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, Japfa Comfeed</li>
<li>UST yields declined 1-2 bps yesterday, amid limited macro catalysts and following good demand for an auction of 20Y notes. The yield on the 2Y UST was unchanged at 3.75%, while the yield on the 10Y UST fell 2 bps to 4.29%.</li>
<li>Equities retreated for a second day, driven by broad decreases in tech heavyweights amid concerns over AI profitability. The S&amp;P 500 slid 0.2% to 6,396, while the Nasdaq was down 0.7% at 21,173.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Seazen Group, Japfa Comfeed
UST yields declined 1-2 bps yesterday, amid limited macro catalysts and following good demand for an auction of 20Y notes. The yield on the 2Y UST was unchanged at 3.75%, while the yield on the 10Y UST fell 2 bps to 4.29%.
Equities retreated for a second day, driven by broad decreases in tech heavyweights amid concerns over AI profitability. The S&amp;P 500 slid 0.2% to 6,396, while the Nasdaq was down 0.7% at 21,173.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Seazen Group, Shui On Land, West China Cement</li>
<li>Front-end UST yields continued to decline yesterday, as the market priced in higher expectations for Fed easing, and on the back of a reasonable auction of 5Y notes.</li>
<li>The yield on the 2Y UST fell 4 bps to 3.78%, while that on the 10Y UST was unchanged at 4.29%. Equities hovered near a record high level, with the S&amp;P 500 flat at 6,092, while the Nasdaq rose 0.3% to 19,974.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Seazen Group, Shui On Land, West China Cement
Front-end UST yields continued to decline yesterday, as the market priced in higher expectations for Fed easing, and on the back of a reasonable auction of 5Y notes.
The yield on the 2Y UST fell 4 bps to 3.78%, while that on the 10Y UST was unchanged at 4.29%. Equities hovered near a record high level, with the S&amp;P 500 flat at 6,092, while the Nasdaq rose 0.3% to 19,974.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Seazen Group</li>
<li>The US market was closed for Juneteenth yesterday.</li>
<li>US President Donald Trump has indicated that he will decide whether to attack Iran within the next two weeks, according to White House Press Secretary Karoline Leavitt.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Seazen Group
The US market was closed for Juneteenth yesterday.
US President Donald Trump has indicated that he will decide whether to attack Iran within the next two weeks, according to White House Press Secretary Karoline Leavitt.


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

Shenzhen Overseas Chinese (A) / Index Rebalance

Shenzhen Overseas Chinese (A) (000069 CH)

<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 today's Morning Views publication we comment on developments of the following high yield issuers: Seazen Group, Softbank Group</li>
<li>
<p>In the US, the April CPI came in below expectations for the third straight month at 2.3% y-o-y (2.4% e / 2.4% p) and 0.2% m-o-m (0.3% e / -0.1% p). Core CPI (excluding food and energy) stood at 2.8% y-o-y (2.8% e / 2.8% p) and 0.2% m-o-m (0.3% e / 0.1% p).</p>
</li>
<li>
<p>Treasuries were largely steady yesterday, as supply pressure from corporate issuances offset the softer than expected April CPI print.</p>
</li>
</ul>


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

In the US, the April CPI came in below expectations for the third straight month at 2.3% y-o-y (2.4% e / 2.4% p) and 0.2% m-o-m (0.3% e / -0.1% p). Core CPI (excluding food and energy) stood at 2.8% y-o-y (2.8% e / 2.8% p) and 0.2% m-o-m (0.3% e / 0.1% p).


Treasuries were largely steady yesterday, as supply pressure from corporate issuances offset the softer than expected April CPI print.



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, Japfa Comfeed

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Seazen Group, Shui On Land, West China Cement

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Seazen Group The US market was closed for...

Lucror Analytics

Lucror Analytics - Morning Views Asia

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

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, Japfa Comfeed

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Seazen Group, Shui On Land, West China Cement

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Seazen Group The US market was closed for...

Lucror Analytics

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

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

Lucror Analytics