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

Asia High Yield Bond Index / Debt Capital Markets

<ul>
<li>Inflation will remain sticky but we expect the recession headline to keep a lid on consumer spending which should also limit the possibility of a future rate hike.</li>
<li>We believe fixed rate bonds should be the instrument of choice toward the end of this year. </li>
<li>Rising default and a lack of growth in developed markets should also bode well for Asian US Dollar (USD) bonds.</li>
</ul>


Inflation will remain sticky but we expect the recession headline to keep a lid on consumer spending which should also limit the possibility of a future rate hike.
We believe fixed rate bonds should be the instrument of choice toward the end of this year. 
Rising default and a lack of growth in developed markets should also bode well for Asian US Dollar (USD) bonds.


Asian Bond Monitor: Asian Bonds for the Upcoming Recession

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: Medco Energi, Greenko Energy</li>
<li>UST yields rose 3-4 bps across the curve on Friday, after US President Donald Trump cut off trade talks with Canada.</li>
<li>This unwound yield declines earlier in the day, on the back of weaker than expected personal spending and income data. The yield on the 2Y and 10Y UST advanced 3 bps to 3.75% and 4.28%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Greenko Energy
UST yields rose 3-4 bps across the curve on Friday, after US President Donald Trump cut off trade talks with Canada.
This unwound yield declines earlier in the day, on the back of weaker than expected personal spending and income data. The yield on the 2Y and 10Y UST advanced 3 bps to 3.75% and 4.28%, respectively.


iShares 3-7 Year Treasury Bond / Debt Capital Markets

<ul>
<li>We believe Moody’s simply took the opportunity on the Tariff news to move USA’s rating to be in-line with those of the other two agencies.</li>
<li>Though rising rates are not friendly to fixed rate bonds, we believe Asian high-yield bonds remain a good place to park capital in the near term</li>
<li>We prefer short duration under 5 years to keep duration low in preparation for an upward pressure on rates in the near term.</li>
</ul>


We believe Moody’s simply took the opportunity on the Tariff news to move USA’s rating to be in-line with those of the other two agencies.
Though rising rates are not friendly to fixed rate bonds, we believe Asian high-yield bonds remain a good place to park capital in the near term
We prefer short duration under 5 years to keep duration low in preparation for an upward pressure on rates in the near term.


Bond Market Monitor: TRUMPoline Projectile

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Greenko Energy, Vedanta Resources, Reliance Industries</li>
<li>Last Friday, US Treasuries tightened by 5-8 bps across the curve. US equities continued to recover, albeit at a slow pace, with the S&amp;P 500 up by 0.7% and Nasdaq rising 1.3%.</li>
<li>The US economy is projected to register a weak 0.4% annualised growth rate in Q1/25, according to the US government's initial estimate, with a large trade deficit and consumer fatigue contributing to the slowdown, even before the tariff-related upheaval.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Greenko Energy, Vedanta Resources, Reliance Industries
Last Friday, US Treasuries tightened by 5-8 bps across the curve. US equities continued to recover, albeit at a slow pace, with the S&amp;P 500 up by 0.7% and Nasdaq rising 1.3%.
The US economy is projected to register a weak 0.4% annualised growth rate in Q1/25, according to the US government's initial estimate, with a large trade deficit and consumer fatigue contributing to the slowdown, even before the tariff-related upheaval.


Tanvi Arora

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Greenko Energy</li>
<li>In the US, the Conference Board Leading Index declined 0.3% (-0.2% e / -0.2% revised p) in February to 101.1. Justyna Zabinska-La Monica, senior manager of business cycle indicators at The Conference Board, noted that “consumers’ expectations of future business conditions turned more pessimistic. Manufacturing new orders, which improved in January, retreated and were the second largest negative contributor to the Index’s monthly decline”.</li>
<li>Separately, existing home sales unexpectedly rebounded 4.2% m-o-m (-3.2% e / -4.7% p) to 4.26 mn units in February. Sales climbed the most in the west and south regions, which were afflicted at the start of the year by wildfires in Los Angeles and severe winter storms, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Greenko Energy
In the US, the Conference Board Leading Index declined 0.3% (-0.2% e / -0.2% revised p) in February to 101.1. Justyna Zabinska-La Monica, senior manager of business cycle indicators at The Conference Board, noted that “consumers’ expectations of future business conditions turned more pessimistic. Manufacturing new orders, which improved in January, retreated and were the second largest negative contributor to the Index’s monthly decline”.
Separately, existing home sales unexpectedly rebounded 4.2% m-o-m (-3.2% e / -4.7% p) to 4.26 mn units in February. Sales climbed the most in the west and south regions, which were afflicted at the start of the year by wildfires in Los Angeles and severe winter storms, respectively.


India

Greenko Energy Holdings operates as a holding company. The Company, through its subsidiaries, manufactures wind, hydro, and solar energy generation machinery. Greenko Energy Holdings serves customers in India.

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Greenko Energy Holdings (GEH IN)

Asian Bond Monitor: Asian Bonds for the Upcoming Recession

Inflation remains high but recession fears will limit consumer spending and future rate hikes. Fixed rate bonds and Asian USD bonds are...

Bondcritic

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Greenko Energy

Lucror Analytics

Bond Market Monitor: TRUMPoline Projectile

Moody's adjusts USA's rating in line with other agencies, Asian high-yield bonds seen as a good investment despite rising rates, short duration...

Bondcritic

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Greenko Energy, Vedanta...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Greenko Energy In the US, the Conference...

Lucror Analytics

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Bond Monitor: Asian Bonds for the Upcoming Recession

​Inflation remains high but recession fears will limit consumer spending and future rate hikes. Fixed rate bonds and Asian USD bonds are...

Bondcritic

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Greenko Energy

Lucror Analytics

Bond Market Monitor: TRUMPoline Projectile

​Moody's adjusts USA's rating in line with other agencies, Asian high-yield bonds seen as a good investment despite rising rates, short duration...

Bondcritic

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Greenko Energy, Vedanta...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Greenko Energy In the US, the Conference...

Lucror Analytics

Inflation remains high but recession fears will limit consumer spending and future rate hikes. Fixed rate bonds and Asian USD bonds are...

Moody's adjusts USA's rating in line with other agencies, Asian high-yield bonds seen as a good investment despite rising rates, short duration...