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

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Water Affairs, Rakuten Group, Nickel Industries</li>
<li>UST yields declined for a third straight day, albeit there were few macro catalysts. The yield on the 2Y and 10Y UST declined 3 bps each to 3.83% and 4.35%, respectively. Equities were mixed, as tech stocks retreated ahead of their earnings releases next week.</li>
<li>The S&amp;P 500 rose 0.1% to 6,310, while the Nasdaq declined 0.4% to 20,893.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Water Affairs, Rakuten Group, Nickel Industries
UST yields declined for a third straight day, albeit there were few macro catalysts. The yield on the 2Y and 10Y UST declined 3 bps each to 3.83% and 4.35%, respectively. Equities were mixed, as tech stocks retreated ahead of their earnings releases next week.
The S&amp;P 500 rose 0.1% to 6,310, while the Nasdaq declined 0.4% to 20,893.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Water Affairs</li>
<li>Front-end treasury yields rose yesterday, following stronger than expected JOLTS and ISM manufacturing reports (which tempered expectations of Fed easing). The yield on the 2Y UST rose 5 bps to 3.77%, while the yield on the 10Y UST was up 1 bp at 4.24%.</li>
<li>Equities retreated, as investors rotated out of tech stocks. The S&amp;P 500 inched down 0.1% to 6,198 (albeit remaining near record high levels), while the Nasdaq fell 0.8% to 20,203.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Water Affairs
Front-end treasury yields rose yesterday, following stronger than expected JOLTS and ISM manufacturing reports (which tempered expectations of Fed easing). The yield on the 2Y UST rose 5 bps to 3.77%, while the yield on the 10Y UST was up 1 bp at 4.24%.
Equities retreated, as investors rotated out of tech stocks. The S&amp;P 500 inched down 0.1% to 6,198 (albeit remaining near record high levels), while the Nasdaq fell 0.8% to 20,203.


Hong Kong

China Water Affairs Group Limited, through its subsidiaries, supplies city water and sewage treatment.  The Company supplies raw water and tap water, treats sewage, constructs water supply pipe networks, and installs water meters.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

China Water Affairs (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

Lucror Analytics - Morning Views Asia

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

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)