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, 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.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Logan Group, Vedanta Resources, Sunny Optical</li>
<li>In the US, the December 2024 nonfarm payrolls unexpectedly jumped to 256 k (165 k e / 212 k revised p), with November’s data adjusted downwards by 15 k. Average hourly earnings edged down to 0.3% m-o-m (0.3% e / 0.4% p) and 3.9% y-o-y (4.0% e / 4.0% p), while the unemployment rate declined to 4.1% (4.2% e / 4.2% p).</li>
<li>Separately, the January 2025 (preliminary) University of Michigan consumer sentiment index fell to 73.2 (74.0 e / 74.0 p). The one-year inflation expectation among consumers soared to 3.3% (2.8% e / 2.8% p), the highest since May 2024 and above the 2.3-3.0% range seen in the two years prior to the COVID-19 pandemic.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Logan Group, Vedanta Resources, Sunny Optical
In the US, the December 2024 nonfarm payrolls unexpectedly jumped to 256 k (165 k e / 212 k revised p), with November’s data adjusted downwards by 15 k. Average hourly earnings edged down to 0.3% m-o-m (0.3% e / 0.4% p) and 3.9% y-o-y (4.0% e / 4.0% p), while the unemployment rate declined to 4.1% (4.2% e / 4.2% p).
Separately, the January 2025 (preliminary) University of Michigan consumer sentiment index fell to 73.2 (74.0 e / 74.0 p). The one-year inflation expectation among consumers soared to 3.3% (2.8% e / 2.8% p), the highest since May 2024 and above the 2.3-3.0% range seen in the two years prior to the COVID-19 pandemic.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Vedanta Resources</li>
<li>Last Friday in the US, the ISM manufacturing index climbed to 49.3 in December (48.2 e / 48.4 p).</li>
<li>This was supported by an increase in the prices paid and new orders components, which offset a decrease in the employment component. Separately, the final manufacturing PMI edged up to 49.4 in the month (48.3 e / 48.3 p).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Vedanta Resources
Last Friday in the US, the ISM manufacturing index climbed to 49.3 in December (48.2 e / 48.4 p).
This was supported by an increase in the prices paid and new orders components, which offset a decrease in the employment component. Separately, the final manufacturing PMI edged up to 49.4 in the month (48.3 e / 48.3 p).


Trung Nguyen

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, China Hongqiao, Gajah Tunggal</li>
<li>In the US, November advance retail sales came in above estimates at 0.7% m-o-m (0.6% e / 0.5% revised p), bolstered by a jump in car purchases and solid online shopping during Black Friday.</li>
<li>That said, retail sales excluding auto slowed to 0.2% m-o-m (0.4% e / 0.2% revised p). Separately, November industrial production unexpectedly fell 0.1% m-o-m (0.3% e / -0.4% p), the third straight month of decline, owing to weaker utilities and mining output.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, China Hongqiao, Gajah Tunggal
In the US, November advance retail sales came in above estimates at 0.7% m-o-m (0.6% e / 0.5% revised p), bolstered by a jump in car purchases and solid online shopping during Black Friday.
That said, retail sales excluding auto slowed to 0.2% m-o-m (0.4% e / 0.2% revised p). Separately, November industrial production unexpectedly fell 0.1% m-o-m (0.3% e / -0.4% p), the third straight month of decline, owing to weaker utilities and mining output.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: New World Development, Vedanta Resources, Softbank Group, AAC Technologies</li>
<li>In the US, the December (preliminary) S&amp;P manufacturing PMI fell to 48.3 (49.5 e / 49.7 p), while the services PMI expanded to 58.5 (55.8 e / 56.1 p).</li>
<li>The composite PMI also rose to 56.6 (55.1 e / 54.9 p). Treasuries were little changed, ahead of the Fed’s rate decision tomorrow. The yield on the 2Y and 10Y UST were flat at 4.25% and 4.40%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: New World Development, Vedanta Resources, Softbank Group, AAC Technologies
In the US, the December (preliminary) S&amp;P manufacturing PMI fell to 48.3 (49.5 e / 49.7 p), while the services PMI expanded to 58.5 (55.8 e / 56.1 p).
The composite PMI also rose to 56.6 (55.1 e / 54.9 p). Treasuries were little changed, ahead of the Fed’s rate decision tomorrow. The yield on the 2Y and 10Y UST were flat at 4.25% and 4.40%, respectively.


India

Vedanta Resources Limited operates as a diversified natural resource company. The Company extracts and process zinc, lead, aluminum, iron ore, copper, and silver, as well as focuses on oil and natural gas. Vedanta Resources serves clients worldwide.

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Vedanta Resources (VED LN)

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: Longfor Group, Logan 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: China Vanke, 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: Vedanta Resources, China Hongqiao, Gajah Tunggal

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: New World Development, Vedanta Resources,...

Lucror Analytics

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