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>Treasuries surged yesterday, with yields falling 10-13 bps across the curve after a strong auction of 2Y notes and in the wake of US President-elect Donald Trump’s nomination of Scott Bessent as the next Treasury Secretary.</li>
<li>Mr Bessent is expected to implement Mr Trump’s tax cuts, while reducing the budget deficit and boosting GDP growth through deregulation and other pro-growth policies.</li>
<li>The yield on the 2Y UST fell 10 bps to 4.27%, while that on the 10Y UST declined 13 bps to 4.28%. </li>
</ul>


Treasuries surged yesterday, with yields falling 10-13 bps across the curve after a strong auction of 2Y notes and in the wake of US President-elect Donald Trump’s nomination of Scott Bessent as the next Treasury Secretary.
Mr Bessent is expected to implement Mr Trump’s tax cuts, while reducing the budget deficit and boosting GDP growth through deregulation and other pro-growth policies.
The yield on the 2Y UST fell 10 bps to 4.27%, while that on the 10Y UST declined 13 bps to 4.28%. 


Lucror Analytics - Morning Views Asia - November 26, 2024

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

NTPC Green Energy / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ntpc-green-energy-ltd" target="_blank" data-smartkarma-citation="entities:43951:1" rel="noopener">NTPC Green Energy Ltd (2214556D IN)</a> raised around US$1.2bn in its upcoming India IPO.</li>
<li>NTPC Green Energy Limited (NGEL) is a renewable energy public sector enterprise and a wholly owned subsidiary of NTPC Limited, a Maharatna central public sector enterprise (PSU).</li>
<li>We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



NTPC Green Energy Ltd (2214556D IN) raised around US$1.2bn in its upcoming India IPO.
NTPC Green Energy Limited (NGEL) is a renewable energy public sector enterprise and a wholly owned subsidiary of NTPC Limited, a Maharatna central public sector enterprise (PSU).
We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.


NTPC Green IPO Trading - Lacklustre Demand, Similar to Recent Listings

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Event-Driven

<ul>
<li>GQG acknowledges the seriousness of the charges, but maintains its confidence in the Adani Group companies.</li>
<li>GQG sees a distinction between the allegations against the individuals and the operational strength of the businesses.</li>
<li>The firm believes that the fundamentals of the companies remain strong. GQG will continue to monitor the situation closely.</li>
</ul>


GQG acknowledges the seriousness of the charges, but maintains its confidence in the Adani Group companies.
GQG sees a distinction between the allegations against the individuals and the operational strength of the businesses.
The firm believes that the fundamentals of the companies remain strong. GQG will continue to monitor the situation closely.


GQG Remains Bullish on Adani Despite US Indictment

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The December 2024 index review results for the BSE Sensex and BSE 100 Indices were announced after the close on Friday 22nd November 2024.</li>
<li>On the same day, the Bombay Stock Exchange announced several new names will be added to the Futures and Options (F&amp;O) segment resulting in multiple surprises among the index changes.</li>
<li>There will be one change for BSE Sensex and six changes for BSE 100 during the December 2024 index rebal event.</li>
</ul>


The December 2024 index review results for the BSE Sensex and BSE 100 Indices were announced after the close on Friday 22nd November 2024.
On the same day, the Bombay Stock Exchange announced several new names will be added to the Futures and Options (F&amp;O) segment resulting in multiple surprises among the index changes.
There will be one change for BSE Sensex and six changes for BSE 100 during the December 2024 index rebal event.


Quiddity BSE Dec 24 Rebal: Big Wins for Zomato & Jiofin as New F&O Inclusions Trigger Surprises

Tanvi Arora

<ul>
<li>In the US, existing home sales rose 3.4% m-o-m in October (2.9% e / -1.3% revised p) to an annualised 3.96 mn units.</li>
<li>That said, existing home sales grew at the slowest pace since late 2010, amid rising mortgage costs.</li>
<li>Separately, the Conference Board leading index fell 0.4% (-0.3% e / -0.3% revised p) to 99.5 in October 2024. </li>
</ul>


In the US, existing home sales rose 3.4% m-o-m in October (2.9% e / -1.3% revised p) to an annualised 3.96 mn units.
That said, existing home sales grew at the slowest pace since late 2010, amid rising mortgage costs.
Separately, the Conference Board leading index fell 0.4% (-0.3% e / -0.3% revised p) to 99.5 in October 2024. 


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 - November 26, 2024

Mr Bessent is expected to implement Mr Trump’s tax cuts, while reducing the budget deficit and boosting GDP growth through deregulation and other...

Lucror Analytics

NTPC Green IPO Trading - Lacklustre Demand, Similar to Recent Listings

NTPC Green Energy Ltd (2214556D IN) raised around US$1.2bn in its upcoming India IPO. In this note, we talk about the trading dynamics.

Clarence Chu

GQG Remains Bullish on Adani Despite US Indictment

GQG stands by Adani Group despite serious charges, citing strong operational fundamentals and commitment to monitoring the situation.

Nimish Maheshwari

Quiddity BSE Dec 24 Rebal: Big Wins for Zomato & Jiofin as New F&O Inclusions Trigger Surprises

We estimate one-way flows of US$285mn and US$324mn for SENSEX and BSE 100 index rebalance events in December 2024. The Inclusion/Exclusion events...

Janaghan Jeyakumar, CFA

Lucror Analytics - Morning Views Asia

In the US, existing home sales rose 3.4% m-o-m in October (2.9% e / -1.3% revised p) to an annualised 3.96 mn units. That said, existing home sales...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lucror Analytics - Morning Views Asia - November 26, 2024

Mr Bessent is expected to implement Mr Trump’s tax cuts, while reducing the budget deficit and boosting GDP growth through deregulation and other...

Lucror Analytics

NTPC Green IPO Trading - Lacklustre Demand, Similar to Recent Listings

NTPC Green Energy Ltd (2214556D IN) raised around US$1.2bn in its upcoming India IPO. In this note, we talk about the trading dynamics.

Clarence Chu

GQG Remains Bullish on Adani Despite US Indictment

​GQG stands by Adani Group despite serious charges, citing strong operational fundamentals and commitment to monitoring the situation.

Nimish Maheshwari

Quiddity BSE Dec 24 Rebal: Big Wins for Zomato & Jiofin as New F&O Inclusions Trigger Surprises

We estimate one-way flows of US$285mn and US$324mn for SENSEX and BSE 100 index rebalance events in December 2024. The Inclusion/Exclusion events...

Janaghan Jeyakumar, CFA

Lucror Analytics - Morning Views Asia

In the US, existing home sales rose 3.4% m-o-m in October (2.9% e / -1.3% revised p) to an annualised 3.96 mn units. That said, existing home sales...

Lucror Analytics

GQG stands by Adani Group despite serious charges, citing strong operational fundamentals and commitment to monitoring the situation.