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.

Debt Capital Markets

Mumbai International Airport / Debt Capital Markets

Mumbai International Airport (MIAL) is roadshowing USD 7.25 year 144A/RegS notes. The notes have an expected rating of BB+ from Fitch. The company expects to price them as early as this week. Proceeds from the offering will be used to repay MIAL's bridge loan facility and for capex. We view MIAL as “Medium Risk” on our LARA scale. We like the near-monopoly status of the Chhatrapati Shivaji Maharaj International Airport (operated and managed by MIAL), the recurring and stable revenue and cash flows of the airport business, and the project finance structure of the proposed notes. These should mitigate the inherent high leverage of the credit (even after passenger traffic recovers fully). The key risks are the: [1] speed of recovery in passenger traffic; and [2] contingent liability in the form of an annual fee to Airports Authority of India (pending the court’s final judgment). Our Credit Bias is “Stable”, given that the steady recovery in passenger traffic should help offset the temporarily stressed credit profile. Assuming the deal goes through despite the poor market situation, we view a yield of 7% as fair value on the proposed Notes

 Mumbai International Airport (MIAL) is roadshowing USD 7.25 year 144A/RegS notes. The notes have an expected rating of BB+ from Fitch. The company expects to price them as early as this week. Proceeds from the offering will be used to repay MIAL's bridge loan facility and for capex.  We view MIAL as “Medium Risk” on our LARA scale. We like the near-monopoly status of the Chhatrapati Shivaji Maharaj International Airport (operated and managed by MIAL), the recurring and stable revenue and cash flows of the airport business, and the project finance structure of the proposed notes. These should mitigate the inherent high leverage of the credit (even after passenger traffic recovers fully). The key risks are the: [1] speed of recovery in passenger traffic; and [2] contingent liability in the form of an annual fee to Airports Authority of India (pending the court’s final judgment). Our Credit Bias is “Stable”, given that the steady recovery in passenger traffic should help offset the temporarily stressed credit profile.  Assuming the deal goes through despite the poor market situation, we view a yield of 7% as fair value on the proposed Notes

Mumbai International Airport - New Issue Assessment - Lucror Analytics

Leonard Law, CFA

Credit

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.

Morning Views Asia: Mumbai International Airport

India

Mumbai International Airport Limited provides local and suburban mass transportation services. The Company offers logistics and passenger services. Mumbai International Airport serves passengers in India.

Mumbai International Airport (346505Z IN)

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Mumbai International Airport (346505Z IN)

Mumbai International Airport - New Issue Assessment - Lucror Analytics

Mumbai International Airport (MIAL) is roadshowing USD 7.25 year 144A/RegS notes. The notes have an expected rating of BB+ from Fitch. The...

Lucror Analytics

Morning Views Asia: Mumbai International Airport

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

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)