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

ReNew Energy Global PLC is holding roadshows to market new c. USD 400 mn 144A/RegS 3.25-year secured green bonds. The notes are expected to be rated Ba3 by Moody's and BB- by Fitch. The notes have been certified by the Climate Bond Initiative, and are aligned with the ICMA Green Bond Principles. The proceeds will be used to refinance existing debt and/or capex for eligible green projects. We find the initial talk in the 8.5% area somewhat cheap, and see fair value at 8%.

  ReNew Energy Global PLC is holding roadshows to market new c. USD 400 mn 144A/RegS 3.25-year secured green bonds. The notes are expected to be rated Ba3 by Moody's and BB- by Fitch. The notes have been certified by the Climate Bond Initiative, and are aligned with the ICMA Green Bond Principles. The proceeds will be used to refinance existing debt and/or capex for eligible green projects.   We find the initial talk in the 8.5% area somewhat cheap, and see fair value at 8%. 

Renew Energy - Event Flash - To Issue USD 400 Mn 3.25 Green Bonds - Lucror Analytics

ReNew Power has released decent Q3/22-23 results, despite missing estimates slightly. Q3 revenue increased 19.4% y-o-y, while company-adjusted EBITDA grew 10.2%. Working capital and cash flows improved. Gross Debt/LTM EBITDA remains high at c. 8x, while Net Debt/Run-rate EBITDA is acceptable at slightly over 5x. Liquidity is adequate for debt servicing, but insufficient for capex.

  ReNew Power has released decent Q3/22-23 results, despite missing estimates slightly. Q3 revenue increased 19.4% y-o-y, while company-adjusted EBITDA grew 10.2%. Working capital and cash flows improved. Gross Debt/LTM EBITDA remains high at c. 8x, while Net Debt/Run-rate EBITDA is acceptable at slightly over 5x. Liquidity is adequate for debt servicing, but insufficient for capex. 

Renew Power - Earnings Flash - Q3 FY 2022-23 Results - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess ReNew Power's ESG as "Adequate", in line with its "Adequate" Environmental, Social and Governance scores. 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 ReNew Power's ESG as "Adequate", in line with its "Adequate" Environmental, Social and Governance scores. Controversies are "Immaterial" and Disclosure is "Adequate". 

Renew Power - ESG Report - Lucror Analytics

India

ReNew Energy Global PLC operates as a renewable energy company. The Company focuses on developing wind, solar, and hydro energy projects. ReNew Energy Global serves clients in India.

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ReNew Energy Global (RNW US)

Renew Energy - Event Flash - To Issue USD 400 Mn 3.25 Green Bonds - Lucror Analytics

ReNew Energy Global PLC is holding roadshows to market new c. USD 400 mn 144A/RegS 3.25-year secured green bonds. The notes are expected to be...

Lucror Analytics

Renew Power - Earnings Flash - Q3 FY 2022-23 Results - Lucror Analytics

ReNew Power has released decent Q3/22-23 results, despite missing estimates slightly. Q3 revenue increased 19.4% y-o-y, while company-adjusted...

Lucror Analytics

Renew Power - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess ReNew Power's ESG as...

Lucror Analytics

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