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 2020 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 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 - December 2020 - Lucror Analytics

Lakshmi Iyer, CFA

The privatization of <a href="https://www.smartkarma.com/entities/bharat-petroleum-corp-ltd" target="_blank" data-smartkarma-citation="entities:10222:1" rel="noopener">Bharat Petroleum Corp (BPCL IN)</a> has taken a small step forward with Expressions of Interest being submitted. We think that it will ultimately be privatized. We think current bond spreads are not factoring in any possible downside risks at this point and hence rate the bonds "Underperform".

The privatization of Bharat Petroleum Corp (BPCL IN) has taken a small step forward with Expressions of Interest being submitted. We think that it will ultimately be privatized. We think current bond spreads are not factoring in any possible downside risks at this point and hence rate the bonds "Underperform".

BPCL Potential Privatization - Implications for Bondholders

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-28672'>Powerlong Commercial Management Holdings</a></li><li><a href='#lucror-entity-8898'>Sino Ocean Land</a></li><li><a href='#lucror-entity-22202'>Vedanta Resources</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Powerlong Commercial Management HoldingsSino Ocean LandVedanta Resources

Morning Views Asia: Powerlong Commercial Management Holdings, Sino Ocean Land, Vedanta Resources

Trung Nguyen

Vedanta Resources (VRL) is roadshowing a Senior Notes offering. We believe the new structure is not friendly to existing Noteholders, and would be viewed negatively by them in the near term. However, the new structure should provide VRL with better access to capital at a point when it is very difficult for the company to do so. A successful issuance would alleviate near-term refinancing risk and possibly buy VRL time for a future refinancing. We also view positively VRL's tender offer for the existing Notes at par. We believe that the coupon for the proposed Notes will not be higher than 13%, which was the coupon for the USD Notes that VRL raised for the take-private transaction. We also feel the structural seniority does not warrant such a large reduction in yields versus those of the existing Notes (20-30%). Thus, without visibility on the IPT, we do not yet see the value in the proposed Notes.

  Vedanta Resources (VRL) is roadshowing a Senior Notes offering. We believe the new structure is not friendly to existing Noteholders, and would be viewed negatively by them in the near term. However, the new structure should provide VRL with better access to capital at a point when it is very difficult for the company to do so. A successful issuance would alleviate near-term refinancing risk and possibly buy VRL time for a future refinancing. We also view positively VRL's tender offer for the existing Notes at par.   We believe that the coupon for the proposed Notes will not be higher than 13%, which was the coupon for the USD Notes that VRL raised for the take-private transaction. We also feel the structural seniority does not warrant such a large reduction in yields versus those of the existing Notes (20-30%). Thus, without visibility on the IPT, we do not yet see the value in the proposed Notes. 

Vedanta Resources - Event Flash - Markets New Senior Notes - Lucror Analytics

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-16010'>Agung Podomoro Land</a></li><li><a href='#lucror-entity-942'>Car Inc</a></li><li><a href='#lucror-entity-7613'>China Aoyuan Property</a></li><li><a href='#lucror-entity-479'>Evergrande</a></li><li><a href='#lucror-entity-9757'>Fantasia Holdings Group Co</a></li><li><a href='#lucror-entity-22202'>Vedanta Resources</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Agung Podomoro LandCar IncChina Aoyuan PropertyEvergrandeFantasia Holdings Group CoVedanta Resources

Morning Views Asia: Agung Podomoro Land, Car Inc, China Aoyuan Property, Evergrande

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)

Europe HY Trade Book - December 2020 - Lucror Analytics

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

Lucror Analytics

BPCL Potential Privatization - Implications for Bondholders

The privatization process has taken a small step forward. We think BPCL bondholders are ignoring potential downside risks. Upside is limited given...

Lakshmi Iyer, CFA

Morning Views Asia: Powerlong Commercial Management Holdings, Sino Ocean Land, Vedanta Resources

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Vedanta Resources - Event Flash - Markets New Senior Notes - Lucror Analytics

Vedanta Resources (VRL) is roadshowing a Senior Notes offering. We believe the new structure is not friendly to existing Noteholders, and would...

Lucror Analytics

Morning Views Asia: Agung Podomoro Land, Car Inc, China Aoyuan Property, Evergrande

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

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