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>UST yields retreated 3-5 bps across the curve yesterday, alongside declining oil prices following news that the US and Iran may hold a second round of talks.</li>
<li>The yield on the 2Y UST fell 3 bps to 3.75%, while that on the 10Y UST declined 5 bps to 4.25%. Equities advanced, with the S&amp;P 500 and Nasdaq up 1.2% and 2.0%, respectively.</li>
<li>US President Donald Trump indicated in an interview with the New York Post that the US may return to Islamabad for another round of talks with Iran.</li>
</ul>


UST yields retreated 3-5 bps across the curve yesterday, alongside declining oil prices following news that the US and Iran may hold a second round of talks.
The yield on the 2Y UST fell 3 bps to 3.75%, while that on the 10Y UST declined 5 bps to 4.25%. Equities advanced, with the S&amp;P 500 and Nasdaq up 1.2% and 2.0%, respectively.
US President Donald Trump indicated in an interview with the New York Post that the US may return to Islamabad for another round of talks with Iran.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Greenko Energy, New World Development</li>
<li>UST yields fell 2-3 bps yesterday, following the release of weaker than expected November ADP payrolls data. The yield on the 2Y and 10Y UST declined 2 bps to 3.49% and 4.06%, respectively. Equities rose, as the labour market slowdown reinforced market expectations for a Fed rate cut this month. The S&amp;P 500 advanced 0.3% to 6,850, while the Nasdaq was up 0.2% at 23,454.</li>
<li>In the US, the ADP employment report showed that private-sector payrolls declined by 32 k in November (10 k e / 47 k revised p), with payrolls having fallen in four of the past six months. Hiring has been choppy of late, as employers weather cautious consumers and an uncertain macroeconomic environment, according to ADP chief economist Nela Richardson. While the November slowdown was broad-based, it was led by a pullback among small businesses.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Greenko Energy, New World Development
UST yields fell 2-3 bps yesterday, following the release of weaker than expected November ADP payrolls data. The yield on the 2Y and 10Y UST declined 2 bps to 3.49% and 4.06%, respectively. Equities rose, as the labour market slowdown reinforced market expectations for a Fed rate cut this month. The S&amp;P 500 advanced 0.3% to 6,850, while the Nasdaq was up 0.2% at 23,454.
In the US, the ADP employment report showed that private-sector payrolls declined by 32 k in November (10 k e / 47 k revised p), with payrolls having fallen in four of the past six months. Hiring has been choppy of late, as employers weather cautious consumers and an uncertain macroeconomic environment, according to ADP chief economist Nela Richardson. While the November slowdown was broad-based, it was led by a pullback among small businesses.


Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>Thermax won two landmark data center cooling orders in Q3 FY26, one in the US and one in India.</li>
<li>In August 2025, it secured exclusive rights to deploy HydrogenPro's Norwegian alkaline electrolyzer technology across India, its second electrolyzer licensing deal in 18 months.</li>
<li>Green Solutions revenue jumped 268% YoY in Q3 FY26, still only 6.6% of the total, but management is guiding 1.1 GW of installed renewable capacity by FY28.</li>
</ul>


Thermax won two landmark data center cooling orders in Q3 FY26, one in the US and one in India.
In August 2025, it secured exclusive rights to deploy HydrogenPro's Norwegian alkaline electrolyzer technology across India, its second electrolyzer licensing deal in 18 months.
Green Solutions revenue jumped 268% YoY in Q3 FY26, still only 6.6% of the total, but management is guiding 1.1 GW of installed renewable capacity by FY28.


Thermax's Pivot to Data Centers and Green Hydrogen

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Softbank Group, Greenko Energy, Perusahaan Listrik (PLN)</li>
<li>UST yields were stable yesterday. There was strong demand for an auction of 2Y notes, albeit it had little impact on the curve. The yields on the 2Y and 10Y UST were unchanged at 3.59% and 4.21%, respectively. Equities continued their advance, ahead of earnings from large tech firms.</li>
<li>The S&amp;P 500 rose 0.5% to 6,950, while the Nasdaq was up 0.4% at 23,601. Gold climbed past USD 5 k, as the USD fell to the lowest level since 2022 on speculation that the US could coordinate currency intervention with Japan to support the JPY.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Softbank Group, Greenko Energy, Perusahaan Listrik (PLN)
UST yields were stable yesterday. There was strong demand for an auction of 2Y notes, albeit it had little impact on the curve. The yields on the 2Y and 10Y UST were unchanged at 3.59% and 4.21%, respectively. Equities continued their advance, ahead of earnings from large tech firms.
The S&amp;P 500 rose 0.5% to 6,950, while the Nasdaq was up 0.4% at 23,601. Gold climbed past USD 5 k, as the USD fell to the lowest level since 2022 on speculation that the US could coordinate currency intervention with Japan to support the JPY.


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

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)

Morning Views Asia - April 15, 2026

UST yields retreated 3-5 bps across the curve yesterday, alongside declining oil prices following news that the US and Iran may hold a second round...

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, New World Development

Lucror Analytics

Thermax's Pivot to Data Centers and Green Hydrogen

Thermax secures major data center cooling orders, expands into hydrogen technology, and sees significant growth in Green Solutions revenue with...

Nimish Maheshwari

Lucror Analytics - Morning Views Asia

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

Lucror Analytics

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Morning Views Asia - April 15, 2026

UST yields retreated 3-5 bps across the curve yesterday, alongside declining oil prices following news that the US and Iran may hold a second round...

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, New World Development

Lucror Analytics

Thermax's Pivot to Data Centers and Green Hydrogen

​Thermax secures major data center cooling orders, expands into hydrogen technology, and sees significant growth in Green Solutions revenue with...

Nimish Maheshwari

Lucror Analytics - Morning Views Asia

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

Lucror Analytics

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

Thermax secures major data center cooling orders, expands into hydrogen technology, and sees significant growth in Green Solutions revenue with...

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