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

We do not view the group's failure to take Vedanta Limited private as negatively as the rating agencies, since taking out the minority shareholders to avoid cash leakage would have required a material increase in net debt. As expected, Hindustan Zinc paid a large dividend, signalling support for the holdco. We think the group will speed up cash upstreaming, and view the risk of a debt restructuring in the next 12 months as low.  We move our recommendation back to “Speculative Buy” from “Hold” following the dividend from Hindustan Zinc, which indicates the company’s willingness to upstream cash to service the holdco’s debt. In our opinion, Vedanta made the right choice by enduring the cash leakage rather than risking another default or debt restructuring in the near term. The VEDLN curve is again trading at distressed levels following the failure of the de-listing. We continue to think the risk/reward ratio is favourable.

  We do not view the group's failure to take Vedanta Limited private as negatively as the rating agencies, since taking out the minority shareholders to avoid cash leakage would have required a material increase in net debt. As expected, Hindustan Zinc paid a large dividend, signalling support for the holdco. We think the group will speed up cash upstreaming, and view the risk of a debt restructuring in the next 12 months as low.    We move our recommendation back to “Speculative Buy” from “Hold” following the dividend from Hindustan Zinc, which indicates the company’s willingness to upstream cash to service the holdco’s debt. In our opinion, Vedanta made the right choice by enduring the cash leakage rather than risking another default or debt restructuring in the near term. The VEDLN curve is again trading at distressed levels following the failure of the de-listing. We continue to think the risk/reward ratio is favourable. 

Vedanta Resources - Event Flash - HZL USD 1.2 Bn Dividend - Lucror Analytics