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: China Jinmao, West China Cement, Biocon Biologics</li>
<li>UST yields declined yesterday, led by the front end, following the Fed’s 25-bp rate cut and announcement that it will commence T-bill purchases. The UST curve bull steepened sharply, with the yield on the 2Y UST falling 8 bps to 3.54%, while the yield on the 10Y decreased 4 bps to 4.15%.</li>
<li>Fed-dated OIS continued to price in two rate cuts in 2026 (one before June and another by October), despite the FOMC’s dot plot indicating just one cut for 2026. Equities climbed, with the S&amp;P 500 rising 0.7% to 6,887.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, West China Cement, Biocon Biologics
UST yields declined yesterday, led by the front end, following the Fed’s 25-bp rate cut and announcement that it will commence T-bill purchases. The UST curve bull steepened sharply, with the yield on the 2Y UST falling 8 bps to 3.54%, while the yield on the 10Y decreased 4 bps to 4.15%.
Fed-dated OIS continued to price in two rate cuts in 2026 (one before June and another by October), despite the FOMC’s dot plot indicating just one cut for 2026. Equities climbed, with the S&amp;P 500 rising 0.7% to 6,887.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, Longfor Group, Genting Berhad</li>
<li>The UST curve bull steepened meaningfully yesterday, on haven flows and Fed-easing expectations after credit concerns hit two US regional banks. The yield on the 2Y UST fell 7 bps to 3.43%, while that on the 10Y UST declined 5 bps to 3.98%.</li>
<li>Equities and risk assets (e.g. bitcoin) slumped following credit fears in the economy, while gold soared above USD 4.3 k/oz. The S&amp;P 500 decreased 0.6% to 6,629, and the Nasdaq dropped 0.5% to 22,563.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, Longfor Group, Genting Berhad
The UST curve bull steepened meaningfully yesterday, on haven flows and Fed-easing expectations after credit concerns hit two US regional banks. The yield on the 2Y UST fell 7 bps to 3.43%, while that on the 10Y UST declined 5 bps to 3.98%.
Equities and risk assets (e.g. bitcoin) slumped following credit fears in the economy, while gold soared above USD 4.3 k/oz. The S&amp;P 500 decreased 0.6% to 6,629, and the Nasdaq dropped 0.5% to 22,563.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, ReNew Energy</li>
<li>UST yields climbed 1-2 bps across the curve on Friday, albeit there were no new macro developments. The yield on the 2Y UST rose 1 bp to 3.57%, while that on the 10Y UST was up 2 bps at 4.13%. Equities continued to rally and notched fresh records, with the S&amp;P 500 and Nasdaq up 0.5% and 0.7% at 6,664 and 22,631, respectively.</li>
<li>US President Donald Trump wrote on Truth Social on Friday that he had a “very productive call” with Chinese leader Xi Jinping, including Beijing's approval of a deal on TikTok. Mr Trump added that he would meet Mr Xi at the APEC summit in South Korea (to be held from October 31st to November 1st), and would visit China in early 2026.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, ReNew Energy
UST yields climbed 1-2 bps across the curve on Friday, albeit there were no new macro developments. The yield on the 2Y UST rose 1 bp to 3.57%, while that on the 10Y UST was up 2 bps at 4.13%. Equities continued to rally and notched fresh records, with the S&amp;P 500 and Nasdaq up 0.5% and 0.7% at 6,664 and 22,631, respectively.
US President Donald Trump wrote on Truth Social on Friday that he had a “very productive call” with Chinese leader Xi Jinping, including Beijing's approval of a deal on TikTok. Mr Trump added that he would meet Mr Xi at the APEC summit in South Korea (to be held from October 31st to November 1st), and would visit China in early 2026.


<ul>
<li>The UST curve twisted flatter yesterday, partly unwinding Wednesday's steepening move.</li>
<li>The yield on the 2Y UST rose 2 bps to 3.63%, while the yield on the 10Y UST fell 3 bps to 4.21%.</li>
<li>Equities climbed on the back of upward revisions to the US Q2/25 GDP. </li>
</ul>


The UST curve twisted flatter yesterday, partly unwinding Wednesday's steepening move.
The yield on the 2Y UST rose 2 bps to 3.63%, while the yield on the 10Y UST fell 3 bps to 4.21%.
Equities climbed on the back of upward revisions to the US Q2/25 GDP. 


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, Nissan Motor, Rakuten Group</li>
<li>Front-end UST yields rose yesterday, albeit the long end was stable on the back of a good auction of 30Y notes. The UST curve bear flattened, with the yield on the 2Y UST rising 3 bps to 3.87%, while that on the 10Y UST was up 2 bps at 4.35%.</li>
<li>Equities climbed, with the S&amp;P 500 and Nasdaq advancing 0.3% and 0.1%, respectively, to fresh record highs.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, Nissan Motor, Rakuten Group
Front-end UST yields rose yesterday, albeit the long end was stable on the back of a good auction of 30Y notes. The UST curve bear flattened, with the yield on the 2Y UST rising 3 bps to 3.87%, while that on the 10Y UST was up 2 bps at 4.35%.
Equities climbed, with the S&amp;P 500 and Nasdaq advancing 0.3% and 0.1%, respectively, to fresh record highs.


Hong Kong

China Jinmao Holdings Group Limited invests in and develops real estate projects in the Peoples Republic of China.

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China Jinmao Holdings (817 HK)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, West China Cement, Biocon Biologics

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, Longfor Group, Genting Berhad

Lucror Analytics

Lucror Analytics - Morning Views Asia

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

Lucror Analytics

Lucror Analytics - Morning Views Asia

The UST curve twisted flatter yesterday, partly unwinding Wednesday's steepening move. The yield on the 2Y UST rose 2 bps to 3.63%, while the yield...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, Nissan Motor, Rakuten Group

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)