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: Seazen Group</li>
<li>In the US, the import price index slipped to negative 0.1% m-o-m (0.0% e / 0.2% revised p) in March. The index excludes tariff duties paid by importers to US Customs and Border Protection.</li>
<li>Long-end treasury yields fell for a second day, supported by Deputy Treasury Secretary Michael Faulkender’s statements that officials are discussing easing the supplementary lending requirements to lower the costs of trading treasuries for banks.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Seazen Group
In the US, the import price index slipped to negative 0.1% m-o-m (0.0% e / 0.2% revised p) in March. The index excludes tariff duties paid by importers to US Customs and Border Protection.
Long-end treasury yields fell for a second day, supported by Deputy Treasury Secretary Michael Faulkender’s statements that officials are discussing easing the supplementary lending requirements to lower the costs of trading treasuries for banks.


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Beijing Airport High Tech A / Index Rebalance

<ul>
<li>There could be up to 8 adds and 3 deletes for the CSI All Share Real Estate Sector Index in June.</li>
<li>Estimated one-way turnover is 3.2% at the rebalance leading to a round-trip trade of CNY 456m. There are a few stocks with over 0.5x ADV to trade.</li>
<li>The forecast adds and deletes have performed in line over the last few months, and the announcement of the changes could lead to short-term outperformance.</li>
</ul>


There could be up to 8 adds and 3 deletes for the CSI All Share Real Estate Sector Index in June.
Estimated one-way turnover is 3.2% at the rebalance leading to a round-trip trade of CNY 456m. There are a few stocks with over 0.5x ADV to trade.
The forecast adds and deletes have performed in line over the last few months, and the announcement of the changes could lead to short-term outperformance.


CSI All Share Real Estate Sector Index Rebalance Preview: Multiple Changes in June

Shenzhen Overseas Chinese (A) / Index Rebalance

<ul>
<li>There are 3 adds and 4 deletes for the CSI All Share Real Estate Sector Index in June. There are changes driven by changes to the sector classification for stocks.</li>
<li>Passive trackers will need to buy between 0.2-0.65x ADV in the adds and sell between 0.15-1.75x ADV in the deletes.</li>
<li>The deletes have outperformed the adds over the last few months and some of that could dissipate over the next couple of weeks.</li>
</ul>


There are 3 adds and 4 deletes for the CSI All Share Real Estate Sector Index in June. There are changes driven by changes to the sector classification for stocks.
Passive trackers will need to buy between 0.2-0.65x ADV in the adds and sell between 0.15-1.75x ADV in the deletes.
The deletes have outperformed the adds over the last few months and some of that could dissipate over the next couple of weeks.


CSI All Share Real Estate Sector Index Rebalance: Sector Reclassification Drives Changes

<ul>
<li>In the US, New York Fed President John Williams said tariffs could produce “more prolonged effects” on inflation, as indirect effects from the new duties “might not be fully felt for a couple of years”.</li>
<li>Mr Williams added that “there’s a lot of uncertainty about how the economy will evolve and a lot of uncertainty about all the policy actions”, and hence expects the US central bank to keep interest rates unchanged for “some time”.</li>
<li>Treasuries gained for a second day yesterday on continued safe-haven flows, ahead of US President Donald Trump’s expected announcement of reciprocal tariffs tomorrow.</li>
</ul>


In the US, New York Fed President John Williams said tariffs could produce “more prolonged effects” on inflation, as indirect effects from the new duties “might not be fully felt for a couple of years”.
Mr Williams added that “there’s a lot of uncertainty about how the economy will evolve and a lot of uncertainty about all the policy actions”, and hence expects the US central bank to keep interest rates unchanged for “some time”.
Treasuries gained for a second day yesterday on continued safe-haven flows, ahead of US President Donald Trump’s expected announcement of reciprocal tariffs tomorrow.


Tanvi Arora

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Yankuang Energy</li>
<li>In the US, treasuries edged higher yesterday, with yields declining 2-4 bps across the curve on possible dip buying and despite a large slate of corporate bond issuances.</li>
<li>The yield on the 2Y UST fell 3 bps to 4.28%, while the 10Y declined 3 bps to 4.41%. Equities rebounded from last week’s losses, with the S&amp;P 500 and Nasdaq up 0.4% and 0.6%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Yankuang Energy
In the US, treasuries edged higher yesterday, with yields declining 2-4 bps across the curve on possible dip buying and despite a large slate of corporate bond issuances.
The yield on the 2Y UST fell 3 bps to 4.28%, while the 10Y declined 3 bps to 4.41%. Equities rebounded from last week’s losses, with the S&amp;P 500 and Nasdaq up 0.4% and 0.6%, respectively.


China

Seazen Holdings Co., Ltd. operates as a real estate development company. The Company develops residential buildings, office buildings, commercial buildings, infrastructure facilities, and more. Seazen Holdings also provides market research, information consulting, and other services.

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Seazen Holdings (601155 CH)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Seazen Group In the US, the import price...

Lucror Analytics

Lucror Analytics - Morning Views Asia

Treasuries gained for a second day yesterday on continued safe-haven flows, ahead of US President Donald Trump’s expected announcement of...

Lucror Analytics

Lucror Analytics - Morning Views Asia

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

Lucror Analytics

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: Seazen Group In the US, the import price...

Lucror Analytics

CSI All Share Real Estate Sector Index Rebalance Preview: Multiple Changes in June

There could be 8 adds and 3 deletes for the index in June. Estimated one-way turnover is 3.2% at the rebalance leading to a round-trip trade of CNY...

Brian Freitas

CSI All Share Real Estate Sector Index Rebalance: Sector Reclassification Drives Changes

There are 3 adds and 4 deletes for the CSI All Share Real Estate Sector Index. The deletes have outperformed the adds and there could be some...

Brian Freitas

Lucror Analytics - Morning Views Asia

Treasuries gained for a second day yesterday on continued safe-haven flows, ahead of US President Donald Trump’s expected announcement of...

Lucror Analytics

Lucror Analytics - Morning Views Asia

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

Lucror Analytics