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

Indika Energy has specified an early tender payment of USD 50 per USD 1,000 principal. However, it is already included in the total consideration and will be deducted if noteholders tender after the early tender deadline (June 22nd). Furthermore, the total consideration is subject to the price ranges (per USD 1,000 principal). For the 2024 notes, the acceptable price range is USD 977.5 to USD 1,007.5, and for 2025 notes USD 1,002.5 to USD 1,025.0. The tender offer prices are not as competitive as we initially thought. The bid prices for the 2024 and 2025 are currently c. 98 and 100.7, respectively. Thus, there are upsides of at most 2 pts for the 2024 notes and c. 1.8 pts for the 2025 notes, assuming that holders tender the notes at the maximum prices and before the early tender deadline. The yields on the notes are still attractive, while tendering carries reinvestment risk. When reinvesting, the bid/ask spreads can eat up most of the maximum profits from the tender offer.

  Indika Energy has specified an early tender payment of USD 50 per USD 1,000 principal. However, it is already included in the total consideration and will be deducted if noteholders tender after the early tender deadline (June 22nd). Furthermore, the total consideration is subject to the price ranges (per USD 1,000 principal). For the 2024 notes, the acceptable price range is USD 977.5 to USD 1,007.5, and for 2025 notes USD 1,002.5 to USD 1,025.0.   The tender offer prices are not as competitive as we initially thought. The bid prices for the 2024 and 2025 are currently c. 98 and 100.7, respectively. Thus, there are upsides of at most 2 pts for the 2024 notes and c. 1.8 pts for the 2025 notes, assuming that holders tender the notes at the maximum prices and before the early tender deadline. The yields on the notes are still attractive, while tendering carries reinvestment risk. When reinvesting, the bid/ask spreads can eat up most of the maximum profits from the tender offer. 

Indika Energy - Event Flash - Tender Offer Correction - Lucror Analytics