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 Vanke, Reliance Industries, Greenko Energy</li>
<li>In the US, industrial production came in above estimates at 0.9% m-o-m in December (0.3% e / 0.2% revised p), supported by higher civilian aircraft production after the Boeing strike was resolved. Separately, housing starts surged 15.8% m-o-m (3.0% e / -3.7% revised p) to 1.5 mn units in December.</li>
<li>Meanwhile, building permits declined 0.7% m-o-m (-2.2% e / 5.2% p) to 1.48 mn in the same month.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Reliance Industries, Greenko Energy
In the US, industrial production came in above estimates at 0.9% m-o-m in December (0.3% e / 0.2% revised p), supported by higher civilian aircraft production after the Boeing strike was resolved. Separately, housing starts surged 15.8% m-o-m (3.0% e / -3.7% revised p) to 1.5 mn units in December.
Meanwhile, building permits declined 0.7% m-o-m (-2.2% e / 5.2% p) to 1.48 mn in the same month.


<ul>
<li>In the US, December advance retail sales eased to 0.4% m-o-m (0.6% e / 0.8% revised p), while the November figure was revised upwards to 0.8% (from 0.7%).</li>
<li>Growth in auto sales slowed to 0.7% (after accelerating 3.1% in November), albeit receipts at miscellaneous store retailers soared 4.3%.</li>
<li>The retail sales control group (which feeds into the government’s calculation of goods spending for GDP, and excludes food services, auto dealers, gas stations and building materials stores) accelerated 0.7% m-o-m (0.4% e / 0.4% p). </li>
</ul>


In the US, December advance retail sales eased to 0.4% m-o-m (0.6% e / 0.8% revised p), while the November figure was revised upwards to 0.8% (from 0.7%).
Growth in auto sales slowed to 0.7% (after accelerating 3.1% in November), albeit receipts at miscellaneous store retailers soared 4.3%.
The retail sales control group (which feeds into the government’s calculation of goods spending for GDP, and excludes food services, auto dealers, gas stations and building materials stores) accelerated 0.7% m-o-m (0.4% e / 0.4% p). 


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Vedanta Resources</li>
<li>Last Friday in the US, the ISM manufacturing index climbed to 49.3 in December (48.2 e / 48.4 p).</li>
<li>This was supported by an increase in the prices paid and new orders components, which offset a decrease in the employment component. Separately, the final manufacturing PMI edged up to 49.4 in the month (48.3 e / 48.3 p).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Vedanta Resources
Last Friday in the US, the ISM manufacturing index climbed to 49.3 in December (48.2 e / 48.4 p).
This was supported by an increase in the prices paid and new orders components, which offset a decrease in the employment component. Separately, the final manufacturing PMI edged up to 49.4 in the month (48.3 e / 48.3 p).


<ul>
<li>Treasuries surged yesterday, with yields falling 10-13 bps across the curve after a strong auction of 2Y notes and in the wake of US President-elect Donald Trump’s nomination of Scott Bessent as the next Treasury Secretary.</li>
<li>Mr Bessent is expected to implement Mr Trump’s tax cuts, while reducing the budget deficit and boosting GDP growth through deregulation and other pro-growth policies.</li>
<li>The yield on the 2Y UST fell 10 bps to 4.27%, while that on the 10Y UST declined 13 bps to 4.28%. </li>
</ul>


Treasuries surged yesterday, with yields falling 10-13 bps across the curve after a strong auction of 2Y notes and in the wake of US President-elect Donald Trump’s nomination of Scott Bessent as the next Treasury Secretary.
Mr Bessent is expected to implement Mr Trump’s tax cuts, while reducing the budget deficit and boosting GDP growth through deregulation and other pro-growth policies.
The yield on the 2Y UST fell 10 bps to 4.27%, while that on the 10Y UST declined 13 bps to 4.28%. 


Lucror Analytics - Morning Views Asia - November 26, 2024

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Gajah Tunggal, ReNew Energy, Adani Green Energy, Bharti Airtel, UPL Limited</li>
<li>Treasuries fell yesterday, with yields up 1-3 bps across the curve following a soft auction of 20Y notes.</li>
<li>The yield on the 2Y UST rose 3 bps to 4.32%, while that on the 10Y UST was up 1 bp at 4.41%.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Gajah Tunggal, ReNew Energy, Adani Green Energy, Bharti Airtel, UPL Limited
Treasuries fell yesterday, with yields up 1-3 bps across the curve following a soft auction of 20Y notes.
The yield on the 2Y UST rose 3 bps to 4.32%, while that on the 10Y UST was up 1 bp at 4.41%.


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: China Vanke, Reliance Industries, Greenko Energy

Lucror Analytics

Lucror Analytics - Morning Views Asia

In the US, December advance retail sales eased to 0.4% m-o-m (0.6% e / 0.8% revised p), while the November figure was revised upwards to 0.8% (from...

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, Vedanta Resources

Lucror Analytics

Lucror Analytics - Morning Views Asia - November 26, 2024

Mr Bessent is expected to implement Mr Trump’s tax cuts, while reducing the budget deficit and boosting GDP growth through deregulation and other...

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, Gajah Tunggal, ReNew Energy,...

Lucror Analytics

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