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

From an investor’s perspective, the month of May was dominated by two issues: the likely rate of the post-pandemic economic recovery, and mounting tensions between China and the US. In addition, China held its annual Two Sessions during the month after a delay due to COVID-19. In this report, we focus on the Government Working Report delivered at the meetings, looking for guidance on the trajectory of policy easing and the stimulus meant to drive a post-pandemic recovery. 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.

  From an investor’s perspective, the month of May was dominated by two issues: the likely rate of the post-pandemic economic recovery, and mounting tensions between China and the US. In addition, China held its annual Two Sessions during the month after a delay due to COVID-19. In this report, we focus on the Government Working Report delivered at the meetings, looking for guidance on the trajectory of policy easing and the stimulus meant to drive a post-pandemic recovery.   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 - Takeaways From China's Two Sessions (2020) - Lucror Analytics

The Asia HY Trade Recommendations report for the month of May includes a summary of our recommendations. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Recommendations report for the month of May includes a summary of our recommendations. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - May 2020 - Lucror Analytics

Trung Nguyen

We have reviewed the documents for Garuda Indonesia's restructuring proposal for the USD 500 mn 2020 Notes due June. We see the proposal as relatively creditor-friendly, as evidenced in the continued payment of coupons. Also, there are additional covenants that protect the USD 500 mn Notes from subordination to any new debt or liquidity support from the government (and from having lower economic return). Considering the dire circumstances facing Garuda, we see the proposed restructuring as a favourable outcome, and would recommend Noteholders give consent.

  We have reviewed the documents for Garuda Indonesia's restructuring proposal for the USD 500 mn 2020 Notes due June. We see the proposal as relatively creditor-friendly, as evidenced in the continued payment of coupons. Also, there are additional covenants that protect the USD 500 mn Notes from subordination to any new debt or liquidity support from the government (and from having lower economic return). Considering the dire circumstances facing Garuda, we see the proposed restructuring as a favourable outcome, and would recommend Noteholders give consent. 

Garuda Indonesia - Event Flash - Restructuring Proposal Highlights - 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.<ul><li><a href='#lucror-entity-5225'>Country Garden Holdings Co</a></li><li><a href='#lucror-entity-26799'>Future Retail</a></li><li><a href='#lucror-entity-12151'>Garuda Indonesia (Persero)</a></li><li><a href='#lucror-entity-8258'>Japfa Comfeed Indonesia</a></li><li><a href='#lucror-entity-20934'>Tata Steel Ltd</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.Country Garden Holdings CoFuture RetailGaruda Indonesia (Persero)Japfa Comfeed IndonesiaTata Steel Ltd

Morning Views Asia: Country Garden Holdings Co, Future Retail, Garuda Indonesia (Persero)

Indonesia's government said earlier today that it is finalising a USD 1 bn rescue package for Garuda Indonesia. According to Deputy State-Owned Enterprises Minister Kartika Wirjoatmodjo, this will entail a proposal to restructure the USD 500 mn 2020 Notes due in June 2020, and a bridge loan of up to USD 500 mn to meet the company's working capital requirements. The Notes restructuring proposal may include options for: [1] a maturity extension of three years; or [2] a staggered payment schedule. The government will present the proposal to Noteholders on May 18th.

  Indonesia's government said earlier today that it is finalising a USD 1 bn rescue package for Garuda Indonesia. According to Deputy State-Owned Enterprises Minister Kartika Wirjoatmodjo, this will entail a proposal to restructure the USD 500 mn 2020 Notes due in June 2020, and a bridge loan of up to USD 500 mn to meet the company's working capital requirements. The Notes restructuring proposal may include options for: [1] a maturity extension of three years; or [2] a staggered payment schedule. The government will present the proposal to Noteholders on May 18th. 

Garuda Indonesia - Event Flash - Government Drafting USD 1 Bn Rescue Package - Lucror Analytics

Indonesia

Garuda Indonesia is the flag carrier of Indonesia, providing full-service passenger and cargo air transportation across domestic and international routes. Its services also include aircraft maintenance and overhaul, catering, ground handling, and information system services. The company is headquartered in Jakarta, Indonesia, and was founded in 1949.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Garuda Indonesia (GIAA IJ)

Asia HY Monthly - Takeaways From China's Two Sessions (2020) - Lucror Analytics

From an investor’s perspective, the month of May was dominated by two issues: the likely rate of the post-pandemic economic recovery, and mounting...

Lucror Analytics

Asia HY Trade Recommendations - May 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for the month of May includes a summary of our recommendations. The report also features relative-value...

Lucror Analytics

Garuda Indonesia - Event Flash - Restructuring Proposal Highlights - Lucror Analytics

We have reviewed the documents for Garuda Indonesia's restructuring proposal for the USD 500 mn 2020 Notes due June. We see the proposal as...

Lucror Analytics

Morning Views Asia: Country Garden Holdings Co, Future Retail, Garuda Indonesia (Persero)

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

Lucror Analytics

Garuda Indonesia - Event Flash - Government Drafting USD 1 Bn Rescue Package - Lucror Analytics

Indonesia's government said earlier today that it is finalising a USD 1 bn rescue package for Garuda Indonesia. According to Deputy State-Owned...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)