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 (VRL) is roadshowing a Senior Notes offering. We believe the new structure is not friendly to existing Noteholders, and would be viewed negatively by them in the near term. However, the new structure should provide VRL with better access to capital at a point when it is very difficult for the company to do so. A successful issuance would alleviate near-term refinancing risk and possibly buy VRL time for a future refinancing. We also view positively VRL's tender offer for the existing Notes at par. We believe that the coupon for the proposed Notes will not be higher than 13%, which was the coupon for the USD Notes that VRL raised for the take-private transaction. We also feel the structural seniority does not warrant such a large reduction in yields versus those of the existing Notes (20-30%). Thus, without visibility on the IPT, we do not yet see the value in the proposed Notes.

  Vedanta Resources (VRL) is roadshowing a Senior Notes offering. We believe the new structure is not friendly to existing Noteholders, and would be viewed negatively by them in the near term. However, the new structure should provide VRL with better access to capital at a point when it is very difficult for the company to do so. A successful issuance would alleviate near-term refinancing risk and possibly buy VRL time for a future refinancing. We also view positively VRL's tender offer for the existing Notes at par.   We believe that the coupon for the proposed Notes will not be higher than 13%, which was the coupon for the USD Notes that VRL raised for the take-private transaction. We also feel the structural seniority does not warrant such a large reduction in yields versus those of the existing Notes (20-30%). Thus, without visibility on the IPT, we do not yet see the value in the proposed Notes. 

Vedanta Resources - Event Flash - Markets New Senior Notes - Lucror Analytics