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 Oil &amp; Gas, Sunny Optical</li>
<li>US treasuries rallied yesterday, with the UST curve bull steepening, after Fed Chairman Jerome Powell indicated his preference to hold rates steady. The market switched to price in a small rate cut by end-2026 (reversing the rate hike premium in the market last week). The yield on the 2Y and 10Y UST both declined 8 bps to 3.83% and 4.35%, respectively. Equities ended lower, led by declines in semiconductor stocks. The S&amp;P 500 and Nasdaq fell 0.4% and 0.7% to 6,344 and 20,795, respectively.</li>
<li>US President Donald Trump wrote on Truth Social that Washington is in “serious discussions” with a new regime to end military operations in Iran, but added threats to blow up and completely obliterate Iran’s power plants, oil wells and Kharg Island if the Strait of Hormuz is not immediately “open for business”.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Oil &amp; Gas, Sunny Optical
US treasuries rallied yesterday, with the UST curve bull steepening, after Fed Chairman Jerome Powell indicated his preference to hold rates steady. The market switched to price in a small rate cut by end-2026 (reversing the rate hike premium in the market last week). The yield on the 2Y and 10Y UST both declined 8 bps to 3.83% and 4.35%, respectively. Equities ended lower, led by declines in semiconductor stocks. The S&amp;P 500 and Nasdaq fell 0.4% and 0.7% to 6,344 and 20,795, respectively.
US President Donald Trump wrote on Truth Social that Washington is in “serious discussions” with a new regime to end military operations in Iran, but added threats to blow up and completely obliterate Iran’s power plants, oil wells and Kharg Island if the Strait of Hormuz is not immediately “open for business”.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Oil &amp; Gas</li>
<li>The US equity and credit markets remained under pressure, with the S&amp;P 500 and Nasdaq down 0.5% and 1.5% respectively. The selloff was driven by growing anxiety that advances in AI could soon undermine the core business models of many established companies.</li>
<li>These fears intensified after AI startup Anthropic PBC unveiled a new legal-focused tool, a move that carried weight given the firm’s earlier disruptive influence on software development.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Oil &amp; Gas
The US equity and credit markets remained under pressure, with the S&amp;P 500 and Nasdaq down 0.5% and 1.5% respectively. The selloff was driven by growing anxiety that advances in AI could soon undermine the core business models of many established companies.
These fears intensified after AI startup Anthropic PBC unveiled a new legal-focused tool, a move that carried weight given the firm’s earlier disruptive influence on software development.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Oil &amp; Gas, SK Hynix, Meituan, Pakuwon Jati, Nissan Motor</li>
<li>UST yields were little changed yesterday, with little response to a soft auction of 7Y notes. The market focus will be on the FOMC rate decision today, with the Fed largely expected to reduce rates by another 25 bps.</li>
<li>Equities notched fresh record highs, supported by expectations of strong Q3/25 earnings from major tech firms.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Oil &amp; Gas, SK Hynix, Meituan, Pakuwon Jati, Nissan Motor
UST yields were little changed yesterday, with little response to a soft auction of 7Y notes. The market focus will be on the FOMC rate decision today, with the Fed largely expected to reduce rates by another 25 bps.
Equities notched fresh record highs, supported by expectations of strong Q3/25 earnings from major tech firms.


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>US markets were closed for Martin Luther King Jr Day yesterday.</li>
<li>China’s Q4/25 GDP eased to 4.5% y-o-y (vs. 4.8% in Q3). Still, full-year GDP expanded 5.0% for the second straight year, meeting the government’s “around 5%” growth target.</li>
<li>China’s December macro releases were mixed, with strong industrial production offset by weaker retail sales and falling investment.</li>
</ul>


US markets were closed for Martin Luther King Jr Day yesterday.
China’s Q4/25 GDP eased to 4.5% y-o-y (vs. 4.8% in Q3). Still, full-year GDP expanded 5.0% for the second straight year, meeting the government’s “around 5%” growth target.
China’s December macro releases were mixed, with strong industrial production offset by weaker retail sales and falling investment.


Hong Kong

China Oil & Gas Group Ltd. is an investment holding company primarily engaged in natural gas and energy-related businesses. Its operations span the entire natural gas value chain, including sales and distribution of natural gas, pipeline construction, and exploitation and production of crude oil and natural gas. The company is headquartered in Hong Kong and was founded in 1993.

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China Oil & Gas (603 HK)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Oil & Gas, Sunny Optical

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Oil & Gas The US equity and credit...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Oil & Gas, SK Hynix, Meituan,...

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

China’s Q4/25 GDP eased to 4.5% y-o-y (vs. 4.8% in Q3). Still, full-year GDP expanded 5.0% for the second straight year, meeting the government’s...

Lucror Analytics

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