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

Pakuwon Jati began roadshowing new USD Reg S 7NC4 Notes earlier today. The proceeds will be used to fully redeem the USD 250 mn 5% 2024 Notes. We expect the issue size to be greater than the amount outstanding of 2024 Notes (USD 250 mn) and likely around USD 300-350 mn, as the company did not indicate that the transaction will be leverage neutral. Even so, we believe the leverage profile will be little changed as of FYE 2021, with the increase in debt offset by higher earnings on the back of better performance this year. In our view, the performance rebound this year will be driven by a reduction of rental relief to retail tenants, with the hospitality assets supported by the easing of pandemic-related restrictions. That said, results should return to FY 2019 levels only from FY 2023 onwards. Mall traffic could be impacted by the acceleration of the retail shift online, spurred by the pandemic, and COVID-19 could also mean that consumers continue to favour lower-density landed housing over higher-density condominiums (the company's area of focus).Overall, we see the indenture as providing moderate protection for investors. We expect the proposed 7NC4 Notes to price between 5-5.5%.

  Pakuwon Jati began roadshowing new USD Reg S 7NC4 Notes earlier today. The proceeds will be used to fully redeem the USD 250 mn 5% 2024 Notes.   We expect the issue size to be greater than the amount outstanding of 2024 Notes (USD 250 mn) and likely around USD 300-350 mn, as the company did not indicate that the transaction will be leverage neutral. Even so, we believe the leverage profile will be little changed as of FYE 2021, with the increase in debt offset by higher earnings on the back of better performance this year.   In our view, the performance rebound this year will be driven by a reduction of rental relief to retail tenants, with the hospitality assets supported by the easing of pandemic-related restrictions. That said, results should return to FY 2019 levels only from FY 2023 onwards. Mall traffic could be impacted by the acceleration of the retail shift online, spurred by the pandemic, and COVID-19 could also mean that consumers continue to favour lower-density landed housing over higher-density condominiums (the company's area of focus).Overall, we see the indenture as providing moderate protection for investors.   We expect the proposed 7NC4 Notes to price between 5-5.5%. 

Pakuwon Jati - Event Flash - Roadshowing 7NC4 Notes - Lucror Analytics