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

Our H1/23 Assessment and Outlook report is a review of the performance of companies under our coverage in the stated period. Following a brief discussion of macro trends as well as monetary policy and input cost developments, we assess how these companies performed compared to our analysts’ expectations, and examine credit stats trends. We provide overviews of sector developments, as well as summaries of all the companies’ earnings. This includes classifying all the names into either picks or pans, to provide an overview of which companies we are comfortable of investing in a portfolio context. We highlight that both our picks and pans can be names for which we have “Hold” recommendations.

  Our H1/23 Assessment and Outlook report is a review of the performance of companies under our coverage in the stated period. Following a brief discussion of macro trends as well as monetary policy and input cost developments, we assess how these companies performed compared to our analysts’ expectations, and examine credit stats trends. We provide overviews of sector developments, as well as summaries of all the companies’ earnings. This includes classifying all the names into either picks or pans, to provide an overview of which companies we are comfortable of investing in a portfolio context. We highlight that both our picks and pans can be names for which we have “Hold” recommendations. 

Europe HY – H1/23 Assessment And Outlook - Lucror Analytics

The Europe HY Trade Book for August 2023 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

  The Europe HY Trade Book for August 2023 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - August 2023 - Lucror Analytics

The Europe HY Trade Book for July 2023 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

  The Europe HY Trade Book for July 2023 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - July 2023 - Lucror Analytics

Global Cross-Asset Energy Analyst, VAC Investments

Aaditya Chintalapati, CFA

Global Cross-Asset Energy Analyst

VAC Investments

Thematic (Sector/Industry)

<h2><a href="https://www.smartkarma.com/entities/22869" target="_blank" data-smartkarma-citation="entities:22869:1">Crude Oil (CRUDE OIL COMDTY)</a></h2>Crude prices continued to decline for the third straight week, ending Friday c.2% lower w/w. Price weakness was largely driven by - (i) the broader financial market sell-off; (ii) exacerbated by concerns around weaker Global demand and (iii) the risk of a lower than expected impact on crude supply from the reinstatement of Iranian sanctions next week. However, this was modestly mitigated by a larger than expected drop in US production inventories. WTI ended the week at USD 67.59/bbl while Brent ended at USD 77.62/bbl.

Crude Oil (CRUDE OIL COMDTY)Crude prices continued to decline for the third straight week, ending Friday c.2% lower w/w. Price weakness was largely driven by - (i) the broader financial market sell-off; (ii) exacerbated by concerns around weaker Global demand and (iii) the risk of a lower than expected impact on crude supply from the reinstatement of Iranian sanctions next week. However, this was modestly mitigated by a larger than expected drop in US production inventories. WTI ended the week at USD 67.59/bbl while Brent ended at USD 77.62/bbl.

<h2><a href="https://www.smartkarma.com/entities/22869" target="_blank" data-smartkarma-citation="entities:22869:1">Crude Oil (CRUDE OIL COMDTY)</a></h2>WTI ended the week at US$ 71.49/bbl while Brent ended at US$ 80.5/bbl, both c.4% lower for the week. This was driven by a surprisingly large build in US inventories for the week and limited disruption to GoM production infrastructure from Hurricane Michael. However, a fresh diplomatic crisis over the weekend threatens to boost crude oil risk premia this week, with the US calling for an investigation over the disappearance of the journalist Jamal Khashoggi from the Saudi consulate in Istanbul, and Saudi Arabia in turn vowing to respond strongly in the event of US sanctions. Curiously, this crisis provides an opportunity for a detante between the US and Turkey, even as President Trump finds himself in the unenviable position of having to choose between lower oil prices and sending a strong message to Saudi Arabia.

Crude Oil (CRUDE OIL COMDTY)WTI ended the week at US$ 71.49/bbl while Brent ended at US$ 80.5/bbl, both c.4% lower for the week. This was driven by a surprisingly large build in US inventories for the week and limited disruption to GoM production infrastructure from Hurricane Michael. However, a fresh diplomatic crisis over the weekend threatens to boost crude oil risk premia this week, with the US calling for an investigation over the disappearance of the journalist Jamal Khashoggi from the Saudi consulate in Istanbul, and Saudi Arabia in turn vowing to respond strongly in the event of US sanctions. Curiously, this crisis provides an opportunity for a detante between the US and Turkey, even as President Trump finds himself in the unenviable position of having to choose between lower oil prices and sending a strong message to Saudi Arabia.

United Kingdom

Enquest PLC is an oil production and development company.  The Company is focused on the United Kingdom Continental Shelf.

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EnQuest PLC (ENQ LN)

Europe HY – H1/23 Assessment And Outlook - Lucror Analytics

Our H1/23 Assessment and Outlook report is a review of the performance of companies under our coverage in the stated period. Following a brief...

Lucror Analytics

Europe HY Trade Book - August 2023 - Lucror Analytics

The Europe HY Trade Book for August 2023 includes current trade recommendations drawn from our European HY coverage universe, along with...

Lucror Analytics

Europe HY Trade Book - July 2023 - Lucror Analytics

The Europe HY Trade Book for July 2023 includes current trade recommendations drawn from our European HY coverage universe, along with...

Lucror Analytics

Global E&Ps: Energy Weekly Vol. 27

Crude Oil (CRUDE OIL COMDTY)Crude prices continued to decline for the third straight week, ending Friday c.2% lower w/w. Price weakness was largely...

Aaditya Chintalapati, CFA

Global E&Ps: Energy Weekly Vol. 26

Crude Oil (CRUDE OIL COMDTY)WTI ended the week at US$ 71.49/bbl while Brent ended at US$ 80.5/bbl, both c.4% lower for the week. This was driven by...

Aaditya Chintalapati, CFA

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