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

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu Property</li>
<li>UST yields rose 2-5 bps across the curve yesterday, amid a soft auction of 5Y notes and a large slate of corporate bond issuances. The yield on the 2Y UST increased by 2 bps to 3.61%, while that on the 10Y UST climbed 4 bps to 4.15%.</li>
<li>Equities retreated for a second day, but remained near record-high levels. The S&amp;P 500 and Nasdaq both declined 0.3% to 6,638 and 22,498, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu Property
UST yields rose 2-5 bps across the curve yesterday, amid a soft auction of 5Y notes and a large slate of corporate bond issuances. The yield on the 2Y UST increased by 2 bps to 3.61%, while that on the 10Y UST climbed 4 bps to 4.15%.
Equities retreated for a second day, but remained near record-high levels. The S&amp;P 500 and Nasdaq both declined 0.3% to 6,638 and 22,498, respectively.


<ul>
<li>Treasury yields jumped yesterday, led by the short-end, as a stronger than expected nonfarm payrolls report drove traders to exit bets on a July rate cut.</li>
<li>As of yesterday, Fed-dated OIS were pricing in an almost zero chance of a rate decrease in July, along with 51 bps of cuts by year-end (vs. 65 bps as of Wednesday).</li>
<li>The yield on the 2Y UST rose 10 bps to 3.88%, while the yield on the 10Y UST was up 7 bps at 4.35%. </li>
</ul>


Treasury yields jumped yesterday, led by the short-end, as a stronger than expected nonfarm payrolls report drove traders to exit bets on a July rate cut.
As of yesterday, Fed-dated OIS were pricing in an almost zero chance of a rate decrease in July, along with 51 bps of cuts by year-end (vs. 65 bps as of Wednesday).
The yield on the 2Y UST rose 10 bps to 3.88%, while the yield on the 10Y UST was up 7 bps at 4.35%. 


<ul>
<li>Treasury yields climbed yesterday, led by the front and belly tenors, in line with similar price action in Europe after ECB President Christine Lagarde indicated that the central bank could pause rate cuts in the summer.</li>
<li>The UST curve bear-flattened, with the yield on the 2Y UST rising 5 bps to 3.92% and the yield on the 10Y UST up 4 bps at 4.39%.</li>
<li>US equities retreated, with the S&amp;P 500 and Nasdaq declining 0.5% and 0.8%, respectively. US President Donald Trump and his Chinese counterpart Xi Jinping spoke on Thursday in a call that lasted c. 1.5 hours. </li>
</ul>


Treasury yields climbed yesterday, led by the front and belly tenors, in line with similar price action in Europe after ECB President Christine Lagarde indicated that the central bank could pause rate cuts in the summer.
The UST curve bear-flattened, with the yield on the 2Y UST rising 5 bps to 3.92% and the yield on the 10Y UST up 4 bps at 4.39%.
US equities retreated, with the S&amp;P 500 and Nasdaq declining 0.5% and 0.8%, respectively. US President Donald Trump and his Chinese counterpart Xi Jinping spoke on Thursday in a call that lasted c. 1.5 hours. 


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu Property, Tata Motors, Softbank Group</li>
<li>US President Donald Trump wrote on Truth Social that Washington will impose an additional 50% tariff on China effective April 9th, if Beijing does not back down from its 34% retaliatory tariffs.</li>
<li>Mr Trump's post also stated that the US will terminate all talks with China, while commencing negotiations with other countries. Separately, the President told reporters at the White House that he was not looking at a pause on tariffs, but added that “many countries” were seeking negotiations and there would be fair deals in certain cases.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu Property, Tata Motors, Softbank Group
US President Donald Trump wrote on Truth Social that Washington will impose an additional 50% tariff on China effective April 9th, if Beijing does not back down from its 34% retaliatory tariffs.
Mr Trump's post also stated that the US will terminate all talks with China, while commencing negotiations with other countries. Separately, the President told reporters at the White House that he was not looking at a pause on tariffs, but added that “many countries” were seeking negotiations and there would be fair deals in certain cases.


<ul>
<li>In the US, the JOLTS job openings decreased to 7.57 mn (7.66 mn e / 7.76 mn p) in February.</li>
<li>The job openings rate fell slightly to 4.5% (4.6% e / 4.7% revised p), while the layoffs rate was stable at 1.1% (1.1% revised p).</li>
<li>Separately, the March ISM manufacturing index declined to 49.0 (49.5 e / 50.3 p). This was driven by a drop in the new orders and employment components, while the prices paid component increased. </li>
</ul>


In the US, the JOLTS job openings decreased to 7.57 mn (7.66 mn e / 7.76 mn p) in February.
The job openings rate fell slightly to 4.5% (4.6% e / 4.7% revised p), while the layoffs rate was stable at 1.1% (1.1% revised p).
Separately, the March ISM manufacturing index declined to 49.0 (49.5 e / 50.3 p). This was driven by a drop in the new orders and employment components, while the prices paid component increased. 


China

Yuexiu Property Company Ltd., through its subsidiaries, develops, manages and invests in properties. The Company also invests in a Real Estate Investment Trusts.

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Yuexiu Property (123 HK)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu Property UST yields rose 2-5 bps...

Lucror Analytics

Lucror Analytics - Morning Views Asia

Treasury yields jumped yesterday, led by the short-end, as a stronger than expected nonfarm payrolls report drove traders to exit bets on a July...

Lucror Analytics

Lucror Analytics - Morning Views Asia

The UST curve bear-flattened, with the yield on the 2Y UST rising 5 bps to 3.92% and the yield on the 10Y UST up 4 bps at 4.39%.

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu Property, Tata Motors, Softbank Group

Lucror Analytics

Lucror Analytics - Morning Views Asia

The job openings rate fell slightly to 4.5% (4.6% e / 4.7% revised p), while the layoffs rate was stable at 1.1% (1.1% revised p).

Lucror Analytics

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