Senior Credit Analyst, Lucror Analytics

Tanvi Arora

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

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Continuum Green</li>
<li>In the US, the third estimate for Q3/24 annualised GDP was revised upwards to 3.1% q-o-q (from 2.8% in the first and second estimates). Q3 personal consumption was raised to 3.7% (3.6% e / 3.5% p), and the core PCE price index to 2.2% (2.1% e / 2.1% p). Separately, November existing home sales grew at a quicker pace than expected at 4.8% m-o-m (3.2% e / 3.4% p) to 4.15 mn units, the most since March.</li>
<li>Meanwhile, the Conference Board Leading Economic Index rose 0.3% to 99.7 in November, nearly reversing its 0.4% decline in October.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Continuum Green
In the US, the third estimate for Q3/24 annualised GDP was revised upwards to 3.1% q-o-q (from 2.8% in the first and second estimates). Q3 personal consumption was raised to 3.7% (3.6% e / 3.5% p), and the core PCE price index to 2.2% (2.1% e / 2.1% p). Separately, November existing home sales grew at a quicker pace than expected at 4.8% m-o-m (3.2% e / 3.4% p) to 4.15 mn units, the most since March.
Meanwhile, the Conference Board Leading Economic Index rose 0.3% to 99.7 in November, nearly reversing its 0.4% decline in October.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Continuum Green, Sunny Optical</li>
<li>Wall Street has been expressing confusion over the Fed's potential decision (according to minutes of the November meeting) to lower the rate on its overnight reverse repo facility (RRP) by 5 bps, possibly as early as next week.</li>
<li>This adjustment comes alongside expectations of a quarter-point cut in the Fed's main policy benchmark. </li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Continuum Green, Sunny Optical
Wall Street has been expressing confusion over the Fed's potential decision (according to minutes of the November meeting) to lower the rate on its overnight reverse repo facility (RRP) by 5 bps, possibly as early as next week.
This adjustment comes alongside expectations of a quarter-point cut in the Fed's main policy benchmark. 


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Continuum Green, Vedanta Resources, China Hongqiao</li>
<li>Market Comment: In the US, the Conference Board Leading Economic Index fell 0.5% m-o-m (-0.3% e / -0.3% revised p) to 99.7 in September.</li>
<li>Four Fed officials spoke yesterday, expressing support for further rate cuts. That said, three of the officials highlighted a preference for gradual reductions.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Continuum Green, Vedanta Resources, China Hongqiao
Market Comment: In the US, the Conference Board Leading Economic Index fell 0.5% m-o-m (-0.3% e / -0.3% revised p) to 99.7 in September.
Four Fed officials spoke yesterday, expressing support for further rate cuts. That said, three of the officials highlighted a preference for gradual reductions.


Lucror Analytics - Morning Views Asia - October 22, 2024

Trung Nguyen

Debt Capital Markets

Continuum Green Energy / Debt Capital Markets

Continuum Green Energy has launched a roadshow to market USD 144A/RegS 3.5NC1.5 green bonds. The expected size is USD 450 mn. The proceeds are earmarked for: [1] refinancing the issuer’s outstanding USD 400 mn 2026 notes; [2] paying the first coupon of the proposed notes and transaction costs: and [3] capex for eligible green projects. The expected ratings on the notes and issuer are B+ (positive) by S&amp;P and Fitch. We view Continuum as “Medium Risk” on our LARA Scale. We like the company’s: [1] high exposure in healthier commercial &amp; industrial customers with almost no receivables; [2] diversified customer portfolio; and [3] long-term PPA being benchmarked to various industrial tariffs. On the flip side, the credit is constrained by higher leverage compared to peers and has smaller scale. Our Credit Bias is “Positive”, considering the 1 GW of new capacity scheduled to be commissioned later this calendar year. We believe the COGREN 27 should be priced to yield c. 8.5-8.75%.

 Continuum Green Energy has launched a roadshow to market USD 144A/RegS 3.5NC1.5 green bonds. The expected size is USD 450 mn. The proceeds are earmarked for: [1] refinancing the issuer’s outstanding USD 400 mn 2026 notes; [2] paying the first coupon of the proposed notes and transaction costs: and [3] capex for eligible green projects. The expected ratings on the notes and issuer are B+ (positive) by S&amp;P and Fitch.  We view Continuum as “Medium Risk” on our LARA Scale. We like the company’s: [1] high exposure in healthier commercial &amp; industrial customers with almost no receivables; [2] diversified customer portfolio; and [3] long-term PPA being benchmarked to various industrial tariffs. On the flip side, the credit is constrained by higher leverage compared to peers and has smaller scale. Our Credit Bias is “Positive”, considering the 1 GW of new capacity scheduled to be commissioned later this calendar year.  We believe the COGREN 27 should be priced to yield c. 8.5-8.75%.

 Continuum Green Energy - New Issue Snapshot - Lucror Analytics

Singapore

Continuum Green Energy Limited provides energy solutions. The Company offers engineering, procurement, construction, management, development, and financing services. Continuum Green Energy serves customers worldwide.

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Continuum Green Energy (CEG123 SP)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Continuum Green In the US, the third estimate...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Continuum Green, Sunny Optical

Lucror Analytics

Lucror Analytics - Morning Views Asia - October 22, 2024

In today's Morning Views publication we comment on developments of the following high yield issuers: Continuum Green, Vedanta Resources, China...

Lucror Analytics

Continuum Green Energy - New Issue Snapshot - Lucror Analytics

Continuum Green Energy has launched a roadshow to market USD 144A/RegS 3.5NC1.5 green bonds. The expected size is USD 450 mn. The proceeds are...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)