficient and popular exposure to quality large-scale commercial properties. 
Yet as global central banks hike interest rates to address inflationary pressures, can REITs retain their attractiveness?
SREITs have corrected as Singaporean interest rates have increased. The question is whether higher interest rates are baked in, and which SREITs will hold up; and which ones will not?


S-REITs: Investing In An Inflationary Environment

Singapore

Lippo Malls Indonesia Retail Trust is a real estate investment trust that invests in malls and other retail locations.

Lippo Malls Indonesia Retail Trust (LMRT SP)

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Lippo Malls Indonesia Retail Trust (LMRT SP)

Lippo Malls Indonesia - Event Flash - Exchange Offer For 2024 Notes; Q1 Results - Lucror Analytics

Yesterday, Lippo Malls Indonesia Retail Trust (LMIRT) launched an exchange offer for the USD 7.25% 2024 notes maturing on June 19th, with an...

Lucror Analytics

Morning Views Asia: Indika Energy, Lippo Malls Indonesia Retail Trust, SK Hynix, Vedanta Resources

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

Lucror Analytics

Lippo Malls Indonesia - Event Flash - Tender Offer For USD Notes - Lucror Analytics

Lippo Malls Indonesia Retail Trust has launched a capped tender offer for its two outstanding USD notes: the 7.25% '24s, with USD 231.8 mn...

Lucror Analytics

Lippo Malls Indonesia - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Lippo Malls Indonesia...

Lucror Analytics

S-REITs: Investing In An Inflationary Environment

Suntec, with one of the highest gearings in the office subsector, may need to go to the market cap in hand. That or divest some assets - in what is...

David Blennerhassett

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