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

<p><br/> The Europe HY Trade Book for November 2020 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.<br/></p>

  The Europe HY Trade Book for November 2020 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 - November 2020 - Lucror Analytics

<p><br/> With the Q2/20 earnings season completed and Q3 season underway, the impact of COVID-19 on the credit profiles of issuers under our coverage is becoming more visible. Several companies have already achieved solid recoveries in Q3, as reflected by their results. However, new government-imposed lockdowns will have a substantial impact on the Q4 numbers. <br/><br/> We believe it is useful to analyse how COVID-19 has impacted companies at the height of the pandemic in Q2/20. As such, we provide an overview of the development of credit stats and liquidity, followed by brief round-ups of the developments and outlooks in the industries and various companies that we cover.<br/></p>

  With the Q2/20 earnings season completed and Q3 season underway, the impact of COVID-19 on the credit profiles of issuers under our coverage is becoming more visible. Several companies have already achieved solid recoveries in Q3, as reflected by their results. However, new government-imposed lockdowns will have a substantial impact on the Q4 numbers.    We believe it is useful to analyse how COVID-19 has impacted companies at the height of the pandemic in Q2/20. As such, we provide an overview of the development of credit stats and liquidity, followed by brief round-ups of the developments and outlooks in the industries and various companies that we cover. 

Europe HY – Q2/20 Results Review And Credit Metrics Amid COVID-19 - Lucror Analytics

<p><br/> The Europe HY Trade Book for October 2020 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.<br/></p>

  The Europe HY Trade Book for October 2020 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 - October 2020 - Lucror Analytics

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Converge ICT Solutions Inc / Equity Capital Markets

<div>
<p><a href="https://www.smartkarma.com/entities/converge-ict-solutions-inc" target="_blank" data-smartkarma-citation="entities:29215:1" rel="noopener">Converge ICT Solutions Inc (ITC PM)</a> is the only major pure-play fixed broadband provider, with an exclusive focus on serving the Philippine fixed broadband market. Converge has set its IPO price range of PHP16.50-19.00 per share. At the high-end of the IPO price range, Converge will raise proceeds of $591 million (primary/secondary split of 32%/68%). Pricing has been brought forward by a day to 8 October.</p>
<p>Eight cornerstone investors will subscribe for 38.6% of the offer shares at the high-end of the IPO price range. The cornerstone investors are Genesis Investment Management, Ghisallo Master Fund, Macquarie Funds Management, Magna New Frontiers Fund, Oaks Emerging and Frontier Opportunities Fund, OMERS, Segantii Capital Management and Thornburg Investment Management. </p>
</div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/converge-ict-solutions-ipo-making-the-connection" target="_blank" rel="noopener">our previous note</a>, we highlighted that the 1H20 results reinforce our view that Converge’s fundamentals are attractive. Overall, we think that an attractive PEG valuation, a market-leading business and solid cornerstone support makes Converge tempting at the proposed pricing range. </p></div></div></div>


Converge ICT Solutions Inc (ITC PM) is the only major pure-play fixed broadband provider, with an exclusive focus on serving the Philippine fixed broadband market. Converge has set its IPO price range of PHP16.50-19.00 per share. At the high-end of the IPO price range, Converge will raise proceeds of $591 million (primary/secondary split of 32%/68%). Pricing has been brought forward by a day to 8 October.
Eight cornerstone investors will subscribe for 38.6% of the offer shares at the high-end of the IPO price range. The cornerstone investors are Genesis Investment Management, Ghisallo Master Fund, Macquarie Funds Management, Magna New Frontiers Fund, Oaks Emerging and Frontier Opportunities Fund, OMERS, Segantii Capital Management and Thornburg Investment Management. 
In our previous note, we highlighted that the 1H20 results reinforce our view that Converge’s fundamentals are attractive. Overall, we think that an attractive PEG valuation, a market-leading business and solid cornerstone support makes Converge tempting at the proposed pricing range. 

Converge ICT Solutions IPO: Valuation Insights

<p><br/> The Europe HY Trade Book for September 2020 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.<br/></p>

  The Europe HY Trade Book for September 2020 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 - September 2020 - Lucror Analytics

Belgium

Telenet Group Holding NV provides telephone and internet services through a network of fiber-optic and coaxial cable.  The company offers customized packages to businesses and individual clients in Belgium.

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Telenet Group Holding NV (TNET BB)

Europe HY Trade Book - November 2020 - Lucror Analytics

The Europe HY Trade Book for November 2020 includes high-conviction trade ideas drawn from our European HY coverage universe, along with...

Lucror Analytics

Europe HY – Q2/20 Results Review And Credit Metrics Amid COVID-19 - Lucror Analytics

With the Q2/20 earnings season completed and Q3 season underway, the impact of COVID-19 on the credit profiles of issuers under our coverage is...

Lucror Analytics

Europe HY Trade Book - October 2020 - Lucror Analytics

The Europe HY Trade Book for October 2020 includes high-conviction trade ideas drawn from our European HY coverage universe, along with...

Lucror Analytics

Converge ICT Solutions IPO: Valuation Insights

Chindata (CD US) is a data centre operator which is backed by Bain Capital (57.17% shareholder), APG Strategic Real Estate Pool/Dutch pension...

Arun George

Europe HY Trade Book - September 2020 - Lucror Analytics

The Europe HY Trade Book for September 2020 includes high-conviction trade ideas drawn from our European HY coverage universe, along with...

Lucror Analytics

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