Global Head of Research & Head of Europe, Lucror Analytics

Felix Fischer

Global Head of Research & Head of Europe

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

Vedanta Limited mines, produces, and exports base metals. The Company mines and distributes metals such as zinc, iron ore, copper, silver, and aluminium, as well as operates power plants. Vedanta markets its products worldwide.

<ul>
<li>In our latest Asia Monthly, we review the performance of major Asian credit indices and UST curve movements in July 2026.</li>
<li>We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan.</li>
<li>  In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research.</li>
</ul>


In our latest Asia Monthly, we review the performance of major Asian credit indices and UST curve movements in July 2026.
We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan.
  In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research.


Asia Monthly - July 2026 In Review - Lucror Analytics

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

Greenko Energy Holdings operates as a holding company. The Company, through its subsidiaries, manufactures wind, hydro, and solar energy generation machinery. Greenko Energy Holdings serves customers in India.

<ul>
<li>UST yields retreated 3-5 bps across the curve yesterday, alongside declining oil prices following news that the US and Iran may hold a second round of talks.</li>
<li>The yield on the 2Y UST fell 3 bps to 3.75%, while that on the 10Y UST declined 5 bps to 4.25%. Equities advanced, with the S&amp;P 500 and Nasdaq up 1.2% and 2.0%, respectively.</li>
<li>US President Donald Trump indicated in an interview with the New York Post that the US may return to Islamabad for another round of talks with Iran.</li>
</ul>


UST yields retreated 3-5 bps across the curve yesterday, alongside declining oil prices following news that the US and Iran may hold a second round of talks.
The yield on the 2Y UST fell 3 bps to 3.75%, while that on the 10Y UST declined 5 bps to 4.25%. Equities advanced, with the S&amp;P 500 and Nasdaq up 1.2% and 2.0%, respectively.
US President Donald Trump indicated in an interview with the New York Post that the US may return to Islamabad for another round of talks with Iran.


ReNew Energy Global is a decarbonization solutions company and a leading independent power producer, primarily focused on utility-scale wind, solar, and hydro energy projects in India. The company also provides clean energy solutions through digitalization, storage, carbon market services, and manufacturing of solar panels and modules. It was founded in 2011 and is headquartered in Gurugram, India.

<ul>
<li>UST yields fell 4-6 bps across the curve yesterday, undoing part of last week’s yield increase amid easing oil prices.</li>
<li>The yield on the 2Y UST declined 5 bps to 3.67%, while that on the 10Y UST was down 6 bps to 4.22%.</li>
<li>Equities rose, with the S&amp;P 500 and Nasdaq up 1.0% and 1.2%, respectively. </li>
</ul>


UST yields fell 4-6 bps across the curve yesterday, undoing part of last week’s yield increase amid easing oil prices.
The yield on the 2Y UST declined 5 bps to 3.67%, while that on the 10Y UST was down 6 bps to 4.22%.
Equities rose, with the S&amp;P 500 and Nasdaq up 1.0% and 1.2%, respectively. 


Leonard Law, CFA

Adani Green Energy Limited is an Indian renewable energy company that develops, owns, and operates utility-scale grid-connected solar, wind, hybrid, and energy storage projects. The company supplies electricity to central and state government entities and government-backed corporations. It is headquartered in Ahmedabad, Gujarat, India, and was founded in 2015.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, West China Cement, Vedanta Resources</li>
<li>The UST curve twisted steeper on Friday. The yield on the 2Y UST fell 3 bps to 3.72%, undoing part of the yield jump on Thursday. That said, long-end yields climbed marginally, as oil prices held above USD 100/bbl.</li>
<li>Meanwhile, macro releases on Friday showed that GDP growth slowed in Q4/25, while January consumption barely ticked higher and PCE inflation remained elevated. The yield on the 10Y UST rose 1 bp to 4.28%, while the yield on the 30Y UST climbed 2 bps to 4.90%.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, West China Cement, Vedanta Resources
The UST curve twisted steeper on Friday. The yield on the 2Y UST fell 3 bps to 3.72%, undoing part of the yield jump on Thursday. That said, long-end yields climbed marginally, as oil prices held above USD 100/bbl.
Meanwhile, macro releases on Friday showed that GDP growth slowed in Q4/25, while January consumption barely ticked higher and PCE inflation remained elevated. The yield on the 10Y UST rose 1 bp to 4.28%, while the yield on the 30Y UST climbed 2 bps to 4.90%.


Adani Energy Solutions Limited is a major Indian electric power transmission and distribution company. It develops, operates, and maintains power transmission systems, distributes electricity to over 12 million consumers, and provides smart metering and cooling solutions. The company is headquartered in Ahmedabad, India, and was founded on December 9, 2013.

<ul>
<li>UST yields jumped 6-9 bps across the curve yesterday, as the market pared rate-cut expectations on inflation concerns (despite the inline February CPI data), and following soft demand for a 10Y note auction.</li>
<li>Fed-dated OIS are now pricing in 30 bps of rate cuts for the rest of 2026 (vs. 44 bps as of last Friday).</li>
<li>The UST curve bear steepened, with the yield on the 2Y UST rising 6 bps to 3.65%, while that on the 10Y UST was up 7 bps at 4.23%. </li>
</ul>


UST yields jumped 6-9 bps across the curve yesterday, as the market pared rate-cut expectations on inflation concerns (despite the inline February CPI data), and following soft demand for a 10Y note auction.
Fed-dated OIS are now pricing in 30 bps of rate cuts for the rest of 2026 (vs. 44 bps as of last Friday).
The UST curve bear steepened, with the yield on the 2Y UST rising 6 bps to 3.65%, while that on the 10Y UST was up 7 bps at 4.23%. 
