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

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar. 

Lucror Analytics - Morning Views Asia - 06 Dec 2018

Toward the end of November, bond market traders seemed to reassess the Fed’s pace of rate tightening, with signs emerging of a sputtering in global economic growth. Last month, the IMF downgraded its forecast for world growth, and recently warned that the outlook may have deteriorated.Minutes from the last FOMC meeting indicated that Fed officials discussed the modification of language on "further gradual" hikes, as well as the need for a flexible approach on rates. This approach seems realistic, given the falling oil prices and indications of a cooling in the medium-term prospects for US inflation (the core PCE deflator for October missed expectations at 1.8%).

Toward the end of November, bond market traders seemed to reassess the Fed’s pace of rate tightening, with signs emerging of a sputtering in global economic growth. Last month, the IMF downgraded its forecast for world growth, and recently warned that the outlook may have deteriorated.Minutes from the last FOMC meeting indicated that Fed officials discussed the modification of language on "further gradual" hikes, as well as the need for a flexible approach on rates. This approach seems realistic, given the falling oil prices and indications of a cooling in the medium-term prospects for US inflation (the core PCE deflator for October missed expectations at 1.8%).

Lucror Asia HY Monthly – Chinese Macro Overview (November 2018)

In this month’s “In-Focus” section, we discuss Corporate Governance in Chinese Companies. Specifically, we highlight: [1] the nascent development of the Chinese corporate governance regime; [2] the lack of strong external examination/review; [3] different types of Chinese public companies; and [4] Lucror’s approach to assessing corporate governance. The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the "In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

   In this month’s “In-Focus” section, we discuss Corporate Governance in Chinese Companies. Specifically, we highlight: [1] the nascent development of the Chinese corporate governance regime; [2] the lack of strong external examination/review; [3] different types of Chinese public companies; and [4] Lucror’s approach to assessing corporate governance.    The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the "In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - Corporate Governance In Chinese Companies - Lucror Analytics

Beijing Energy International Holding / Credit

Lucror Analytics - Morning Views Asia - 22 Oct 2018

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

Debt Capital Markets

Beijing Energy International Holding / Debt Capital Markets

United Photovoltaics Group Limited (UPV) has recommenced marketing efforts and has come back to investors for a planned benchmark size Reg-S Notes issue. The use of proceeds is mainly for debt refinancing for some convertible bonds, with the rest for working capital and general corporate purposes. The company has re-issued the offering circular, circulated a net roadshow, and is conducting investor meetings in Singapore and Hong Kong. We have reviewed the new offering circular and find no material changes from the first. In this update we highlight some of the key segments from the New Issue Assessment in early November. We also provide on an update on business and capital markets developments since early November. Unfortunately, there have been no financial updates and the last published accounts was for the half year ending June 30, 2016. Please refer to our New Issue Assessment of November 3 for full analysis of UPV’s industry and business risk profile.

United Photovoltaics Group Limited (UPV) has recommenced marketing efforts and has come back to investors for a planned benchmark size Reg-S Notes issue. The use of proceeds is mainly for debt refinancing for some convertible bonds, with the rest for working capital and general corporate purposes. The company has re-issued the offering circular, circulated a net roadshow, and is conducting investor meetings in Singapore and Hong Kong. We have reviewed the new offering circular and find no material changes from the first.  In this update we highlight some of the key segments from the New Issue Assessment in early November. We also provide on an update on business and capital markets developments since early November. Unfortunately, there have been no financial updates and the last published accounts was for the half year ending June 30, 2016.  Please refer to our New Issue Assessment of November 3 for full analysis of UPV’s industry and business risk profile. 

Panda Green Energy - New Issue Update - Lucror Analytics

Hong Kong

Beijing Energy International Holding Co., Ltd. provides eco development solutions. The Company engages in the development, investment, operation, and management of solar power plants and other renewable energy projects. Beijing Energy International Holding serves clients worldwide.

Beijing Energy International Holding (686 HK)

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Beijing Energy International Holding (686 HK)

Lucror Analytics - Morning Views Asia - 06 Dec 2018

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Lucror Asia HY Monthly – Chinese Macro Overview (November 2018)

Toward the end of November, bond market traders seemed to reassess the Fed’s pace of rate tightening, with signs emerging of a sputtering in global...

Lucror Analytics

Asia HY Monthly - Corporate Governance In Chinese Companies - Lucror Analytics

In this month’s “In-Focus” section, we discuss Corporate Governance in Chinese Companies. Specifically, we highlight: [1] the nascent development...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 22 Oct 2018

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Panda Green Energy - New Issue Update - Lucror Analytics

United Photovoltaics Group Limited (UPV) has recommenced marketing efforts and has come back to investors for a planned benchmark size Reg-S Notes...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)