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

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Credit

China Oil & Gas (COG) posted FY 2020 results that were in line with our expectations, with no surprises. The credit profile remains satisfactory, despite the increase in borrowings. We remain cautious on the fact that long-term debt and time deposits were both higher; we could consider the company's explanation (that it increased such borrowings to maintain its onshore banking relationships) to be acceptable if the amount were to hold stable. Looking ahead, we agree with management that the operating environment is likely to be favourable in 2021. According to the company, volume growth was 15% y-o-y in January and February 2021. COG is also keen to reduce its financing cost and extend the maturity profile by refinancing its senior notes due 2022 and 2023 this year, possibly with a new USD Notes issuance and/or a syndicated loan. Management said that COG is in talks with banks regarding a syndicated loan, and looking for a cost below 3% for a tenor of 2-3 years. We revise our fundamental Credit Bias on COG to “Stable” from “Negative”.

  China Oil & Gas (COG) posted FY 2020 results that were in line with our expectations, with no surprises. The credit profile remains satisfactory, despite the increase in borrowings. We remain cautious on the fact that long-term debt and time deposits were both higher; we could consider the company's explanation (that it increased such borrowings to maintain its onshore banking relationships) to be acceptable if the amount were to hold stable.   Looking ahead, we agree with management that the operating environment is likely to be favourable in 2021. According to the company, volume growth was 15% y-o-y in January and February 2021. COG is also keen to reduce its financing cost and extend the maturity profile by refinancing its senior notes due 2022 and 2023 this year, possibly with a new USD Notes issuance and/or a syndicated loan. Management said that COG is in talks with banks regarding a syndicated loan, and looking for a cost below 3% for a tenor of 2-3 years.   We revise our fundamental Credit Bias on COG to “Stable” from “Negative”. 

China Oil & Gas - Earnings Flash - FY 2020 Results - Lucror Analytics

China Oil And Gas

China Oil & Gas - Earnings Flash - FY 2020 Results - Lucror Analytics