Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

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

China Vanke Co., Ltd. operates real estate development businesses.  The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: GMR Hyderabad, China Vanke</li>
<li>Fitch has downgraded the issuer default rating on China Vanke, as well as the senior unsecured notes rating on Vanke HK, to C from CCC-/CC.</li>
<li>The downgrade follows Vanke's entry into a five-day grace period for a CNY 2 bn onshore bond that matured on 15 December 2025, which indicated heightened default risk</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: GMR Hyderabad, China Vanke
Fitch has downgraded the issuer default rating on China Vanke, as well as the senior unsecured notes rating on Vanke HK, to C from CCC-/CC.
The downgrade follows Vanke's entry into a five-day grace period for a CNY 2 bn onshore bond that matured on 15 December 2025, which indicated heightened default risk


Genting Berhad is an investment holding company.  The Company, through its subsidiaries, provides leisure and hospitality, gaming, and entertainment businesses. Genting also operates plantations, develops and manages property, provides tours and travel related services, manufactures and trades paper, explores oil and gas, and provides money lending services.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Genting Berhad</li>
<li>S&amp;P has affirmed the BBB- ratings on Genting Berhad and Genting Malaysia, as well as the BB+ ratings on Genting New York and Resorts World Las Vegas (RWLV).</li>
<li>The outlooks were revised to negative from stable.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Genting Berhad
S&amp;P has affirmed the BBB- ratings on Genting Berhad and Genting Malaysia, as well as the BB+ ratings on Genting New York and Resorts World Las Vegas (RWLV).
The outlooks were revised to negative from stable.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Hanwha TotalEnergies, Vedanta Resources.</li>
<li>Hanwha TotalEnergies Petrochemical (HTP) is a vertically integrated petrochemicals producer in South Korea.</li>
<li>The company produces a range of commodity chemicals, including base chemicals (olefins and aromatics), polymers (e.g. polyethylene and polypropylene) and energy products (jet fuel and diesel).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Hanwha TotalEnergies, Vedanta Resources.
Hanwha TotalEnergies Petrochemical (HTP) is a vertically integrated petrochemicals producer in South Korea.
The company produces a range of commodity chemicals, including base chemicals (olefins and aromatics), polymers (e.g. polyethylene and polypropylene) and energy products (jet fuel and diesel).


Trung Nguyen

ReNew Energy Global PLC operates as a renewable energy company. The Company focuses on developing wind, solar, and hydro energy projects. ReNew Energy Global serves clients in India.

<ul>
<li>Front-end UST yields declined yesterday, with the UST curve steepening in continuation of last week's trend. The yield on the 2Y UST fell 2 bps to 3.50%, while that of the 10Y declined 1 bp to 4.17%.</li>
<li>Equities retreated for a second day, with the S&amp;P 500 and Nasdaq down 0.2% and 0.6%, respectively.</li>
<li>New York Fed President John Williams said monetary policy is well-positioned heading into 2026, as the FOMC has "adjusted interest rates down in a way that we think positions us really well to have these two competing kinds of risks be roughly in balance". </li>
</ul>


Front-end UST yields declined yesterday, with the UST curve steepening in continuation of last week's trend. The yield on the 2Y UST fell 2 bps to 3.50%, while that of the 10Y declined 1 bp to 4.17%.
Equities retreated for a second day, with the S&amp;P 500 and Nasdaq down 0.2% and 0.6%, respectively.
New York Fed President John Williams said monetary policy is well-positioned heading into 2026, as the FOMC has "adjusted interest rates down in a way that we think positions us really well to have these two competing kinds of risks be roughly in balance". 


SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

<ul>
<li>The UST curve twisted steeper on Friday, continuing the steepening trend following the Fed's rate cut decision last Wednesday.</li>
<li>The yield on the 2Y UST declined 2 bps to 3.52%, while the yield on the 10Y UST rose 3 bps to 4.18%.</li>
<li>Equities fell on investor anxiety over AI stocks, after Broadcom provided a disappointing sales outlook. </li>
</ul>


The UST curve twisted steeper on Friday, continuing the steepening trend following the Fed's rate cut decision last Wednesday.
The yield on the 2Y UST declined 2 bps to 3.52%, while the yield on the 10Y UST rose 3 bps to 4.18%.
Equities fell on investor anxiety over AI stocks, after Broadcom provided a disappointing sales outlook. 
