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: MGM China, Adani Ports</li>
<li>In the US last Thursday, March housing starts came in below estimates at negative 11.4% m-o-m (-5.4% e / 9.8% revised p) to an annualised 1.32 mn units (1.42 mn e / 1.49 mn revised p), amid high inventory levels and uncertainty over building-material costs.</li>
<li>That said, building permits rose 1.6% m-o-m (-0.6% e / -1.0% p) to an annualised 1.48 mn units (1.45 mn e / 1.46 mn p).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: MGM China, Adani Ports
In the US last Thursday, March housing starts came in below estimates at negative 11.4% m-o-m (-5.4% e / 9.8% revised p) to an annualised 1.32 mn units (1.42 mn e / 1.49 mn revised p), amid high inventory levels and uncertainty over building-material costs.
That said, building permits rose 1.6% m-o-m (-0.6% e / -1.0% p) to an annualised 1.48 mn units (1.45 mn e / 1.46 mn p).


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Seazen Group, Adani Ports, Cikarang Listrindo, Vedanta Resources</li>
<li>In the US, the February CPI came in below estimates at 0.2% m-o-m (0.3% e / 0.5% p) and 2.8% y-o-y (2.9% e / 3.0% p). Core CPI (excluding food and energy) eased to 0.2% m-o-m (0.3% e / 0.4% p) and 3.1% y-o-y (3.2% e / 3.3% p).</li>
<li>US Treasuries ended the day lower, as an initial rally following the lower-than-expected CPI inflation numbers was quickly reversed amid concerns over the escalating trade war and its impact on future inflation.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Seazen Group, Adani Ports, Cikarang Listrindo, Vedanta Resources
In the US, the February CPI came in below estimates at 0.2% m-o-m (0.3% e / 0.5% p) and 2.8% y-o-y (2.9% e / 3.0% p). Core CPI (excluding food and energy) eased to 0.2% m-o-m (0.3% e / 0.4% p) and 3.1% y-o-y (3.2% e / 3.3% p).
US Treasuries ended the day lower, as an initial rally following the lower-than-expected CPI inflation numbers was quickly reversed amid concerns over the escalating trade war and its impact on future inflation.


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

<ul>
<li>Nearing the completion of 60% of the review period, there could be two changes for the <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">BSE SENSEX Index (SENSEX INDEX)</a> at the June rebalance.</li>
<li>With one stock right at the cusp of deletion from the index, there could be a third change too. Sector balance will be used to decide the list of inclusions.</li>
<li>The forecast adds outperformed the forecast deletes in the back end of 2024 but there has been huge underperformance this calendar year as stocks with nosebleed valuations have sold off.</li>
</ul>


Nearing the completion of 60% of the review period, there could be two changes for the BSE SENSEX Index (SENSEX INDEX) at the June rebalance.
With one stock right at the cusp of deletion from the index, there could be a third change too. Sector balance will be used to decide the list of inclusions.
The forecast adds outperformed the forecast deletes in the back end of 2024 but there has been huge underperformance this calendar year as stocks with nosebleed valuations have sold off.


SENSEX Index Rebalance Preview: Two Changes for Now; Third Change at the Cusp

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, China Vanke, Adani Ports</li>
<li>
<p>In the US, Fed Chairman Jerome Powell said that the central bank does not need to rush to reduce rates, in his testimony to the Senate Banking Committee. He said: "We know that reducing policy restraint too fast or too much could hinder progress on inflation. At the same time, reducing policy restraint too slowly or too little could unduly weaken economic activity and employment."</p>
</li>
<li>
<p>Treasury yields climbed yesterday, with the UST curve bear-steepening after Mr Powell reiterated that there is no urgency to reduce rates, as well as amid a strong auction of 3Y notes.</p>
</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, China Vanke, Adani Ports

In the US, Fed Chairman Jerome Powell said that the central bank does not need to rush to reduce rates, in his testimony to the Senate Banking Committee. He said: "We know that reducing policy restraint too fast or too much could hinder progress on inflation. At the same time, reducing policy restraint too slowly or too little could unduly weaken economic activity and employment."


Treasury yields climbed yesterday, with the UST curve bear-steepening after Mr Powell reiterated that there is no urgency to reduce rates, as well as amid a strong auction of 3Y notes.



<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Adani Ports, Vedanta Resources, Softbank Group, Tata Motors, UPL Limited</li>
<li>In the US, the December personal spending came in above estimates at 0.7% m-o-m (0.5% e / 0.6% revised p), while personal income inched up to 0.4% m-o-m (0.4% e / 0.3% p).</li>
<li>Separately, the PCE price index climbed to 2.6% y-o-y (2.6% e / 2.4% p) and 0.3% m-o-m (0.3% e / 0.1% p). That said, the core PCE price index (the Fed's preferred measure of inflation) was largely stable at 2.8% y-o-y (2.8% e / 2.8% p) and 0.2% m-o-m (0.2% e / 0.1% p).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Adani Ports, Vedanta Resources, Softbank Group, Tata Motors, UPL Limited
In the US, the December personal spending came in above estimates at 0.7% m-o-m (0.5% e / 0.6% revised p), while personal income inched up to 0.4% m-o-m (0.4% e / 0.3% p).
Separately, the PCE price index climbed to 2.6% y-o-y (2.6% e / 2.4% p) and 0.3% m-o-m (0.3% e / 0.1% p). That said, the core PCE price index (the Fed's preferred measure of inflation) was largely stable at 2.8% y-o-y (2.8% e / 2.8% p) and 0.2% m-o-m (0.2% e / 0.1% p).


India

Adani Ports and Special Economic Zone operates a shipping port on the west coast of India.  The Company's port provides services for bulk and container cargo, crude oil, and railway and other added services.

Adani Ports & Special Economic Zone (ADSEZ IN)

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Adani Ports & Special Economic Zone (ADSEZ IN)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: MGM China, Adani Ports

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, Adani Ports, Cikarang Listrindo,...

Lucror Analytics

SENSEX Index Rebalance Preview: Two Changes for Now; Third Change at the Cusp

We forecast 2 changes for the Sensex in June, but there could be a third. Passives need to trade 7-19x delivery volume. The forecast adds have...

Brian Freitas

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, China Vanke, Adani Ports

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Adani Ports, Vedanta...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)