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: GMR Hyderabad, China Vanke</li>
<li>Fitch has downgraded the issuer default rating on China Vanke, as well as the senior unsecured notes rating on Vanke HK, to C from CCC-/CC.</li>
<li>The downgrade follows Vanke's entry into a five-day grace period for a CNY 2 bn onshore bond that matured on 15 December 2025, which indicated heightened default risk</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: GMR Hyderabad, China Vanke
Fitch has downgraded the issuer default rating on China Vanke, as well as the senior unsecured notes rating on Vanke HK, to C from CCC-/CC.
The downgrade follows Vanke's entry into a five-day grace period for a CNY 2 bn onshore bond that matured on 15 December 2025, which indicated heightened default risk


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Genting Berhad, Meituan</li>
<li>UST yields climbed 1-3 bps on Friday, albeit there were no material catalysts as the market returned after Thanksgiving. The yield on the 2Y UST rose 1 bp to 3.49%, while that on the 10Y UST was up 2 bps at 4.01%. Equities climbed on thin trading in a shortened postholiday session. The S&amp;P 500 and Nasdaq advanced 0.5% and 0.7% to 6,849 and 23,366, respectively.</li>
<li>China’s November official manufacturing PMI edged up to 49.2 (49.4 e / 49.0 p), albeit remaining in contraction territory for the eighth straight month. The non-manufacturing PMI slipped to 49.5 (50.0 e / 50.1 p), with the composite PMI declining to 49.7 (50.0 p).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Genting Berhad, Meituan
UST yields climbed 1-3 bps on Friday, albeit there were no material catalysts as the market returned after Thanksgiving. The yield on the 2Y UST rose 1 bp to 3.49%, while that on the 10Y UST was up 2 bps at 4.01%. Equities climbed on thin trading in a shortened postholiday session. The S&amp;P 500 and Nasdaq advanced 0.5% and 0.7% to 6,849 and 23,366, respectively.
China’s November official manufacturing PMI edged up to 49.2 (49.4 e / 49.0 p), albeit remaining in contraction territory for the eighth straight month. The non-manufacturing PMI slipped to 49.5 (50.0 e / 50.1 p), with the composite PMI declining to 49.7 (50.0 p).


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke</li>
<li>UST yields rose 5-8 bps across the curve yesterday. This came as the market dialled back Fed rate-cut expectations following the release of strong ADP employment and ISM manufacturing data, as well as after the US Treasury Department said it may raise treasury issuances in future.</li>
<li>The yield on the 2Y UST was up 5 bps at 3.63%, while the yield on the 10Y jumped 7 bps to 4.16%. Equities partially recovered from Tuesday’s slump, with the S&amp;P 500 and Nasdaq increasing 0.4% and 0.6%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke
UST yields rose 5-8 bps across the curve yesterday. This came as the market dialled back Fed rate-cut expectations following the release of strong ADP employment and ISM manufacturing data, as well as after the US Treasury Department said it may raise treasury issuances in future.
The yield on the 2Y UST was up 5 bps at 3.63%, while the yield on the 10Y jumped 7 bps to 4.16%. Equities partially recovered from Tuesday’s slump, with the S&amp;P 500 and Nasdaq increasing 0.4% and 0.6%, respectively.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Japfa Comfeed, New World Development, Softbank Group</li>
<li>UST yields declined yesterday, with the curve bull-flattening for the second day. The yield on the 2Y UST was stable at 3.46%, while the yield on the 10Y UST fell 2 bps to 3.96%.</li>
<li>Equities halted a two-day rally, while gold and silver retreated from near record-high levels. The S&amp;P 500 was unchanged at 6,735, while the Nasdaq declined 0.2% to 22,954.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Japfa Comfeed, New World Development, Softbank Group
UST yields declined yesterday, with the curve bull-flattening for the second day. The yield on the 2Y UST was stable at 3.46%, while the yield on the 10Y UST fell 2 bps to 3.96%.
Equities halted a two-day rally, while gold and silver retreated from near record-high levels. The S&amp;P 500 was unchanged at 6,735, while the Nasdaq declined 0.2% to 22,954.


<ul>
<li>UST yields rose 2-4 bps on Friday, as haven flows into treasuries eased after US President Donald Trump indicated that high tariffs on China would not be sustainable.</li>
<li>Yields on 2Y and 10Y USTs rose 3 bps to 3.46% and 4.01%, respectively. Equities ended higher, recovering from declines earlier in the day.</li>
<li>The S&amp;P 500 and Nasdaq both increased 0.5% to 6,664 and 22,680, respectively.</li>
</ul>


UST yields rose 2-4 bps on Friday, as haven flows into treasuries eased after US President Donald Trump indicated that high tariffs on China would not be sustainable.
Yields on 2Y and 10Y USTs rose 3 bps to 3.46% and 4.01%, respectively. Equities ended higher, recovering from declines earlier in the day.
The S&amp;P 500 and Nasdaq both increased 0.5% to 6,664 and 22,680, respectively.


China

China Vanke Co., Ltd. operates real estate development businesses.  The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses.

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China Vanke (000002 CH)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: GMR Hyderabad, China Vanke

Lucror Analytics

Lucror Analytics - Morning Views Asia

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

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke UST yields rose 5-8 bps across...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Japfa Comfeed, New World...

Lucror Analytics

Lucror Analytics - Morning Views Asia

UST yields rose 2-4 bps on Friday, as haven flows into treasuries eased after US President Donald Trump indicated that high tariffs on China would...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)