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

JSW Infrastructure / Debt Capital Markets

Private port owner and operator​ JSW Infrastructure (JSWIL) is roadshowing a USD RegS/144A 7-year sustainability-linked bond (SLB), with the proceeds mainly to be used for refinancing existing debt. We view JSWIL as “Low Risk” on our LARA scale. The port/terminal business is relatively stable, driven mainly by cargo volumes (not prices of commodities) with regulated tariffs. JSWIL also benefits from the high contractual cash flows from take-or-pay contracts, and has relatively low leverage. However, the credit is weighed down by the high related-party transactions and elevated concentration risk. Still, we note that the counterparties are mainly JSW Group companies with generally good credit. Our fundamental Credit Bias is “Stable”, given the stability of the business and the recovery in the Indian economy.  We believe the proposed SLB could price at c. 4.5%.

 Private port owner and operator​ JSW Infrastructure (JSWIL) is roadshowing a USD RegS/144A 7-year sustainability-linked bond (SLB), with the proceeds mainly to be used for refinancing existing debt.  We view JSWIL as “Low Risk” on our LARA scale. The port/terminal business is relatively stable, driven mainly by cargo volumes (not prices of commodities) with regulated tariffs. JSWIL also benefits from the high contractual cash flows from take-or-pay contracts, and has relatively low leverage. However, the credit is weighed down by the high related-party transactions and elevated concentration risk. Still, we note that the counterparties are mainly JSW Group companies with generally good credit. Our fundamental Credit Bias is “Stable”, given the stability of the business and the recovery in the Indian economy.   We believe the proposed SLB could price at c. 4.5%.

JSW Infrastructure - New Issue Snapshot - Lucror Analytics