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

Vedanta Resources' attempt to delist Vedanta Ltd (VEDL) has likely failed, and we expect VEDL’s share price and Notes to come under pressure in the near term. We believe the group will attempt to negotiate with Noteholders to waive the Special Mandatory Redemption clause and avoid a full restructuring of all the Notes. The company would have to pay USD 1.442 bn if the clause were to be exercised. The proceeds from the issuance have been placed in a escrow account for the take-private transaction. Thus, c. USD 1.4 bn should still be available. However, cash at the VRL level is typically very low, and could be insufficient to cover the c. USD 40 mn difference. The rating agencies would likely view the potential debt restructuring (even if the Special Mandatory Redemption is waived) very negatively and as similar to a distressed debt restructuring. We move our recommendation on the VEDLN curve to “Hold” from “Speculative Buy”.

  Vedanta Resources' attempt to delist Vedanta Ltd (VEDL) has likely failed, and we expect VEDL’s share price and Notes to come under pressure in the near term.   We believe the group will attempt to negotiate with Noteholders to waive the Special Mandatory Redemption clause and avoid a full restructuring of all the Notes. The company would have to pay USD 1.442 bn if the clause were to be exercised. The proceeds from the issuance have been placed in a escrow account for the take-private transaction. Thus, c. USD 1.4 bn should still be available. However, cash at the VRL level is typically very low, and could be insufficient to cover the c. USD 40 mn difference.   The rating agencies would likely view the potential debt restructuring (even if the Special Mandatory Redemption is waived) very negatively and as similar to a distressed debt restructuring.   We move our recommendation on the VEDLN curve to “Hold” from “Speculative Buy”. 

Vedanta Resources - Event Flash - Delisting Offer For Vedanta Ltd Fails - Lucror Analytics