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, Tata Motors</li>
<li>US Treasury yields rose 3-5 bps across the curve on Friday, as the surge in oil prices amid the Iran-Israel conflict stoked renewed inflation concerns. The yield on the 2Y UST rose 4 bps to 3.95%, while the yield on the 10Y UST climbed 4 bps to 4.40%.</li>
<li>Equities retreated, with tech- and travel-related stocks declining, while energy producers and defence stocks rose. The S&amp;P 500 fell 1.1% to 5,977, while the Nasdaq Composite declined 1.3% to 19,407.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Tata Motors
US Treasury yields rose 3-5 bps across the curve on Friday, as the surge in oil prices amid the Iran-Israel conflict stoked renewed inflation concerns. The yield on the 2Y UST rose 4 bps to 3.95%, while the yield on the 10Y UST climbed 4 bps to 4.40%.
Equities retreated, with tech- and travel-related stocks declining, while energy producers and defence stocks rose. The S&amp;P 500 fell 1.1% to 5,977, while the Nasdaq Composite declined 1.3% to 19,407.


Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

Thematic (Sector/Industry)

<ul>
<li>In this note, we look at the latest May/June data, policy, and sentiment in China housing markets, with some reflections on where things are vs the expectations end of 2024. </li>
<li>"Less negative" summarises the data, while "Stabilise it" captures the policy approach.</li>
<li>New home sales are in line with our forecast, and in the upper range of group forecasts from China Property Outlook, but there are some new data caveats.</li>
</ul>


In this note, we look at the latest May/June data, policy, and sentiment in China housing markets, with some reflections on where things are vs the expectations end of 2024. 
"Less negative" summarises the data, while "Stabilise it" captures the policy approach.
New home sales are in line with our forecast, and in the upper range of group forecasts from China Property Outlook, but there are some new data caveats.


<ul>
<li>Through a set of 4 quick animations of city-level data (70 cities), we illuminate the dynamics of new home prices in China over the past 12 years</li>
<li>This helps put the current (since mid-2021) downturn in context and build intuition about the components of the aggregate declines, including the by-city-tier breakdown</li>
<li>We point out a number of key data caveats and traps in the interpretation of the data sets</li>
</ul>


Through a set of 4 quick animations of city-level data (70 cities), we illuminate the dynamics of new home prices in China over the past 12 years
This helps put the current (since mid-2021) downturn in context and build intuition about the components of the aggregate declines, including the by-city-tier breakdown
We point out a number of key data caveats and traps in the interpretation of the data sets


Around China Housing In 80 Seconds - Visualizing The 2012-2023 Monthly Data

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Longfor Group, Cikarang Listrindo</li>
<li>The Chinese government has announced a GDP growth target of “around 5%” for 2025 (matching the growth target and actual level achieved in 2024), according to Premier Li Qiang’s annual government work report unveiled during the Two Sessions meeting.</li>
<li>Meanwhile, the government has raised the fiscal budget deficit target to 4% of GDP (vs. 3% previously), and lowered its annual CPI inflation target to “around 2%” (reflecting downward pressure on prices).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Longfor Group, Cikarang Listrindo
The Chinese government has announced a GDP growth target of “around 5%” for 2025 (matching the growth target and actual level achieved in 2024), according to Premier Li Qiang’s annual government work report unveiled during the Two Sessions meeting.
Meanwhile, the government has raised the fiscal budget deficit target to 4% of GDP (vs. 3% previously), and lowered its annual CPI inflation target to “around 2%” (reflecting downward pressure on prices).


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke</li>
<li>US President Donald Trump imposed a 25% tariff on steel and aluminium imports to the country yesterday. The largest direct exporters of steel to the US are Canada, Mexico and Brazil.</li>
<li>Treasury yields were largely steady amid limited macro developments and ahead of Fed Chairman Jerome Powell’s testimony to Congress today. The yield on the 2Y UST declined 1 bp to 4.28%, while that on the 10Y UST was unchanged at 4.50%. Equities rebounded, led by tech stocks, as well as materials producers in the wake of the tariffs. The S&amp;P 500 climbed 0.7% to 6,066, while the Nasdaq rose 1.0% to 19,714.</li>
<li>Asian HY and crossover corporate bond movements were skewed to the upside yesterday</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke
US President Donald Trump imposed a 25% tariff on steel and aluminium imports to the country yesterday. The largest direct exporters of steel to the US are Canada, Mexico and Brazil.
Treasury yields were largely steady amid limited macro developments and ahead of Fed Chairman Jerome Powell’s testimony to Congress today. The yield on the 2Y UST declined 1 bp to 4.28%, while that on the 10Y UST was unchanged at 4.50%. Equities rebounded, led by tech stocks, as well as materials producers in the wake of the tariffs. The S&amp;P 500 climbed 0.7% to 6,066, while the Nasdaq rose 1.0% to 19,714.
Asian HY and crossover corporate bond movements were skewed to the upside yesterday


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, Tata Motors

Lucror Analytics

China Housing - A Mid-Year Check

In this note, we look at the latest May/June data, policy, and sentiment in China housing markets, with some reflections on where things are vs the...

Robert Ciemniak

Around China Housing In 80 Seconds - Visualizing The 2012-2023 Monthly Data

China Property - Take a tour of these four data visualizations/animations of the city-level house price changes to get a finer perspective on...

Robert Ciemniak

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Longfor Group, Cikarang Listrindo

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 US President Donald Trump imposed...

Lucror Analytics

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