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.

High Yield Experts

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

Credit

Alam Sutera's announcement yesterday of a tender offer for its USD Notes came as a slight disappointment to us, as we had believed the company would be able to repay the 2021s and refinance the 2022s. On the plus side, however, the exchange offer does not entail a haircut on the principal. On the operational front, we note positively that the 8M/20 marketing sales were much better than expected.​ With its small cash burn, low near-term maturities and lower leverage, the company's post-transaction credit profile would compare very favourably to that of Modernland Realty and Agung Podomoro Land, both of which face near-term refinancing risk. It would also be on a par with that of KIJAIJ (which has substantial recurring income that could offset its higher leverage), whose Notes trade much tighter (with the 2023s at 14%). Compared to Lippo Karawaci, Alam Sutera is burning cash at a much slower rate and has lower leverage. Its Notes also have higher yields. We see the offer as fair and recommend investors tender the Notes.

  Alam Sutera's announcement yesterday of a tender offer for its USD Notes came as a slight disappointment to us, as we had believed the company would be able to repay the 2021s and refinance the 2022s. On the plus side, however, the exchange offer does not entail a haircut on the principal. On the operational front, we note positively that the 8M/20 marketing sales were much better than expected.​   With its small cash burn, low near-term maturities and lower leverage, the company's post-transaction credit profile would compare very favourably to that of Modernland Realty and Agung Podomoro Land, both of which face near-term refinancing risk. It would also be on a par with that of KIJAIJ (which has substantial recurring income that could offset its higher leverage), whose Notes trade much tighter (with the 2023s at 14%). Compared to Lippo Karawaci, Alam Sutera is burning cash at a much slower rate and has lower leverage. Its Notes also have higher yields.   We see the offer as fair and recommend investors tender the Notes. 

Alam Sutera - Event Flash - Tender Offer For 2021 And 2022 Notes - Lucror Analytics

Alam Sutera Realty

Alam Sutera - Event Flash - Tender Offer For 2021 And 2022 Notes - Lucror Analytics