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: Greentown China, Tata Motors</li>
<li>UST yields rose 5-8 bps across the curve yesterday, following a soft auction of 3Y notes and Amazon Inc’s USD 37 bn jumbo bond issuance. The yield on the 2Y UST was up 5 bps at 3.59%, while the yield on the 10Y UST jumped 6 bps to 4.16%. Equities ended mixed. The S&amp;P 500 fell 0.2% to 6,781, while the Nasdaq was flat at 22,697.</li>
<li>India has eased restrictions on foreign investments from China, local media reported yesterday. The Indian government tightened scrutiny of investments from Chinese companies in 2020, as relations between the two countries soured following skirmishes between their militaries along the Himalayan border. That said, New Delhi has been reviving relations with Beijing since last year, amid US tariffs.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Greentown China, Tata Motors
UST yields rose 5-8 bps across the curve yesterday, following a soft auction of 3Y notes and Amazon Inc’s USD 37 bn jumbo bond issuance. The yield on the 2Y UST was up 5 bps at 3.59%, while the yield on the 10Y UST jumped 6 bps to 4.16%. Equities ended mixed. The S&amp;P 500 fell 0.2% to 6,781, while the Nasdaq was flat at 22,697.
India has eased restrictions on foreign investments from China, local media reported yesterday. The Indian government tightened scrutiny of investments from Chinese companies in 2020, as relations between the two countries soured following skirmishes between their militaries along the Himalayan border. That said, New Delhi has been reviving relations with Beijing since last year, amid US tariffs.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Greentown China</li>
<li>UST yields climbed for a fourth straight day, as the sustained increase in oil prices dented the outlook for Fed rate cuts. Fed-dated OIS are now pricing in only 39 bps of rate cuts in 2026 (vs. 61 bps as of end-February). The yield on the 2Y UST rose 3 bps to 3.58%, while the yield on the 10Y UST was up 4 bps at 4.14%.</li>
<li>Equities retreated, led by semiconductor stocks, on reports that the US government is considering wide-ranging export restrictions for AI chips. The S&amp;P 500 and Nasdaq declined 0.6% and 0.3%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Greentown China
UST yields climbed for a fourth straight day, as the sustained increase in oil prices dented the outlook for Fed rate cuts. Fed-dated OIS are now pricing in only 39 bps of rate cuts in 2026 (vs. 61 bps as of end-February). The yield on the 2Y UST rose 3 bps to 3.58%, while the yield on the 10Y UST was up 4 bps at 4.14%.
Equities retreated, led by semiconductor stocks, on reports that the US government is considering wide-ranging export restrictions for AI chips. The S&amp;P 500 and Nasdaq declined 0.6% and 0.3%, respectively.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Greentown China, China Vanke</li>
<li>The UST curve steepened slightly yesterday, twisting around the 10Y mark, after National Economic Council Director Kevin Hassett said US job gains could decline in the coming months due to slower labour force growth and higher productivity. The yield on the 2Y UST fell 1 bp to 3.49%, while that on the 10Y UST was stable at 4.20%. Equities rebounded for a second day, with the S&amp;P 500 and Nasdaq up 0.5% and 0.9%, respectively.</li>
<li>Chinese regulators have urged domestic banks to limit purchases of US treasuries and instructed those with high exposure to pare their positions, Bloomberg reported yesterday, citing individuals familiar with the matter. The directive is framed around diversifying market risks amid concerns over concentration risk and market volatility, and has less to do with geopolitical manoeuvring or a fundamental loss of confidence in US creditworthiness, according to the report.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Greentown China, China Vanke
The UST curve steepened slightly yesterday, twisting around the 10Y mark, after National Economic Council Director Kevin Hassett said US job gains could decline in the coming months due to slower labour force growth and higher productivity. The yield on the 2Y UST fell 1 bp to 3.49%, while that on the 10Y UST was stable at 4.20%. Equities rebounded for a second day, with the S&amp;P 500 and Nasdaq up 0.5% and 0.9%, respectively.
Chinese regulators have urged domestic banks to limit purchases of US treasuries and instructed those with high exposure to pare their positions, Bloomberg reported yesterday, citing individuals familiar with the matter. The directive is framed around diversifying market risks amid concerns over concentration risk and market volatility, and has less to do with geopolitical manoeuvring or a fundamental loss of confidence in US creditworthiness, according to the report.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Greentown China</li>
<li>Long-end UST yields declined yesterday, following weaker than expected JOLTS and ADP employment data, despite a heavy corporate issuance slate. The UST curve flattened, with the yield on the 2Y UST rising 1 bp to 3.47%, while that on the 10Y declined 2 bps to 4.15%.</li>
<li>US President Donald Trump has said on Truth Social that “Venezuela is going to be purchasing only American made products, with the money they receive from our new oil deal”. In addition, Mr Trump proposed to increase the US military budget to a record USD 1.5 tn for 2027 (from USD 1.0 tn), albeit the move would require funding approval from Congress.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Greentown China
Long-end UST yields declined yesterday, following weaker than expected JOLTS and ADP employment data, despite a heavy corporate issuance slate. The UST curve flattened, with the yield on the 2Y UST rising 1 bp to 3.47%, while that on the 10Y declined 2 bps to 4.15%.
US President Donald Trump has said on Truth Social that “Venezuela is going to be purchasing only American made products, with the money they receive from our new oil deal”. In addition, Mr Trump proposed to increase the US military budget to a record USD 1.5 tn for 2027 (from USD 1.0 tn), albeit the move would require funding approval from Congress.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Greentown China</li>
<li>UST yields rose 2-4 bps yesterday, led by the front end, following the strong jobless claims data. The yield on the 2Y UST jumped 4 bps to 3.52%, while the yield on the 10Y UST climbed 3 bps to 4.10%. Fed-dated OIS were steady, and continued to price in a 92% probability of a rate cut next Wednesday.</li>
<li>Equities edged up slightly towards record high levels. The S&amp;P 500 and Nasdaq rose 0.1% and 0.2% to 6,857 and 23,505, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Greentown China
UST yields rose 2-4 bps yesterday, led by the front end, following the strong jobless claims data. The yield on the 2Y UST jumped 4 bps to 3.52%, while the yield on the 10Y UST climbed 3 bps to 4.10%. Fed-dated OIS were steady, and continued to price in a 92% probability of a rate cut next Wednesday.
Equities edged up slightly towards record high levels. The S&amp;P 500 and Nasdaq rose 0.1% and 0.2% to 6,857 and 23,505, respectively.


China

Greentown China Holdings Ltd. is a leading property developer and integrated living service provider in China, specializing in premium residential properties, hotel operations, property investment, and project management. The company also offers design, architectural decoration, and construction material sales. It was founded in January 1995 and is headquartered in Hangzhou, Zhejiang, China.

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Greentown China (3900 HK)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Greentown China, Tata Motors

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Greentown China UST yields climbed for a...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Greentown China, China Vanke

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Greentown China Long-end UST yields declined...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Greentown China UST yields rose 2-4 bps...

Lucror Analytics

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