Senior Credit Analyst, Lucror Analytics

Trung Nguyen

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>US treasury yields were up 1-2 bps across the curve, on the back of a stronger than expected JOLTS report.</li>
<li>The yield on the 2Y UST rose 2 bps to 3.95%, while that on the 10Y UST was up 1 bp at 4.46%.</li>
<li>Equities advanced, supported by the strong jobs report despite continued uncertainty on trade.</li>
</ul>


US treasury yields were up 1-2 bps across the curve, on the back of a stronger than expected JOLTS report.
The yield on the 2Y UST rose 2 bps to 3.95%, while that on the 10Y UST was up 1 bp at 4.46%.
Equities advanced, supported by the strong jobs report despite continued uncertainty on trade.


Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Debt Capital Markets

iShares 3-7 Year Treasury Bond / Debt Capital Markets

<ul>
<li>We believe Moody’s simply took the opportunity on the Tariff news to move USA’s rating to be in-line with those of the other two agencies.</li>
<li>Though rising rates are not friendly to fixed rate bonds, we believe Asian high-yield bonds remain a good place to park capital in the near term</li>
<li>We prefer short duration under 5 years to keep duration low in preparation for an upward pressure on rates in the near term.</li>
</ul>


We believe Moody’s simply took the opportunity on the Tariff news to move USA’s rating to be in-line with those of the other two agencies.
Though rising rates are not friendly to fixed rate bonds, we believe Asian high-yield bonds remain a good place to park capital in the near term
We prefer short duration under 5 years to keep duration low in preparation for an upward pressure on rates in the near term.


Bond Market Monitor: TRUMPoline Projectile

Leonard Law, CFA

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Medco Energi</li>
<li>The US has unveiled a trade agreement with the UK. The US will maintain a 10% blanket tariff on UK imports, while UK duties on US goods will be reduced to 1.8% from 5.1%. It is unclear how the figures are tabulated.</li>
<li>In addition, tariffs on UK autos will be adjusted such that a 10% tariff will apply to the first 100 k vehicle imports, with any additional vehicles facing a 25% rate.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Medco Energi
The US has unveiled a trade agreement with the UK. The US will maintain a 10% blanket tariff on UK imports, while UK duties on US goods will be reduced to 1.8% from 5.1%. It is unclear how the figures are tabulated.
In addition, tariffs on UK autos will be adjusted such that a 10% tariff will apply to the first 100 k vehicle imports, with any additional vehicles facing a 25% rate.


<ul>
<li>Medco Energi has announced a cash tender offer to repurchase up to all the outstanding USD 242.3 mn MEDCIJ 7.375 '26s and USD 418.7 mn MEDCIJ 6.375 '27s.</li>
<li>It is also concurrently seeking to issue new USD 400 mn 5NC2 notes.</li>
<li>In our view, the proposed transactions demonstrate Medco’s proactive management of its debt maturity profile.</li>
</ul>


Medco Energi has announced a cash tender offer to repurchase up to all the outstanding USD 242.3 mn MEDCIJ 7.375 '26s and USD 418.7 mn MEDCIJ 6.375 '27s.
It is also concurrently seeking to issue new USD 400 mn 5NC2 notes.
In our view, the proposed transactions demonstrate Medco’s proactive management of its debt maturity profile.


Indonesia

MedcoEnergi is an Indonesian multinational energy and natural resources company. It focuses on upstream oil and gas exploration and production, clean energy development, and copper and gold mining operations. The company was founded in 1980 and is headquartered in Jakarta, Indonesia.

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MedcoEnergi (MEDC IJ)

Lucror Analytics - Morning Views Asia

US treasury yields were up 1-2 bps across the curve, on the back of a stronger than expected JOLTS report. The yield on the 2Y UST rose 2 bps to...

Lucror Analytics

Bond Market Monitor: TRUMPoline Projectile

Moody's adjusts USA's rating in line with other agencies, Asian high-yield bonds seen as a good investment despite rising rates, short duration...

Bondcritic

Lucror Analytics - Morning Views Asia

Treasury yields ended slightly lower yesterday, after erasing a sell-off that briefly pushed the yield on the 30Y UST above 5%, in the wake of...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Medco Energi

Lucror Analytics

Medco Energi

Medco Energi has announced a cash tender offer to repurchase up to all the outstanding USD 242.3 mn MEDCIJ 7.375 '26s and USD 418.7 mn MEDCIJ 6.375...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lucror Analytics - Morning Views Asia

US treasury yields were up 1-2 bps across the curve, on the back of a stronger than expected JOLTS report. The yield on the 2Y UST rose 2 bps to...

Lucror Analytics

Bond Market Monitor: TRUMPoline Projectile

​Moody's adjusts USA's rating in line with other agencies, Asian high-yield bonds seen as a good investment despite rising rates, short duration...

Bondcritic

Lucror Analytics - Morning Views Asia

Treasury yields ended slightly lower yesterday, after erasing a sell-off that briefly pushed the yield on the 30Y UST above 5%, in the wake of...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Medco Energi

Lucror Analytics

Medco Energi

Medco Energi has announced a cash tender offer to repurchase up to all the outstanding USD 242.3 mn MEDCIJ 7.375 '26s and USD 418.7 mn MEDCIJ 6.375...

Lucror Analytics

Moody's adjusts USA's rating in line with other agencies, Asian high-yield bonds seen as a good investment despite rising rates, short duration...