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

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

Leonard Law, CFA

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

In this month’s “In-Focus” section, we provide an update on the Macau gaming sector, including our market outlook, concession renewals and a peer comparison of the four 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 the Macau gaming sector, including our market outlook, concession renewals and a peer comparison of the four 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 - Macau Gaming Update - Lucror Analytics

The Asia HY Trade Book for the month of November 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 November 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 - November 2020 - 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-479'>Evergrande Real Estate Group</a></li><li><a href='#lucror-entity-26799'>Future Retail</a></li><li><a href='#lucror-entity-112'>Lifestyle International Holdings</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.Evergrande Real Estate GroupFuture RetailLifestyle International HoldingsVedanta Resources

Morning Views Asia: Evergrande Real Estate Group, Future Retail, Lifestyle International Holdings

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 - 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

Asia HY Monthly - Macau Gaming Update - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Macau gaming sector, including our market outlook, concession renewals and a peer...

Lucror Analytics

Asia HY Trade Book - November 2020 - Lucror Analytics

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

Lucror Analytics

Morning Views Asia: Evergrande Real Estate Group, Future Retail, Lifestyle International Holdings

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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