Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Melco International Development / Event-Driven

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/melco-international-development-ltd" target="_blank" data-smartkarma-citation="entities:809:1" rel="noopener">Melco International Development (200 HK)</a></strong> is now trading at a premium to NAV for the first time since announcing a one-for-two rights issue.</li>
<li>Preceding my comments on Melco are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Melco International Development (200 HK) is now trading at a premium to NAV for the first time since announcing a one-for-two rights issue.
Preceding my comments on Melco are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Melco (200 HK) Looking Toppish. Again.

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.

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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, Melco Resorts</li>
<li>UST yields declined slightly, on account of a strong auction of 20Y notes. The UST curve bull-steepened, with the yield on the 2Y UST falling 3 bps to 3.50%, while the yield on the 10Y UST was down 1 bp at 4.03%.</li>
<li>The rally in equities halted ahead of the FOMC rate decision later today. The S&amp;P 500 and Nasdaq both declined 0.1% each to 6,607 and 22,334, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Melco Resorts
UST yields declined slightly, on account of a strong auction of 20Y notes. The UST curve bull-steepened, with the yield on the 2Y UST falling 3 bps to 3.50%, while the yield on the 10Y UST was down 1 bp at 4.03%.
The rally in equities halted ahead of the FOMC rate decision later today. The S&amp;P 500 and Nasdaq both declined 0.1% each to 6,607 and 22,334, respectively.


Trung Nguyen

<ul>
<li>UST yields declined 2-3 bps yesterday, amid limited macro news and ahead of the Fed’s expected 25-bp rate cut on Wednesday.</li>
<li>The yield on the 2Y UST fell 2 bps to 3.54%, while that on the 10Y UST was down 3 bps at 4.04%.</li>
<li>Equities rose to fresh record highs, with the S&amp;P 500 and Nasdaq up 0.5% and 0.9%, respectively. </li>
</ul>


UST yields declined 2-3 bps yesterday, amid limited macro news and ahead of the Fed’s expected 25-bp rate cut on Wednesday.
The yield on the 2Y UST fell 2 bps to 3.54%, while that on the 10Y UST was down 3 bps at 4.04%.
Equities rose to fresh record highs, with the S&amp;P 500 and Nasdaq up 0.5% and 0.9%, respectively. 


<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.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Melco Resorts, Tata Motors, UPL Limited, Nissan Motor</li>
<li>UST yields plunged on Friday, led by the front end, as the market repriced expectations for Fed easing following a weaker than expected nonfarm payrolls report. As of Friday, Fed-dated OIS were pricing in 61 bps of rate cuts over the next three meetings in 2025 (vs. 33 bps as of Thursday). The UST curve bull steepened aggressively, with the yield on the 2Y UST declining 28 bps to 3.68%, while the yield on the 10Y UST fell 16 bps to 4.22%.</li>
<li>Equities retreated owing to the weak jobs numbers, continued tariff concerns, as well as after US President Donald Trump said the US was moving two nuclear submarines in response to “provocative” statements by former Russian president Dmitry Medvedev. The S&amp;P 500 fell 1.6% to 6,238, while the Nasdaq was down 2.2% at 20,650.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Melco Resorts, Tata Motors, UPL Limited, Nissan Motor
UST yields plunged on Friday, led by the front end, as the market repriced expectations for Fed easing following a weaker than expected nonfarm payrolls report. As of Friday, Fed-dated OIS were pricing in 61 bps of rate cuts over the next three meetings in 2025 (vs. 33 bps as of Thursday). The UST curve bull steepened aggressively, with the yield on the 2Y UST declining 28 bps to 3.68%, while the yield on the 10Y UST fell 16 bps to 4.22%.
Equities retreated owing to the weak jobs numbers, continued tariff concerns, as well as after US President Donald Trump said the US was moving two nuclear submarines in response to “provocative” statements by former Russian president Dmitry Medvedev. The S&amp;P 500 fell 1.6% to 6,238, while the Nasdaq was down 2.2% at 20,650.


Hong Kong

Melco Resorts & Entertainment Limited is a developer, owner, and operator of integrated resorts with entertainment and casino gaming facilities across Asia and Europe. The company's portfolio includes properties such as City of Dreams Macau, Altira Macau, Studio City Macau, City of Dreams Manila, and City of Dreams Mediterranean, as well as the Mocha Clubs slot machine brand. Incorporated in 2004, the company is headquartered in Hong Kong.

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Melco Resorts & Entertainment (MLCO US)

StubWorld: Melco (200 HK) Looking Toppish. Again.

Melco has gained bigly since the share dilution. I see the NAV premium at 3%. Too tight by my reckoning. Note: absolute shares sold short have...

David Blennerhassett

Lucror Analytics - Morning Views Asia

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

Lucror Analytics

Lucror Analytics - Morning Views Asia

UST yields declined 2-3 bps yesterday, amid limited macro news and ahead of the Fed’s expected 25-bp rate cut on Wednesday.

Lucror Analytics

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

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, UPL Limited,...

Lucror Analytics

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