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 Energy Solutions, Adani Ports, Bharti Airtel</li>
<li>UST yields declined c. 3 bps across the curve yesterday as treasuries advanced amid a slump in risk assets, with the yield on the 2Y and 10Y UST falling to 3.58% and 4.09%, respectively.</li>
<li>Equities retreated, after several Wall Street chief executives expressed caution about stretched valuations.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Adani Ports, Bharti Airtel
UST yields declined c. 3 bps across the curve yesterday as treasuries advanced amid a slump in risk assets, with the yield on the 2Y and 10Y UST falling to 3.58% and 4.09%, respectively.
Equities retreated, after several Wall Street chief executives expressed caution about stretched valuations.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Nissan Motor</li>
<li>UST yields rose slightly yesterday, led by the long end, owing to increased corporate bond supply (including Meta Platform’s USD 30 bn offering). The yield on the 2Y UST was up 1 bp at 3.61%, while the yield on the 10Y UST increased 2 bps to 4.10%.</li>
<li>Equities slumped, driven by a sell-off in large tech stocks. The S&amp;P 500 declined 1.0% to 6,822, while the Nasdaq fell 1.6% to 23,581. US President Donald Trump and his Chinese counterpart Xi Jinping have concluded a summit in Busan, South Korea, in their first meeting since 2019. </li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Nissan Motor
UST yields rose slightly yesterday, led by the long end, owing to increased corporate bond supply (including Meta Platform’s USD 30 bn offering). The yield on the 2Y UST was up 1 bp at 3.61%, while the yield on the 10Y UST increased 2 bps to 4.10%.
Equities slumped, driven by a sell-off in large tech stocks. The S&amp;P 500 declined 1.0% to 6,822, while the Nasdaq fell 1.6% to 23,581. US President Donald Trump and his Chinese counterpart Xi Jinping have concluded a summit in Busan, South Korea, in their first meeting since 2019. 


<ul>
<li>UST yields were largely stable on Friday, after long-dated yields erased 3-4 bps of increases during the day.</li>
<li>The UST curve flattened marginally, with the yield on the 2Y UST rising 1 bp to 3.92%, while the yield on the 10Y UST declined 1 bp to 4.39%.</li>
<li>The S&amp;P 500 rose for the fifth straight day, and was up 0.4% at 6,389. </li>
</ul>


UST yields were largely stable on Friday, after long-dated yields erased 3-4 bps of increases during the day.
The UST curve flattened marginally, with the yield on the 2Y UST rising 1 bp to 3.92%, while the yield on the 10Y UST declined 1 bp to 4.39%.
The S&amp;P 500 rose for the fifth straight day, and was up 0.4% at 6,389. 


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

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Vedanta Resources, JSW Steel</li>
<li>UST yields declined on Friday, led by the front end, after Fed Governor Christopher Waller reiterated his case for a July rate cut and given lower-than-expected inflation projections in the University of Michigan survey.</li>
<li>The yield on the 2Y UST and 10Y UST fell 4 bps to 3.87% and 4.42%, respectively. Equities were steady at record high levels, with the S&amp;P 500 and Nasdaq flat at 6,297 and 20,896, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Vedanta Resources, JSW Steel
UST yields declined on Friday, led by the front end, after Fed Governor Christopher Waller reiterated his case for a July rate cut and given lower-than-expected inflation projections in the University of Michigan survey.
The yield on the 2Y UST and 10Y UST fell 4 bps to 3.87% and 4.42%, respectively. Equities were steady at record high levels, with the S&amp;P 500 and Nasdaq flat at 6,297 and 20,896, respectively.


India

Adani Energy Solutions Ltd provides utility services. The Company offers electricity generation, transmission, and distribution services. Adani Transmission conducts its business globally.

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Adani Energy Solutions (ADANIT IN)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Adani Ports, Bharti...

Lucror Analytics

Lucror Analytics - Morning Views Asia

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

Lucror Analytics

Lucror Analytics - Morning Views Asia

The UST curve flattened marginally, with the yield on the 2Y UST rising 1 bp to 3.92%, while the yield on the 10Y UST declined 1 bp to 4.39%.

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 Energy Solutions, Vedanta Resources, JSW...

Lucror Analytics

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