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

Debt Capital Markets

Hilong Holdings Limited is currently holding roadshows and is seeking to issue benchmark-sized USD Reg S Notes. The company is rated B1/BB- by Moody’s and Fitch, respectively, with stable and negative outlooks. The bankers are BAML, CITIC CLSA and HSBC. Hilong is a HKSE-listed oilfield services company. It was founded in 2005 and is based in Shanghai. Hilong has four major segments: [1] Oilfield Equipment Manufacturing and Services; [2] Line Pipe Technology and Services; [3] Oilfield Services; and [4] Offshore Engineering Services.  The company is a global leader in the niche field of drill pipes, and coating materials and services. It is a key supplier to the Chinese upstream companies, with over a 40-50% market share in the country. The oil and gas industry's downturn has led to weak demand for oilfield and related services, in turn resulting in lower volumes and margin compression. Hilong is also a key supplier to state owned upstream companies in China, with fairly concentrated exposure to such entities. This has led to long receivables days and heavy working capital needs. The Notes are subject to the usual structural subordination. We view fair pricing for the proposed HILONG Notes (assuming 3Y) at price guidance of 7.3-7.5%.

Hilong Holdings Limited is currently holding roadshows and is seeking to issue benchmark-sized USD Reg S Notes. The company is rated B1/BB- by Moody’s and Fitch, respectively, with stable and negative outlooks. The bankers are BAML, CITIC CLSA and HSBC. Hilong is a HKSE-listed oilfield services company. It was founded in 2005 and is based in Shanghai. Hilong has four major segments: [1] Oilfield Equipment Manufacturing and Services; [2] Line Pipe Technology and Services; [3] Oilfield Services; and [4] Offshore Engineering Services.   The company is a global leader in the niche field of drill pipes, and coating materials and services. It is a key supplier to the Chinese upstream companies, with over a 40-50% market share in the country. The oil and gas industry's downturn has led to weak demand for oilfield and related services, in turn resulting in lower volumes and margin compression. Hilong is also a key supplier to state owned upstream companies in China, with fairly concentrated exposure to such entities. This has led to long receivables days and heavy working capital needs. The Notes are subject to the usual structural subordination.  We view fair pricing for the proposed HILONG Notes (assuming 3Y) at price guidance of 7.3-7.5%. 

Hilong International - New Issue Snapshot - Lucror Analytics