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 the US, initial jobless claims for the week ended February 1st rose to 219 k (213 k e / 208 k revised p).</li>
<li>The macro focus today is on the January nonfarm payrolls report. Treasury yields rose marginally amid few material catalysts.</li>
<li>Yields on the 2Y and 10Y USTs climbed 2 bps each to 4.21% and 4.44%, respectively. </li>
</ul>


In the US, initial jobless claims for the week ended February 1st rose to 219 k (213 k e / 208 k revised p).
The macro focus today is on the January nonfarm payrolls report. Treasury yields rose marginally amid few material catalysts.
Yields on the 2Y and 10Y USTs climbed 2 bps each to 4.21% and 4.44%, respectively. 


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu Property, Seazen Group, Vedanta Resources</li>
<li>In the US, the UST curve bear steepened slightly, amid a rise in oil price and a heavy pipeline of corporate bond issuances. The yield on the 2Y UST was unchanged at 4.38%, while that on the 10Y UST was up 2 bps at 4.78%. Equities were mixed.</li>
<li>The S&amp;P 500 rebounded 0.2% from last Friday’s selloff to close at 5,836. That said, the Nasdaq fell 0.4% to 19,088, driven by a decline in large tech stocks.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu Property, Seazen Group, Vedanta Resources
In the US, the UST curve bear steepened slightly, amid a rise in oil price and a heavy pipeline of corporate bond issuances. The yield on the 2Y UST was unchanged at 4.38%, while that on the 10Y UST was up 2 bps at 4.78%. Equities were mixed.
The S&amp;P 500 rebounded 0.2% from last Friday’s selloff to close at 5,836. That said, the Nasdaq fell 0.4% to 19,088, driven by a decline in large tech stocks.


Studio City International Holdings Limited / Credit

Studio City International Holdings Limited (MSC US)

Studio City International Holdings Limited

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Studio City, Yuexiu Property, Rakuten Group</li>
<li>In the US, the October JOLTS job openings came in above estimates at 7.74 mn (7.52 mn e / 7.37 mn p).</li>
<li>Long-end USTs fell yesterday, while the front end outperformed on expectations that a December rate cut remains on the table.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Studio City, Yuexiu Property, Rakuten Group
In the US, the October JOLTS job openings came in above estimates at 7.74 mn (7.52 mn e / 7.37 mn p).
Long-end USTs fell yesterday, while the front end outperformed on expectations that a December rate cut remains on the table.


<ul>
<li>In the US, September factory orders fell 0.5% m-o-m (-0.5% e / -0.8% revised p).</li>
<li>Meanwhile, the September (final) durable goods orders dropped by 0.7% (-0.9% p), slightly below the preliminary reading of -0.8%.</li>
<li>Treasuries climbed yesterday, as the market pared expectations of a Donald Trump victory in the US presidential election after a weekend poll surprisingly showed current Vice-President Kamala Harris with a narrow lead in Iowa (a state comfortably won by Mr Trump in 2016 and 2020). This was partly offset by a soft auction for 3Y notes. The UST curve bull-flattened, with the yield on the 2Y UST falling 5 bps to 4.16% and the 10Y down 10 bps at 4.29%.</li>
</ul>


In the US, September factory orders fell 0.5% m-o-m (-0.5% e / -0.8% revised p).
Meanwhile, the September (final) durable goods orders dropped by 0.7% (-0.9% p), slightly below the preliminary reading of -0.8%.
Treasuries climbed yesterday, as the market pared expectations of a Donald Trump victory in the US presidential election after a weekend poll surprisingly showed current Vice-President Kamala Harris with a narrow lead in Iowa (a state comfortably won by Mr Trump in 2016 and 2020). This was partly offset by a soft auction for 3Y notes. The UST curve bull-flattened, with the yield on the 2Y UST falling 5 bps to 4.16% and the 10Y down 10 bps at 4.29%.


Global Head of Research & Head of Europe, Lucror Analytics

Felix Fischer

Global Head of Research & Head of Europe

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.
In this Insight:
<ol>
<li><a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" rel="noopener">SK Hynix</a></li>
<li><a href="https://www.smartkarma.com/entities/adani-transmission-ltd" target="_blank" rel="noopener">Adani Transmission</a></li>
<li><a href="https://www.smartkarma.com/entities/adani-green-energy-ltd" target="_blank" rel="noopener">Adani Green Energy</a></li>
<li><a href="https://www.smartkarma.com/entities/cifi-holdings-group-co-ltd" target="_blank" rel="noopener">CIFI Holdings</a></li>
<li><a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" rel="noopener">Rakuten</a></li>
</ol>
and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.
In this Insight:

SK Hynix
Adani Transmission
Adani Green Energy
CIFI Holdings
Rakuten

and more...

Hong Kong

Yuexiu Property is a comprehensive real estate developer engaged in property development, investment, and management across residential, commercial, and industrial sectors. The company develops and sells residential properties, operates and leases commercial spaces, and provides property management services. Headquartered in Guangzhou, Guangdong, China, it was established in 1983.

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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, Bharti Airtel, Softbank Group

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, Seazen Group, Vedanta Resources

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Studio City, Yuexiu Property, Rakuten Group

Lucror Analytics

Lucror Analytics - Morning Views Asia

In the US, September factory orders fell 0.5% m-o-m (-0.5% e / -0.8% revised p). Meanwhile, the September (final) durable goods orders dropped by...

Lucror Analytics

Weekly Wrap - 25 Oct 2024

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

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