Senior Credit Analyst, Lucror Analytics

Trung Nguyen

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: Biocon Biologics</li>
<li>Overnight, US bond yields fell as traders anticipated fresh data to guide Fed policy. The 10-year Treasury yield slipped amid expectations of a potential rate cut. US equity was flattish.</li>
<li>The October CPI and core CPI numbers will be released today. The prolonged US government shutdown could delay the October and November jobs data to early December, potentially resulting in the weakest nonfarm payrolls since 2020.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Biocon Biologics
Overnight, US bond yields fell as traders anticipated fresh data to guide Fed policy. The 10-year Treasury yield slipped amid expectations of a potential rate cut. US equity was flattish.
The October CPI and core CPI numbers will be released today. The prolonged US government shutdown could delay the October and November jobs data to early December, potentially resulting in the weakest nonfarm payrolls since 2020.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Biocon Biologics, Tata Motors, ReNew Energy</li>
<li>US treasury yields rose for a second day, with the curve steepening despite good overall demand for an auction of 20Y notes. The yield on the 2Y UST rose 2 bps to 3.97%, while that on the 10Y UST was up 5 bps at 4.45%.</li>
<li>Equities advanced on news that Iran was asking Gulf states to mediate a ceasefire with Israel. The S&amp;P 500 increased 0.9% to 6,033, while the Nasdaq climbed 1.5% to 19,701.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Biocon Biologics, Tata Motors, ReNew Energy
US treasury yields rose for a second day, with the curve steepening despite good overall demand for an auction of 20Y notes. The yield on the 2Y UST rose 2 bps to 3.97%, while that on the 10Y UST was up 5 bps at 4.45%.
Equities advanced on news that Iran was asking Gulf states to mediate a ceasefire with Israel. The S&amp;P 500 increased 0.9% to 6,033, while the Nasdaq climbed 1.5% to 19,701.


Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Celltrion has received European Commission approval for Avtozma (CT-P47), a biosimilar referencing Actemra. Samsung Biologics and Biocon launched their respective Stelara biosimilars in the U.S.</li>
<li>KKR is acquiring up to 54% of equity in Healthcare Global Enterprises for INR445/share. The transaction is expected to close by 3Q25. The acquisition triggers an open offer from KKR.</li>
<li>Zydus Lifesciences is ready to launch India’s first vaccine against new strain of influenza virus (Southern Hemisphere 2025) in the 2025. Glenmark Pharmaceuticals has launched Epinephrine Injection in the U.S.</li>
</ul>


Celltrion has received European Commission approval for Avtozma (CT-P47), a biosimilar referencing Actemra. Samsung Biologics and Biocon launched their respective Stelara biosimilars in the U.S.
KKR is acquiring up to 54% of equity in Healthcare Global Enterprises for INR445/share. The transaction is expected to close by 3Q25. The acquisition triggers an open offer from KKR.
Zydus Lifesciences is ready to launch India’s first vaccine against new strain of influenza virus (Southern Hemisphere 2025) in the 2025. Glenmark Pharmaceuticals has launched Epinephrine Injection in the U.S.


APAC Healthcare Weekly (Mar 2)- Celltrion, Samsung Biologics, Biocon, Zydus Life, Healthcare Global

<ul>
<li>Samsung Biologics secured highest ever contract manufacturing order worth KRW2.07T ($1.4B) from a European pharmaceutical company. The cumulative order volume has now surpassed $17.6B.</li>
<li>FDA has accepted Daiichi Sankyo’s revised filing for Dato-DXd for certain types of non-small cell lung cancer (NSCLC) and Eisai’s BLA for Leqembi subcutaneous autoinjector for weekly maintenance dosing.</li>
<li>Sun Pharma is acquiring Canada-based Antibe Therapeutics, a clinical-stage biotechnological company developing novel drugs primarily focusing on reducing pain and inflammation. Biocon got FDA clearance for insulin facility in Malaysia.</li>
</ul>


Samsung Biologics secured highest ever contract manufacturing order worth KRW2.07T ($1.4B) from a European pharmaceutical company. The cumulative order volume has now surpassed $17.6B.
FDA has accepted Daiichi Sankyo’s revised filing for Dato-DXd for certain types of non-small cell lung cancer (NSCLC) and Eisai’s BLA for Leqembi subcutaneous autoinjector for weekly maintenance dosing.
Sun Pharma is acquiring Canada-based Antibe Therapeutics, a clinical-stage biotechnological company developing novel drugs primarily focusing on reducing pain and inflammation. Biocon got FDA clearance for insulin facility in Malaysia.


APAC Healthcare Weekly (Jan 19)- Samsung Biologics, Daiichi Sankyo, Eisai, Sun Pharma, Biocon

Leonard Law, CFA

<ul>
<li>The UST curve twisted steeper around the 7Y on Friday. The yield on the 2Y UST fell 7 bps to 3.91%, while that on the 10Y UST was up 1 bp at 4.43%.</li>
<li>Equities tumbled and oil prices climbed on uncertainty over the length of the Middle East conflict and its impact on the global economy.</li>
<li>The S&amp;P 500 fell 1.7% to 6,369, while the Nasdaq slumped 2.1% to 20,948.</li>
<li>Several Fed officials have expressed growing worries over inflation amid the Iran war. Fed Governor Michael Barr said the US central bank is well-positioned to hold rates steady, given considerable uncertainty about the potential effects of developments in the Middle East on the US economy, as well as the impact of tariffs on inflation. Fed Governor Lisa Cook opined that inflation currently poses the greater risk, due to the Iran war. Ms Cook added that the labour market is in balance, albeit precariously so. Philadelphia Fed President Anna Paulson said she is worried about the sustained transmission of higher fuel and fertiliser prices to inflation expectations. That said, Ms Paulson added that the fragile jobs market is unlikely to contribute to higher inflation, which is “tremendously valuable”. Meanwhile, Richmond Fed President Tom Barkin stated that the Fed’s progress on inflation “may be at risk of stalling”. He said that the oil price spike was the latest in a series of cost-increasing supply shocks following the COVID-19 pandemic, which included semiconductor chip shortages, the war in Ukraine and immigration enforcement. Mr Barkin also noted that the labour market “feels a bit fragile”, with job growth near zero even though the unemployment rate is at healthy levels.</li>
</ul>


The UST curve twisted steeper around the 7Y on Friday. The yield on the 2Y UST fell 7 bps to 3.91%, while that on the 10Y UST was up 1 bp at 4.43%.
Equities tumbled and oil prices climbed on uncertainty over the length of the Middle East conflict and its impact on the global economy.
The S&amp;P 500 fell 1.7% to 6,369, while the Nasdaq slumped 2.1% to 20,948.
Several Fed officials have expressed growing worries over inflation amid the Iran war. Fed Governor Michael Barr said the US central bank is well-positioned to hold rates steady, given considerable uncertainty about the potential effects of developments in the Middle East on the US economy, as well as the impact of tariffs on inflation. Fed Governor Lisa Cook opined that inflation currently poses the greater risk, due to the Iran war. Ms Cook added that the labour market is in balance, albeit precariously so. Philadelphia Fed President Anna Paulson said she is worried about the sustained transmission of higher fuel and fertiliser prices to inflation expectations. That said, Ms Paulson added that the fragile jobs market is unlikely to contribute to higher inflation, which is “tremendously valuable”. Meanwhile, Richmond Fed President Tom Barkin stated that the Fed’s progress on inflation “may be at risk of stalling”. He said that the oil price spike was the latest in a series of cost-increasing supply shocks following the COVID-19 pandemic, which included semiconductor chip shortages, the war in Ukraine and immigration enforcement. Mr Barkin also noted that the labour market “feels a bit fragile”, with job growth near zero even though the unemployment rate is at healthy levels.


India

Biocon Biologics India Limited of India operates as a biopharmaceutical company. The Company offers prevention, alleviation, and treatment for chronic diseases such as diabetes, oncology, cancer, and autoimmune diseases. Biocon Biologics India serves customers worldwide.

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Biocon Biologics India (1777628D IN)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Biocon Biologics Overnight, US bond yields...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Biocon Biologics, Tata Motors, ReNew Energy

Lucror Analytics

APAC Healthcare Weekly (Mar 2)- Celltrion, Samsung Biologics, Biocon, Zydus Life, Healthcare Global

APAC healthcare companies continued to get approvals for new products and initiates clinical trials. The companies continued with acquisitions and...

Tina Banerjee

APAC Healthcare Weekly (Jan 19)- Samsung Biologics, Daiichi Sankyo, Eisai, Sun Pharma, Biocon

APAC healthcare companies got approvals for new products as well as clinical trials. The companies continued with acquisitions and collaborations...

Tina Banerjee

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Longfor Group, Indika...

Lucror Analytics

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