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

Debt Capital Markets

Thaihot Group Co Ltd A / Debt Capital Markets

Tahoe Group Co Ltd is conducting a roadshow for a Reg S-only USD bond issuance. The proceeds will be used for onshore property development and general corporate purposes. The issuance amount and tenor are to be announced. Established in 1996, the property developer has a focus on mid-range and high-end projects in T1 and T2 cities. We view Tahoe as “High Risk” on the LARA scale, due to its: [1] weak financial profile, with very high leverage; [2] opaque parent entity with inadequate disclosure; [3] poor cash collection; and [4] questionable access to capital. That said, Tahoe is growing quickly, with a well-regarded brand and relatively high-quality products. The company's operations are geographically diversified, with a good mix of residential and commercial projects. We see fair value in the 8%-8.5% range (incorporating a new-issuer premium), and do not recommend that investors participate below this range. That said, the company may be targetting levels as low as 6.5%-7.5%, based on other single B rated credits.

Tahoe Group Co Ltd is conducting a roadshow for a Reg S-only USD bond issuance. The proceeds will be used for onshore property development and general corporate purposes. The issuance amount and tenor are to be announced.  Established in 1996, the property developer has a focus on mid-range and high-end projects in T1 and T2 cities. We view Tahoe as “High Risk” on the LARA scale, due to its: [1] weak financial profile, with very high leverage; [2] opaque parent entity with inadequate disclosure; [3] poor cash collection; and [4] questionable access to capital. That said, Tahoe is growing quickly, with a well-regarded brand and relatively high-quality products. The company's operations are geographically diversified, with a good mix of residential and commercial projects.  We see fair value in the 8%-8.5% range (incorporating a new-issuer premium), and do not recommend that investors participate below this range. That said, the company may be targetting levels as low as 6.5%-7.5%, based on other single B rated credits. 

Tahoe Group - New Issue Assessment - Lucror Analytics