Senior Credit Analyst, Lucror Analytics

Trung Nguyen

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: Fosun International</li>
<li>A group of moderate Senate Democrats have reportedly agreed to support a deal to re-open the US government as well as fund some departments and agencies for the next year, which could end the government shutdown.</li>
<li>Under the agreement, Congress would pass full-year funding for the departments of Agriculture, Veteran Affairs and Congress, while funding other agencies until 30 January 2026.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Fosun International
A group of moderate Senate Democrats have reportedly agreed to support a deal to re-open the US government as well as fund some departments and agencies for the next year, which could end the government shutdown.
Under the agreement, Congress would pass full-year funding for the departments of Agriculture, Veteran Affairs and Congress, while funding other agencies until 30 January 2026.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Fosun International, Pakuwon Jati, Adani Green Energy, ReNew Energy</li>
<li>The US and China are set to commence trade talks in Switzerland this weekend. US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer will travel to Switzerland later this week to meet with Swiss President Karin Keller-Sutter, and also meet Chinese officials to discuss economic and trade matters, according to separate announcements by the Treasury Department and Office of the Trade Representative.</li>
<li>Meanwhile, Chinese Vice-Premier He Lifeng will visit Switzerland during May 9-12th, according to China's Ministry of Foreign Affairs.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Fosun International, Pakuwon Jati, Adani Green Energy, ReNew Energy
The US and China are set to commence trade talks in Switzerland this weekend. US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer will travel to Switzerland later this week to meet with Swiss President Karin Keller-Sutter, and also meet Chinese officials to discuss economic and trade matters, according to separate announcements by the Treasury Department and Office of the Trade Representative.
Meanwhile, Chinese Vice-Premier He Lifeng will visit Switzerland during May 9-12th, according to China's Ministry of Foreign Affairs.


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.

<ul>
<li>Asian USD high-yield bonds have outperformed on an improving sentiment toward emerging market credits.</li>
<li>China 5-year CDS has declined 14 bps since June and we expect non-property Chinese credits to have more capital inflow on  the hunt for a better yield.</li>
<li>We are in favor of Chinese high-yield credits with recurring revenue and operate in more defensive industries such as consumer non-discretionary, utilities, and pharmaceuticals.</li>
</ul>


Asian USD high-yield bonds have outperformed on an improving sentiment toward emerging market credits.
China 5-year CDS has declined 14 bps since June and we expect non-property Chinese credits to have more capital inflow on  the hunt for a better yield.
We are in favor of Chinese high-yield credits with recurring revenue and operate in more defensive industries such as consumer non-discretionary, utilities, and pharmaceuticals.


Asian Bond Monitor: Chinese Bonds Are Back

<ul>
<li>We initiate our coverage on Health and Happiness International Holding Limited (H&amp;H)’s BTSDF 9.125% 24Jul2028.</li>
<li>H&amp;H has refinanced USD320m of 2026 notes with the new USD300m of 2028 notes at a 9.125% coupon. The new bonds help extend its debt maturity and lower financing cost.</li>
<li>The bonds offer diversification and a chance to invest back in China after the fallout in the property sector. We assign an OVERWEIGHT recommendation.</li>
</ul>


We initiate our coverage on Health and Happiness International Holding Limited (H&amp;H)’s BTSDF 9.125% 24Jul2028.
H&amp;H has refinanced USD320m of 2026 notes with the new USD300m of 2028 notes at a 9.125% coupon. The new bonds help extend its debt maturity and lower financing cost.
The bonds offer diversification and a chance to invest back in China after the fallout in the property sector. We assign an OVERWEIGHT recommendation.


Leonard Law, CFA

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Melco Resorts, Tata Motors, Fosun International</li>
<li>UST yields rose yesterday alongside a sell-off in long-dated European bonds, as well as on account of concerns that court rulings against US President Donald Trump's tariffs would worsen the country's fiscal deficit.</li>
<li>The yield on the 2Y UST rose 2 bps to 3.64%, while the yield on the 10Y UST was up 3 bps at 4.26%. Equities slipped, with the S&amp;P 500 and Nasdaq down 0.7% and 0.8% at 6,416 and 21,280, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Melco Resorts, Tata Motors, Fosun International
UST yields rose yesterday alongside a sell-off in long-dated European bonds, as well as on account of concerns that court rulings against US President Donald Trump's tariffs would worsen the country's fiscal deficit.
The yield on the 2Y UST rose 2 bps to 3.64%, while the yield on the 10Y UST was up 3 bps at 4.26%. Equities slipped, with the S&amp;P 500 and Nasdaq down 0.7% and 0.8% at 6,416 and 21,280, respectively.


China

Fosun International Limited operates diversified businesses. The Company manufactures steel, develops property, manufactures pharmaceuticals, and holds interests in retailers, financial services providers, and gold and iron mining.

Price Gauge
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Fosun International (656 HK)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Fosun International

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Fosun International, Pakuwon Jati, Adani Green...

Lucror Analytics

Asian Bond Monitor: Chinese Bonds Are Back

Asian high-yield bonds, particularly Chinese credits, are performing well due to improving sentiment towards emerging markets, with a focus on non...

Bondcritic

Health & Happiness: On Deleveraging Path

Coverage initiated on H&H's new 9.125% 2028 bonds, offering diversification and a chance to invest in China post-property sector fallout....

Bondcritic

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Melco Resorts, Tata Motors, Fosun International

Lucror Analytics

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: Fosun International

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Fosun International, Pakuwon Jati, Adani Green...

Lucror Analytics

Asian Bond Monitor: Chinese Bonds Are Back

​Asian high-yield bonds, particularly Chinese credits, are performing well due to improving sentiment towards emerging markets, with a focus on non...

Bondcritic

Health & Happiness: On Deleveraging Path

​Coverage initiated on H&H's new 9.125% 2028 bonds, offering diversification and a chance to invest in China post-property sector fallout....

Bondcritic

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Melco Resorts, Tata Motors, Fosun International

Lucror Analytics

Asian high-yield bonds, particularly Chinese credits, are performing well due to improving sentiment towards emerging markets, with a focus on non...

Coverage initiated on H&H's new 9.125% 2028 bonds, offering diversification and a chance to invest in China post-property sector fallout....