Senior Credit Analyst, Lucror Analytics

Tanvi Arora

Senior Credit Analyst

High Yield Experts

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.

Credit

Azure Power Global Limited operates as an independent solar power producer. The Company designs, constructs, maintains, and operates solar energy projects. Azure Power Global serves customers worldwide.

<ul>
<li>In the US, existing home sales rose 3.4% m-o-m in October (2.9% e / -1.3% revised p) to an annualised 3.96 mn units.</li>
<li>That said, existing home sales grew at the slowest pace since late 2010, amid rising mortgage costs.</li>
<li>Separately, the Conference Board leading index fell 0.4% (-0.3% e / -0.3% revised p) to 99.5 in October 2024. </li>
</ul>


In the US, existing home sales rose 3.4% m-o-m in October (2.9% e / -1.3% revised p) to an annualised 3.96 mn units.
That said, existing home sales grew at the slowest pace since late 2010, amid rising mortgage costs.
Separately, the Conference Board leading index fell 0.4% (-0.3% e / -0.3% revised p) to 99.5 in October 2024. 


Adani Green Energy Limited operates as a producer of renewable energy. The Company builds, owns, and operates power plants for solar and wind energy. Adani Green Energy serves customers worldwide.


<ul>
<li>Adani Green Energy Limited (AGEL) is one of the world’s largest developers and operators of solar and wind power.</li>
<li>The company’s assets are geographically diversified across India, with total locked-in capacity of 20.4 GW (of which 10.9 GW was operational as of June 2024).</li>
<li>AGEL is listed on the Bombay Stock Exchange and National Stock Exchange of India. </li>
</ul>


Adani Green Energy Limited (AGEL) is one of the world’s largest developers and operators of solar and wind power.
The company’s assets are geographically diversified across India, with total locked-in capacity of 20.4 GW (of which 10.9 GW was operational as of June 2024).
AGEL is listed on the Bombay Stock Exchange and National Stock Exchange of India. 


Adani Green Energy - ESG Report - Lucror Analytics

<ul>
<li>The US indictment of key executives is a material credit negative for the Adani Group, with the allegations being more serious than those from Hindenburg Research’s short-sell report in January 2023.</li>
<li>In the near term, the US indictment is likely to constrain the group’s access to financing, particularly in the offshore market.</li>
<li>We note that the Justice Department's charges are directed at the individual executives, not at Adani Green Energy or other group entities.</li>
</ul>


The US indictment of key executives is a material credit negative for the Adani Group, with the allegations being more serious than those from Hindenburg Research’s short-sell report in January 2023.
In the near term, the US indictment is likely to constrain the group’s access to financing, particularly in the offshore market.
We note that the Justice Department's charges are directed at the individual executives, not at Adani Green Energy or other group entities.


Adani Green Energy - Event Flash - US Charges Gautam Adani And 2 AGEL Executives

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Yankuang Energy</li>
<li>In the US, treasuries edged higher yesterday, with yields declining 2-4 bps across the curve on possible dip buying and despite a large slate of corporate bond issuances.</li>
<li>The yield on the 2Y UST fell 3 bps to 4.28%, while the 10Y declined 3 bps to 4.41%. Equities rebounded from last week’s losses, with the S&amp;P 500 and Nasdaq up 0.4% and 0.6%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Yankuang Energy
In the US, treasuries edged higher yesterday, with yields declining 2-4 bps across the curve on possible dip buying and despite a large slate of corporate bond issuances.
The yield on the 2Y UST fell 3 bps to 4.28%, while the 10Y declined 3 bps to 4.41%. Equities rebounded from last week’s losses, with the S&amp;P 500 and Nasdaq up 0.4% and 0.6%, respectively.


Fressnapf Tiernahrungs GmbH provides wholesale distribution of pet food and accessories. The Company offers different products for cats, dogs, small animals, birds, terra, aqua, and pond decoration. Fressnapf Tiernahrungs serves its customers worldwide.

<ul>
<li>Fressnapf is a leading pet retailer in Europe with an omni-channel offering.</li>
<li>It offers a diverse range of pet food, accessories, as well as health products and pet services mostly catering to the premium end of the market.</li>
<li>The company has a presence in 13 countries across Europe. It offers exclusive brands (private label) as well as branded products. </li>
</ul>


Fressnapf is a leading pet retailer in Europe with an omni-channel offering.
It offers a diverse range of pet food, accessories, as well as health products and pet services mostly catering to the premium end of the market.
The company has a presence in 13 countries across Europe. It offers exclusive brands (private label) as well as branded products. 


Fressnapf - ESG Report - Lucror Analytics