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

Leonard Law, CFA

Senior Credit Analyst

Credit

Sritex is in the market with a proposed issuance of USD 325 mn Notes (tenor to be determined). We view the transaction as a credit positive, as it will alleviate the refinancing risk associated with the company's near-term debt maturities. The transaction is expected to be immediately leverage neutral, and will provide the company with RCF availability to meet its future liquidity needs. That said, we believe Sritex’s borrowings could continue to increase, as the company is likely to draw down on its RCF to fund future working capital outflows. With the funding environment in Indonesia having weakened, especially for private companies in sectors affected by the pandemic, we view positively Sritex's proactive approach to arranging financing. Assuming a 5Y tenor, we see fair value for the proposed Notes at 9.0-9.25%. Overall, we think Sritex’s existing bonds seem to have been oversold, and expect that a successful new issuance will help address investors' concerns. Therefore, we believe the existing Notes could re-price tighter after an issuance.

  Sritex is in the market with a proposed issuance of USD 325 mn Notes (tenor to be determined). We view the transaction as a credit positive, as it will alleviate the refinancing risk associated with the company's near-term debt maturities. The transaction is expected to be immediately leverage neutral, and will provide the company with RCF availability to meet its future liquidity needs. That said, we believe Sritex’s borrowings could continue to increase, as the company is likely to draw down on its RCF to fund future working capital outflows.   With the funding environment in Indonesia having weakened, especially for private companies in sectors affected by the pandemic, we view positively Sritex's proactive approach to arranging financing. Assuming a 5Y tenor, we see fair value for the proposed Notes at 9.0-9.25%. Overall, we think Sritex’s existing bonds seem to have been oversold, and expect that a successful new issuance will help address investors' concerns. Therefore, we believe the existing Notes could re-price tighter after an issuance.  

Sritex - Event Flash - Proposed Issuance Of Senior Notes - Lucror Analytics

Sri Rejeki Isman

Sritex - Event Flash - Proposed Issuance Of Senior Notes - Lucror Analytics