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>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.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Wynn Macau, Shui On Land, Sands China, Meituan, Biocon Biologics</li>
<li>Treasuries rallied on Friday, with UST yields falling 4-6 bps, as soft January CPI data led the market to reprice rate-cut expectations. As of Friday, Fed-dated OIS were pricing in 63 bps of rate reductions this year (vs. 58 bps as of Thursday). The yield on the 2Y and 10Y USTs fell 5 bps each to 3.41% and 4.05%, respectively, with the 2Y yield falling to the lowest level since 2022. Equities were mixed. The S&amp;P 500 was flat at 6,836, while the Nasdaq declined 0.2% to 22,547.</li>
<li>In the US, the January 2026 CPI eased slightly to 2.4% y-o-y (2.5% e / 2.7% p) and 0.2% m-o-m (0.3% e / 0.3% p), the smallest monthly gain since July 2025. The core CPI eased to a four-year low at 2.5% y-o-y (2.5% e / 2.6% p), but inched up to 0.3% m-o-m (0.3% e / 0.2% p). In China, new home sales prices slid 0.37% y-o-y in January 2026 (similar to December 2025), while used-home sales prices dipped 0.54% (at a slower pace than -0.7% in December). New- and used-home sales prices have been declining since mid-2023.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Wynn Macau, Shui On Land, Sands China, Meituan, Biocon Biologics
Treasuries rallied on Friday, with UST yields falling 4-6 bps, as soft January CPI data led the market to reprice rate-cut expectations. As of Friday, Fed-dated OIS were pricing in 63 bps of rate reductions this year (vs. 58 bps as of Thursday). The yield on the 2Y and 10Y USTs fell 5 bps each to 3.41% and 4.05%, respectively, with the 2Y yield falling to the lowest level since 2022. Equities were mixed. The S&amp;P 500 was flat at 6,836, while the Nasdaq declined 0.2% to 22,547.
In the US, the January 2026 CPI eased slightly to 2.4% y-o-y (2.5% e / 2.7% p) and 0.2% m-o-m (0.3% e / 0.3% p), the smallest monthly gain since July 2025. The core CPI eased to a four-year low at 2.5% y-o-y (2.5% e / 2.6% p), but inched up to 0.3% m-o-m (0.3% e / 0.2% p). In China, new home sales prices slid 0.37% y-o-y in January 2026 (similar to December 2025), while used-home sales prices dipped 0.54% (at a slower pace than -0.7% in December). New- and used-home sales prices have been declining since mid-2023.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: MGM China, Yuexiu REIT, Sands China, Pertamina (Persero), Bharti Airtel, Indofood CBP, Biocon Biologics, Tata Steel</li>
<li>UST yields rose on Friday, led by the front-end, following the strong University of Michigan consumer sentiment data. The UST curve bear-flattened, partly unwinding Thursday's sharp curve-steepening move.</li>
<li>The yield on the 2Y UST rose 5 bps to 3.50%, while the yield on the 10Y UST was up 2 bps at 4.21%. Equities rebounded, with the S&amp;P 500 and Nasdaq up 2.0% and 2.2%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: MGM China, Yuexiu REIT, Sands China, Pertamina (Persero), Bharti Airtel, Indofood CBP, Biocon Biologics, Tata Steel
UST yields rose on Friday, led by the front-end, following the strong University of Michigan consumer sentiment data. The UST curve bear-flattened, partly unwinding Thursday's sharp curve-steepening move.
The yield on the 2Y UST rose 5 bps to 3.50%, while the yield on the 10Y UST was up 2 bps at 4.21%. Equities rebounded, with the S&amp;P 500 and Nasdaq up 2.0% and 2.2%, respectively.


Trung Nguyen

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, Biocon Biologics, China Oil &amp; Gas, Perusahaan Listrik (PLN), Softbank Group</li>
<li>The UST curve twisted steeper significantly yesterday, as long-end yields climbed alongside a decline in the USD. The yield on the 2Y UST fell 3 bps to 3.57%, while the yield on the 10Y UST rose 2 bps to 4.24%.</li>
<li>Equities climbed to fresh record highs, with the S&amp;P 500 and Nasdaq up 0.4% and 0.9%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, Biocon Biologics, China Oil &amp; Gas, Perusahaan Listrik (PLN), Softbank Group
The UST curve twisted steeper significantly yesterday, as long-end yields climbed alongside a decline in the USD. The yield on the 2Y UST fell 3 bps to 3.57%, while the yield on the 10Y UST rose 2 bps to 4.24%.
Equities climbed to fresh record highs, with the S&amp;P 500 and Nasdaq up 0.4% and 0.9%, respectively.


<ul>
<li>The UST curve steepened slightly yesterday, with long-end yields climbing marginally following news that the Fed has been served grand jury subpoenas from the Justice Department.</li>
<li>The yield on the 2Y UST was stable at 3.54%, while that on the 10Y UST rose 1 bp to 4.18%. Equities erased earlier declines and ended the day at fresh record highs.</li>
<li>The S&amp;P 500 and Nasdaq were up 0.2% and 0.3% at 6,977 and 23,734, respectively. </li>
</ul>


The UST curve steepened slightly yesterday, with long-end yields climbing marginally following news that the Fed has been served grand jury subpoenas from the Justice Department.
The yield on the 2Y UST was stable at 3.54%, while that on the 10Y UST rose 1 bp to 4.18%. Equities erased earlier declines and ended the day at fresh record highs.
The S&amp;P 500 and Nasdaq were up 0.2% and 0.3% at 6,977 and 23,734, respectively. 


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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

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: West China Cement, Longfor Group, Indika...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Wynn Macau, Shui On Land, Sands China,...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: MGM China, Yuexiu REIT, Sands China, Pertamina...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, Biocon Biologics, China Oil...

Lucror Analytics

Lucror Analytics - Morning Views Asia

The UST curve steepened slightly yesterday, with long-end yields climbing marginally following news that the Fed has been served grand jury...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)