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

Sukhbir Agro Energy Limited (SAEL) / Debt Capital Markets

SAEL Limited is roadshowing a USD 7NC4 green notes offering, with the proceeds to be used for refinancing all existing debt and capex of the restricted group (RG). The integrated player has three business lines: Renewable Energy, Warehousing Infrastructure, and Agri-processing &amp; Solvent Extraction.  We view SAEL as “Medium Risk” on our LARA scale. We note favourably the utility nature of the business, with contractual and visible revenue and cash flows for the RG that will hold SAEL’s renewable power plants (solar and waste-to-energy). Conversely, the credit is weighed down by the: [1] RG’s small scale and short track record of the associated assets (less than three years); [2] weak corporate governance, especially the private ownership; and [3] execution risk for the proposed organisational restructuring. Our Credit Bias is “Stable”, given the revenue visibility and contractual cash flows under PPAs. We expect the proposed notes to price at 7%.

SAEL Limited is roadshowing a USD 7NC4 green notes offering, with the proceeds to be used for refinancing all existing debt and capex of the restricted group (RG). The integrated player has three business lines: Renewable Energy, Warehousing Infrastructure, and Agri-processing &amp; Solvent Extraction.   We view SAEL as “Medium Risk” on our LARA scale. We note favourably the utility nature of the business, with contractual and visible revenue and cash flows for the RG that will hold SAEL’s renewable power plants (solar and waste-to-energy). Conversely, the credit is weighed down by the: [1] RG’s small scale and short track record of the associated assets (less than three years); [2] weak corporate governance, especially the private ownership; and [3] execution risk for the proposed organisational restructuring.  Our Credit Bias is “Stable”, given the revenue visibility and contractual cash flows under PPAs.  We expect the proposed notes to price at 7%.

SAEL Limited - New Issue Assessment - Lucror Analytics

India

Sukhbir Agro Energy Limited provides production, collection, and distribution of electricity.

Sukhbir Agro Energy Limited (SAEL) (0994118D IN)

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SAEL Limited - New Issue Assessment - Lucror Analytics

SAEL Limited is roadshowing a USD 7NC4 green notes offering, with the proceeds to be used for refinancing all existing debt and capex of the...

Lucror Analytics