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

The Europe HY Trade Book for December 2021 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

  The Europe HY Trade Book for December 2021 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - December 2021 - Lucror Analytics

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/tata-motors-ltd' target='_blank' rel='noopener'>Tata Motors Ltd</a></li><li><a href='/entities/anton-oilfield-services-gp' target='_blank' rel='noopener'>Anton Oilfield</a></li><li><a href='/entities/china-south-city-holdings' target='_blank' rel='noopener'>China South City</a></li><li><a href='/entities/panda-green-energy-group-ltd' target='_blank' rel='noopener'>Panda Green</a></li><li><a href='/entities/gcl-new-energy-holdings-ltd' target='_blank' rel='noopener'>Gcl New Energy Holdings</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Tata Motors LtdAnton OilfieldChina South CityPanda GreenGcl New Energy Holdingsand more...

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>KKR intends to offer €0.505/ordinary&amp;savings, a 44% premium and 5.2x EV/Fwd EBITDA. KKR is willing to split Telecom Italia, by separating the network (Infra Co) from the services (ServiceCo).</li>
<li>The attempt would need 67% of the ords float tendered and no interference from the Italian Government. The market is cautious, but believes this time can happen.</li>
<li>In light of the possible offer, I change my recommendation to long TIT IM, long TITR IM, TP 0.505/share. Gross spread is 10.5%. The premium savings/ordinary shares has decreased to 0.9%.</li>
</ul>


KKR intends to offer €0.505/ordinary&amp;savings, a 44% premium and 5.2x EV/Fwd EBITDA. KKR is willing to split Telecom Italia, by separating the network (Infra Co) from the services (ServiceCo).
The attempt would need 67% of the ords float tendered and no interference from the Italian Government. The market is cautious, but believes this time can happen.
In light of the possible offer, I change my recommendation to long TIT IM, long TITR IM, TP 0.505/share. Gross spread is 10.5%. The premium savings/ordinary shares has decreased to 0.9%.


KKR Potential Offer for The (W)Hole of Telecom Italia

<ul>
<li>
Spreads have generally tightened across our liquid universe, with some notorious exceptions such as Volkswagen and Grifols.</li>
<li>Recommendations long ords / short prefs: Henkel, Fuchs Petrolub, Telecom Italia, Grifols, Handelsbanken, Investor AB.</li>
<li>Recommendations long prefs / short ords: BMW, Volkswagen, Roche, Schroders.</li>
</ul>



Spreads have generally tightened across our liquid universe, with some notorious exceptions such as Volkswagen and Grifols.
Recommendations long ords / short prefs: Henkel, Fuchs Petrolub, Telecom Italia, Grifols, Handelsbanken, Investor AB.
Recommendations long prefs / short ords: BMW, Volkswagen, Roche, Schroders.


Liquid Universe of European Ordinary and Preferred Shares: November Report

Italy

Telecom Italia is a multinational telecommunications company providing fixed and mobile telephony services, broadband internet, and digital solutions for individuals, households, and businesses. The company develops 4G and 5G mobile networks and fibre network infrastructure. It operates in Italy and Brazil. Telecom Italia was founded on July 27, 1994, and is headquartered in Rome, Italy.

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Telecom Italia (TITR IM)

Europe HY Trade Book - December 2021 - Lucror Analytics

The Europe HY Trade Book for December 2021 includes high-conviction trade ideas drawn from our European HY coverage universe, along with...

Lucror Analytics

Weekly Wrap - 26 Nov 2021

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

KKR Potential Offer for The (W)Hole of Telecom Italia

In light of the possible offer, I change my recommendation to Long TIT IM, long TITR IM, TP 0.505/share. Additional upside could come from a...

Jesus Rodriguez Aguilar

Weekly Wrap - 21 Nov 2021

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Liquid Universe of European Ordinary and Preferred Shares: November Report

Spreads have generally tightened across our liquid universe, with some notorious exceptions such as Volkswagen and Grifols.

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)