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: Adani Green Energy, Jababeka, Nissan Motor, JSW Steel</li>
<li>UST yields fell 1-2 bps on Friday, although there were no material catalysts. The yield on the 2Y UST declined 1 bp to 3.59%, while the yield on the 10Y UST fell 2 bps to 4.23%. Equities were mixed, with the S&amp;P 500 flat at 6,916, while the Nasdaq rose 0.3% to 23,501.</li>
<li>The Chinese government will set a lower economic growth target of 4.5-5.0% this year (vs. c. 5% for each of the past two years), reported SCMP on Friday, citing unidentified sources briefed on the matter.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Jababeka, Nissan Motor, JSW Steel
UST yields fell 1-2 bps on Friday, although there were no material catalysts. The yield on the 2Y UST declined 1 bp to 3.59%, while the yield on the 10Y UST fell 2 bps to 4.23%. Equities were mixed, with the S&amp;P 500 flat at 6,916, while the Nasdaq rose 0.3% to 23,501.
The Chinese government will set a lower economic growth target of 4.5-5.0% this year (vs. c. 5% for each of the past two years), reported SCMP on Friday, citing unidentified sources briefed on the matter.


Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>BSE SENSEX represents the 30 largest stocks listed on the Bombay Stock Exchange (BSE) of India.</li>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index for the June 2026 index rebal event.</li>
<li>As things stand, there could be one ADD and one DEL for the BSE SENSEX index.</li>
</ul>


BSE SENSEX represents the 30 largest stocks listed on the Bombay Stock Exchange (BSE) of India.
In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index for the June 2026 index rebal event.
As things stand, there could be one ADD and one DEL for the BSE SENSEX index.


Quiddity Leaderboard BSE ​​​​SENSEX Jun26: One Change Possible; US$357mn One-Way

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Bharat Coking Coal Limited (BCCL) / Equity Capital Markets

Bharat Coking Coal Limited (BCCL) (7535956Z IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bharat-coking-coal-limited-bccl" target="_blank" data-smartkarma-citation="entities:45272:1" rel="noopener">Bharat Coking Coal Limited (BCCL) (7535956Z IN)</a> raised around US$119m in its all-secondary India IPO. BCCL is a subsidiary of Coal India Limited engaged primarily in mining of coking coal. </li>
<li>It produces various grades of coking coal, non-coking coal, and washed coal, primarily for use in the steel and power sectors.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Bharat Coking Coal Limited (BCCL) (7535956Z IN) raised around US$119m in its all-secondary India IPO. BCCL is a subsidiary of Coal India Limited engaged primarily in mining of coking coal. 
It produces various grades of coking coal, non-coking coal, and washed coal, primarily for use in the steel and power sectors.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: BCCL Ltd IPO Trading - Robust Demand for First IPO of 2026

Iron Ore, Copper, Equities, Mint Finance

Umang Agrawal

Iron Ore, Copper, Equities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

<ul>
<li>Tata Steel India hit record output of 6.34 MT in 3QFY26, with deliveries crossing 6 MT, driven by strong domestic demand.</li>
<li>EU’s CBAM raises carbon costs and pressures exports, but tightening import rules could advantage Tata Steel Netherlands through stronger local demand.</li>
<li>CCI’s cartel findings against major steelmakers introduce regulatory overhang, potential penalties, and prolonged review risk, with pricing conduct under scrutiny.</li>
</ul>


Tata Steel India hit record output of 6.34 MT in 3QFY26, with deliveries crossing 6 MT, driven by strong domestic demand.
EU’s CBAM raises carbon costs and pressures exports, but tightening import rules could advantage Tata Steel Netherlands through stronger local demand.
CCI’s cartel findings against major steelmakers introduce regulatory overhang, potential penalties, and prolonged review risk, with pricing conduct under scrutiny.


Tata Steel: Strong India Momentum Provides Cushion as Carbon Costs and CCI Scrutiny Build

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bharat-coking-coal-limited-bccl" target="_blank" data-smartkarma-citation="entities:45272:1" rel="noopener">Bharat Coking Coal Limited (BCCL) (7535956Z IN)</a> is looking to raise around US$119m in its all-secondary India IPO. Coal India's subsidiary, it is engaged in the mining of coking coal.</li>
<li>BCCL produces various grades of coking coal, non-coking coal, and washed coal, primarily for use in the steel and power sectors.</li>
<li>In this note, we talk about the company’s historical performance and IPO valuations.</li>
</ul>



Bharat Coking Coal Limited (BCCL) (7535956Z IN) is looking to raise around US$119m in its all-secondary India IPO. Coal India's subsidiary, it is engaged in the mining of coking coal.
BCCL produces various grades of coking coal, non-coking coal, and washed coal, primarily for use in the steel and power sectors.
In this note, we talk about the company’s historical performance and IPO valuations.


Aequitas: BCCL IPO - Market Leadership in Domestic Coking Coal, with Key Considerations to Monitor

India

JSW Steel Limited is an Indian multinational steel company. It manufactures and sells a wide range of steel products, including hot rolled, cold rolled, galvanized, and color-coated steel, as well as TMT bars, wire rods, and alloy steel products, serving various industries such as automotive, construction, and infrastructure. The company is headquartered in Mumbai, Maharashtra, India, and was founded in 1982.

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JSW Steel (JSTL IN)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Jababeka, Nissan Motor,...

Lucror Analytics

Quiddity Leaderboard BSE SENSEX Jun26: One Change Possible; US$357mn One-Way

We estimate one-way flow to be around US$357mn. Both the expected ADD and DEL could have around 5x ADV to trade. There is still time left in the...

Janaghan Jeyakumar, CFA

Aequitas: BCCL Ltd IPO Trading - Robust Demand for First IPO of 2026

Bharat Coking Coal Ltd raised around US$119m in its all-secondary India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

Tata Steel: Strong India Momentum Provides Cushion as Carbon Costs and CCI Scrutiny Build

Record Indian volumes and safeguard duties strengthen earnings visibility, while CBAM costs and cartel reviews introduce manageable, time-bound...

Mint Finance

Aequitas: BCCL IPO - Market Leadership in Domestic Coking Coal, with Key Considerations to Monitor

Bharat Coking Coal Ltd (BCCL) is looking to raise around US$119m in its all-secondary India IPO. In this note, we talk about the company’s...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Jababeka, Nissan Motor,...

Lucror Analytics

Quiddity Leaderboard BSE ​​​​SENSEX Jun26: One Change Possible; US$357mn One-Way

We estimate one-way flow to be around US$357mn. Both the expected ADD and DEL could have around 5x ADV to trade. There is still time left in the...

Janaghan Jeyakumar, CFA

Aequitas: BCCL Ltd IPO Trading - Robust Demand for First IPO of 2026

Bharat Coking Coal Ltd raised around US$119m in its all-secondary India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

Tata Steel: Strong India Momentum Provides Cushion as Carbon Costs and CCI Scrutiny Build

Record Indian volumes and safeguard duties strengthen earnings visibility, while CBAM costs and cartel reviews introduce manageable, time-bound...

Mint Finance

Aequitas: BCCL IPO - Market Leadership in Domestic Coking Coal, with Key Considerations to Monitor

Bharat Coking Coal Ltd (BCCL) is looking to raise around US$119m in its all-secondary India IPO. In this note, we talk about the company’s...

Akshat Shah

Quiddity Leaderboard BSE SENSEX Jun26: One Change Possible; US$357mn One-Way