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, ReNew Energy</li>
<li>UST yields climbed 8-11 bps across the curve yesterday. This came as Fed Chairman Jerome Powell sought to temper market expectations for a December rate cut, following the central bank’s widely anticipated 25-bp rate reduction.</li>
<li>The UST curve bear flattened, with the yield on the 2Y UST jumping 11 bps to 3.60%, while that on the 10Y UST climbed 10 bps to 4.08%. Equities gave up their intraday gains, with the S&amp;P 500 closing flat at 6,891.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, ReNew Energy
UST yields climbed 8-11 bps across the curve yesterday. This came as Fed Chairman Jerome Powell sought to temper market expectations for a December rate cut, following the central bank’s widely anticipated 25-bp rate reduction.
The UST curve bear flattened, with the yield on the 2Y UST jumping 11 bps to 3.60%, while that on the 10Y UST climbed 10 bps to 4.08%. Equities gave up their intraday gains, with the S&amp;P 500 closing flat at 6,891.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy</li>
<li>UST yields climbed yesterday, led by the long end. This was driven by a spike in long-end JGB yields, following pro-stimulus lawmaker Sanae Takaichi’s election to lead Japan’s ruling party, as well as a sell-off in French bonds after French Prime Minister Sebastien Lecornu unexpectedly resigned.</li>
<li>The yield on the 2Y UST rose 1 bp to 3.59%, while that on the 10Y UST was up 3 bps at 4.15%. Equities rallied, driven by semiconductor stocks. This came after AMD signed a large chip supply agreement with OpenAI, in a deal that could see OpenAI taking a 10% stake in the chipmaker. The S&amp;P 500 rose 0.4% to 6,740, while the Nasdaq climbed 0.7% to 22,942.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy
UST yields climbed yesterday, led by the long end. This was driven by a spike in long-end JGB yields, following pro-stimulus lawmaker Sanae Takaichi’s election to lead Japan’s ruling party, as well as a sell-off in French bonds after French Prime Minister Sebastien Lecornu unexpectedly resigned.
The yield on the 2Y UST rose 1 bp to 3.59%, while that on the 10Y UST was up 3 bps at 4.15%. Equities rallied, driven by semiconductor stocks. This came after AMD signed a large chip supply agreement with OpenAI, in a deal that could see OpenAI taking a 10% stake in the chipmaker. The S&amp;P 500 rose 0.4% to 6,740, while the Nasdaq climbed 0.7% to 22,942.


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Adani names are seeing new news and commentary. SEBI is <a href="https://www.reuters.com/world/india/india-regulator-probing-some-adani-offshore-deals-possible-rule-violations-2023-04-01/" target="_blank" rel="noopener">probing offshore deals</a> for rules violations, SEBI filed an interim report Sunday with the Court, Cements are refinancing US$4bn.</li>
<li>GQG's Jain was interviewed by Bloomberg TV in NY saying he sees his Adani basket being a "multi-bagger in five years." </li>
<li>Assuming growth and margins equivalent to peer max rates, all profits reinvested, and 100% gain in stock price in 5yrs, NP CAGR=33%, 2028 EV/EBITDA average of four names is 29.4x. </li>
</ul>


The Adani names are seeing new news and commentary. SEBI is probing offshore deals for rules violations, SEBI filed an interim report Sunday with the Court, Cements are refinancing US$4bn.
GQG's Jain was interviewed by Bloomberg TV in NY saying he sees his Adani basket being a "multi-bagger in five years." 
Assuming growth and margins equivalent to peer max rates, all profits reinvested, and 100% gain in stock price in 5yrs, NP CAGR=33%, 2028 EV/EBITDA average of four names is 29.4x. 


GQG Calls Adani Names 5Yr "Multi-Baggers" - It Works at 30% EPS CAGR if You Torture the Numbers

Tanvi Arora

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy</li>
<li>Front-end UST yields rose yesterday, following a soft auction of 3Y notes, as well as an unexpected increase in the prices component of the ISM services survey.</li>
<li>The yield on the 2Y UST increased 5 bps to 3.73%, while the yield on the 10Y UST was up 2 bps at 4.21%. Equities retreated, amid the weak ISM services data. The S&amp;P 500 and Nasdaq fell 0.5% and 0.7%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy
Front-end UST yields rose yesterday, following a soft auction of 3Y notes, as well as an unexpected increase in the prices component of the ISM services survey.
The yield on the 2Y UST increased 5 bps to 3.73%, while the yield on the 10Y UST was up 2 bps at 4.21%. Equities retreated, amid the weak ISM services data. The S&amp;P 500 and Nasdaq fell 0.5% and 0.7%, respectively.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Yanlord Land, China Vanke</li>
<li>The UST curve bear-steepened marginally yesterday, in line with a steepening in the JGB curve and amid an absence of macro news. The yield on the 2Y UST rose 1 bp to 3.90%, while the yield on the 10Y UST was up 2 bps at 4.44%.</li>
<li>Equities shrugged off earlier losses to end the day marginally higher, after US President Donald Trump told reporters there could be trade talks, including with Europe. The S&amp;P 500 rose 0.1% to 6,269, while the Nasdaq was up 0.3% at 20,640. The market focus today is on the US CPI for June.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Yanlord Land, China Vanke
The UST curve bear-steepened marginally yesterday, in line with a steepening in the JGB curve and amid an absence of macro news. The yield on the 2Y UST rose 1 bp to 3.90%, while the yield on the 10Y UST was up 2 bps at 4.44%.
Equities shrugged off earlier losses to end the day marginally higher, after US President Donald Trump told reporters there could be trade talks, including with Europe. The S&amp;P 500 rose 0.1% to 6,269, while the Nasdaq was up 0.3% at 20,640. The market focus today is on the US CPI for June.


India

Adani Green Energy Limited operates as a producer of renewable energy. The Company builds, owns, and operates power plants for solar and wind energy. Adani Green Energy serves customers worldwide.


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Adani Green Energy (ADANIGR 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, ReNew Energy

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 UST yields climbed...

Lucror Analytics

GQG Calls Adani Names 5Yr "Multi-Baggers" - It Works at 30% EPS CAGR if You Torture the Numbers

This is an update on the Adani Names where GQG Partners purchased a US$1.8bn stake from the Promoters themselves. They are up 25% in a month. Which...

Travis Lundy

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy Front-end UST yields rose...

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, Yanlord Land, China Vanke

Lucror Analytics

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