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

Softbank Group's (SBG) tender offer and consent solicitation are a surprise move. In our view, it is not a prudent use of capital to buy back debt at such low yields and high prices. With regard to the proposed indenture amendments, we believe that it is sensible for SBG to replace the leverage test as the group is now an investment holdco, for which LTV is the best leverage metric. However, this also means that SBG would be able to make large restricted payments. We recommend that Noteholders tender their bonds, given that: [1] there is limited upside as the Notes are yielding very low (c. 1-2%); [2] there is the possibility of a better than market price; [3] they can receive consent fees and exit; and [4] the credit profile may deteriorate due to possible large restricted payments.

  Softbank Group's (SBG) tender offer and consent solicitation are a surprise move. In our view, it is not a prudent use of capital to buy back debt at such low yields and high prices. With regard to the proposed indenture amendments, we believe that it is sensible for SBG to replace the leverage test as the group is now an investment holdco, for which LTV is the best leverage metric. However, this also means that SBG would be able to make large restricted payments.   We recommend that Noteholders tender their bonds, given that: [1] there is limited upside as the Notes are yielding very low (c. 1-2%); [2] there is the possibility of a better than market price; [3] they can receive consent fees and exit; and [4] the credit profile may deteriorate due to possible large restricted payments. 

Softbank Group - Event Flash - Tender Offer And Consent Solicitation - Lucror Analytics