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

In our view, the rights issue is credit positive due to the proposed cash proceeds and the enlarged equity base. We believe the rights issue will be approved (as the Riady family owns the controlling stake) and will be a success (underwritten by the family). The IDR 10 tn cash proceeds would be enough to plug more than two years worth of cash outflows (operating cash outflows, excluding one-off transactions, amounted to IDR 3.0 tn in 2019 and IDR 4.5 tn in 2017). That said, it remains unclear how much debt will be repaid from the proceeds. This may reduce the risk of negative actions by rating agencies. We view the tender offers as opportunistic, rather than a distressed exchange, and do not recommend investors to tender.

   In our view, the rights issue is credit positive due to the proposed cash proceeds and the enlarged equity base. We believe the rights issue will be approved (as the Riady family owns the controlling stake) and will be a success (underwritten by the family). The IDR 10 tn cash proceeds would be enough to plug more than two years worth of cash outflows (operating cash outflows, excluding one-off transactions, amounted to IDR 3.0 tn in 2019 and IDR 4.5 tn in 2017). That said, it remains unclear how much debt will be repaid from the proceeds.    This may reduce the risk of negative actions by rating agencies.    We view the tender offers as opportunistic, rather than a distressed exchange, and do not recommend investors to tender. 

Lippo Karawaci - Event Flash - Announces Rights Issue And Notes Tender - Lucror Analytics