Daily Brief Financials: Lippo Malls Indonesia Retail Trust, Ethereum, Lippo Karawaci and more

Yesterday, Lippo Malls Indonesia Retail Trust (LMIRT) launched an exchange offer for the USD 7.25% 2024 notes maturing on June 19th, with an outstanding amount of USD 138.4 mn. The company has offered to exchange each of the USD 1,000 principal of the notes for USD 432 of USD 7.5% 2026 notes and a USD 600 cash payment. The funding will come from a credit facility of up to IDR 1.5 tn.

We recommend that holders of the 2024 notes participate in the offer. Considering that it requires 70% of holders to take part, holding out could cause the transaction to fall through, with LMIRT then defaulting on the notes.

• On March 13, nearly two months ago, Ethereum implemented its most significant upgrade in the past 20 months, marking a notable development since the Ethereum Merge on September 15, 2022.
• Known as Dencun or Cancun-Deneb, this upgrade introduced the highly anticipated Proto-Danksharding feature, designed to significantly improve the scalability of Ethereum’s Layer 2 solutions, also known as rollups.
• This enhancement has allowed rollups to drastically reduce transaction costs by approximately five to 10 times, while also stabilizing their cost fluctuations.

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.

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