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>UST yields increased yesterday, led by the long end, following Merck &amp; Co’s USD 8 bn eight-part offering and in tandem with a jump in JGB yields following rate-hike comments by Bank of Japan Governor Kazuo Ueda.</li>
<li>The yield on the 2Y UST rose 4 bps to 3.53%, while the yield on the 10Y UST jumped 7 bps to 4.09%. Equities retreated on risk aversion, amid a sell-off in cryptocurrencies.</li>
<li>The S&amp;P 500 and Nasdaq declined 0.5% and 0.4% to 6,813 and 23,276, respectively. </li>
</ul>


UST yields increased yesterday, led by the long end, following Merck &amp; Co’s USD 8 bn eight-part offering and in tandem with a jump in JGB yields following rate-hike comments by Bank of Japan Governor Kazuo Ueda.
The yield on the 2Y UST rose 4 bps to 3.53%, while the yield on the 10Y UST jumped 7 bps to 4.09%. Equities retreated on risk aversion, amid a sell-off in cryptocurrencies.
The S&amp;P 500 and Nasdaq declined 0.5% and 0.4% to 6,813 and 23,276, respectively. 


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Water Affairs</li>
<li>The UST curve twisted slightly flatter yesterday, largely undoing Tuesday’s steepening. The yield on the 2Y UST rose 2 bps to 3.50%, while the yield on the 10Y UST was stable at 4.03%. Equities ended higher, despite choppy price action during the day. The S&amp;P 500 increased 0.4% to 6,671, and the Nasdaq was up 0.7% at 22,670.</li>
<li>The Fed Beige Book stated that US economy activity was little changed from the previous month’s report, with three districts reporting slight to modest growth in activity, five reporting no change and four noting a slight softening.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Water Affairs
The UST curve twisted slightly flatter yesterday, largely undoing Tuesday’s steepening. The yield on the 2Y UST rose 2 bps to 3.50%, while the yield on the 10Y UST was stable at 4.03%. Equities ended higher, despite choppy price action during the day. The S&amp;P 500 increased 0.4% to 6,671, and the Nasdaq was up 0.7% at 22,670.
The Fed Beige Book stated that US economy activity was little changed from the previous month’s report, with three districts reporting slight to modest growth in activity, five reporting no change and four noting a slight softening.


<ul>
<li>China Water Affairs (CWA) is roadshowing an issuance of senior unsecured Reg-S only 5NC3 USD notes.</li>
<li>The notes are being issued as blue bonds under the company’s green and blue finance framework.</li>
<li>Moody’s has provided a second-party opinion, and assigned a SQS2 (very good) sustainability quality score to the framework. </li>
</ul>


China Water Affairs (CWA) is roadshowing an issuance of senior unsecured Reg-S only 5NC3 USD notes.
The notes are being issued as blue bonds under the company’s green and blue finance framework.
Moody’s has provided a second-party opinion, and assigned a SQS2 (very good) sustainability quality score to the framework. 


China Water Affairs - Event Flash - Proposed Issuance Of 5NC3 USD Notes - Lucror Analytics

Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Debt Capital Markets

Fidelity Funds - Asian High Yield Fund / Debt Capital Markets

Fidelity Funds - Asian High Yield Fund (FFASIAU LX)

<ul>
<li>The Fed hiked 25 bps to 3.75-4.00% on 16-Sep as WTI returned near USD100/bbl; we expect Asian USD bond yields to stay elevated and spreads to widen into year-end. </li>
<li>We keep Asian USD bonds at Neutral at best and advise investors to favor floating rate bonds, Bond Laddering, duration below five years, and swap hedges on fixed rate positions. </li>
<li>We remain positive on Asian credit fundamentals and list 10 fixed rate picks yielding 7.4-10.8%, led by Avation at +233 bps over B-rated peers; we exclude China property.</li>
</ul>


The Fed hiked 25 bps to 3.75-4.00% on 16-Sep as WTI returned near USD100/bbl; we expect Asian USD bond yields to stay elevated and spreads to widen into year-end. 
We keep Asian USD bonds at Neutral at best and advise investors to favor floating rate bonds, Bond Laddering, duration below five years, and swap hedges on fixed rate positions. 
We remain positive on Asian credit fundamentals and list 10 fixed rate picks yielding 7.4-10.8%, led by Avation at +233 bps over B-rated peers; we exclude China property.


Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Thematic (Sector/Industry)

<ul>
<li>The logic behind the tariff is not just a slap in the face for a lot of other nations but also net imports over exports. </li>
<li>Companies benefitting from the globalization will suffer, and the ones with domestic-centric businesses with real assets in proximity may be less hurt. </li>
<li>This could accelerate the forming of new trading bloc that may change the current world order. </li>
</ul>


The logic behind the tariff is not just a slap in the face for a lot of other nations but also net imports over exports. 
Companies benefitting from the globalization will suffer, and the ones with domestic-centric businesses with real assets in proximity may be less hurt. 
This could accelerate the forming of new trading bloc that may change the current world order. 


Hong Kong

China Water Affairs Group is a leading integrated water service operator that invests in, constructs, and operates urban water supply, sewage treatment, and related value-added services, including pipeline direct drinking water, across Mainland China. The company is headquartered in Hong Kong and was founded in 1998.

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China Water Affairs Group (855 HK)

Lucror Analytics - Morning Views Asia

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

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Water Affairs

Lucror Analytics

China Water Affairs - Event Flash - Proposed Issuance Of 5NC3 USD Notes - Lucror Analytics

China Water Affairs (CWA) is roadshowing an issuance of senior unsecured Reg-S only 5NC3 USD notes. The notes are being issued as blue bonds under...

Lucror Analytics

Asian Bond Monitor: Stay A-Float

The Fed hikes into an oil shock near USD100/bbl. We expect Asian USD bond yields to keep rising. Stay Neutral, favor floaters and ladder short...

Bondcritic

Tariff: New World Order?

Tariffs could shift global trade dynamics, favoring domestic-focused companies and potentially leading to the formation of new trading blocs.

Henry Soediarko

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lucror Analytics - Morning Views Asia

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

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Water Affairs

Lucror Analytics

China Water Affairs - Event Flash - Proposed Issuance Of 5NC3 USD Notes - Lucror Analytics

China Water Affairs (CWA) is roadshowing an issuance of senior unsecured Reg-S only 5NC3 USD notes. The notes are being issued as blue bonds under...

Lucror Analytics

Asian Bond Monitor: Stay A-Float

The Fed hikes into an oil shock near USD100/bbl. We expect Asian USD bond yields to keep rising. Stay Neutral, favor floaters and ladder short...

Bondcritic

Tariff: New World Order?

​Tariffs could shift global trade dynamics, favoring domestic-focused companies and potentially leading to the formation of new trading blocs.

Henry Soediarko

Tariffs could shift global trade dynamics, favoring domestic-focused companies and potentially leading to the formation of new trading blocs.