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

In our view, Vedanta Resources’ (VRL) H2 and FY 2020-21 results were in line with expectations, given that the company's key subsidiary Vedanta Limited reported its results a while ago. The main point of interest was the holdco's debt and liquidity levels. The company's strong earnings growth was mainly due to lower production costs. VRL's financial risk profile improved, as earnings growth more than offset the slightly higher debt. Liquidity is adequate on a consolidated basis, as well as at the holdco level. We expect positive rating pressure, on account of improved earnings and the ongoing corporate structure simplification. We revise our Credit Bias to “Stable” from “Negative”, due to the improved earnings on the back of the recovery in commodity prices.

  In our view, Vedanta Resources’ (VRL) H2 and FY 2020-21 results were in line with expectations, given that the company's key subsidiary Vedanta Limited reported its results a while ago. The main point of interest was the holdco's debt and liquidity levels. The company's strong earnings growth was mainly due to lower production costs. VRL's financial risk profile improved, as earnings growth more than offset the slightly higher debt. Liquidity is adequate on a consolidated basis, as well as at the holdco level.   We expect positive rating pressure, on account of improved earnings and the ongoing corporate structure simplification.   We revise our Credit Bias to “Stable” from “Negative”, due to the improved earnings on the back of the recovery in commodity prices. 

Vedanta Resources - Earnings Flash - FY 2020-21 Results - Lucror Analytics

Leonard Law, CFA

The Europe HY Trade Book for June 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 June 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 - June 2021 - Lucror Analytics

In this month’s "In-Focus" section, we provide an update on Chinese developers’ JV exposure, including typical structures and the JV exposure of the companies under our coverage. 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.

   In this month’s "In-Focus" section, we provide an update on Chinese developers’ JV exposure, including typical structures and the JV exposure of the companies under our coverage.    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 - Chinese Developers' JV Exposure - Lucror Analytics

The Asia HY Trade Book for the month of May includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

   The Asia HY Trade Book for the month of May includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Book - May 2021 - Lucror Analytics

The Europe HY Trade Book for May 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 May 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 - May 2021 - Lucror Analytics

India

Vedanta Resources Limited operates as a diversified natural resource company. The Company extracts and process zinc, lead, aluminum, iron ore, copper, and silver, as well as focuses on oil and natural gas. Vedanta Resources serves clients worldwide.

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Vedanta Resources (VED LN)

Vedanta Resources - Earnings Flash - FY 2020-21 Results - Lucror Analytics

In our view, Vedanta Resources’ (VRL) H2 and FY 2020-21 results were in line with expectations, given that the company's key subsidiary Vedanta...

Lucror Analytics

Europe HY Trade Book - June 2021 - Lucror Analytics

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

Lucror Analytics

Asia HY Monthly - Chinese Developers' JV Exposure - Lucror Analytics

In this month’s "In-Focus" section, we provide an update on Chinese developers’ JV exposure, including typical structures and the JV exposure of...

Lucror Analytics

Asia HY Trade Book - May 2021 - Lucror Analytics

The Asia HY Trade Book for the month of May includes a summary of our recommendations, as well as our high-conviction ideas. The report also...

Lucror Analytics

Europe HY Trade Book - May 2021 - Lucror Analytics

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

Lucror Analytics

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