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>Front-end UST yields declined on Friday, unwinding part of the jump in yields following the FOMC rate decision on Wednesday.</li>
<li>The yield on the 2Y UST fell 4 bps to 3.57%, while the yield on the 10Y UST was down 2 bps at 4.08%. Equities climbed, supported by optimism over corporate earnings.</li>
<li>The S&amp;P 500 gained 0.3% to 6,840, while the Nasdaq rose 0.6% to 23,725. </li>
</ul>


Front-end UST yields declined on Friday, unwinding part of the jump in yields following the FOMC rate decision on Wednesday.
The yield on the 2Y UST fell 4 bps to 3.57%, while the yield on the 10Y UST was down 2 bps at 4.08%. Equities climbed, supported by optimism over corporate earnings.
The S&amp;P 500 gained 0.3% to 6,840, while the Nasdaq rose 0.6% to 23,725. 


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: MGM China, SK Hynix, Tata Steel, Vedanta Resources</li>
<li>Short-end UST yields rose slightly yesterday, extending Wednesday’s post-Fed curve flattening trend. The yield on the 2Y UST rose 2 bps to 3.96%, while the yield on the 10Y UST was stable at 4.38%. Equities ended the day mixed.</li>
<li>The S&amp;P 500 erased a rally earlier in the day on renewed tariff concerns, declining 0.4% to 6,339. The Nasdaq closed flat at 21,122, after Microsoft and Meta Platforms reported solid results.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: MGM China, SK Hynix, Tata Steel, Vedanta Resources
Short-end UST yields rose slightly yesterday, extending Wednesday’s post-Fed curve flattening trend. The yield on the 2Y UST rose 2 bps to 3.96%, while the yield on the 10Y UST was stable at 4.38%. Equities ended the day mixed.
The S&amp;P 500 erased a rally earlier in the day on renewed tariff concerns, declining 0.4% to 6,339. The Nasdaq closed flat at 21,122, after Microsoft and Meta Platforms reported solid results.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: MGM China, Seazen Group, Tata Motors, JSW Steel</li>
<li>
<p>In the US, nonfarm payrolls came in meaningfully above estimates at 177 k in April (138 k e / 185 k revised p), albeit the March numbers were revised downwards to 185 k (from 228 k). The unemployment rate was unchanged at 4.2%. The average hourly earnings rose 3.8% y-o-y (3.9% e / 3.8% p) and 0.2% m-o-m (0.3% e / 0.3% p).</p>
</li>
<li>
<p>The Chinese Ministry of Commerce said in a statement on Friday that US officials have “repeatedly stated that they are willing to negotiate with China on tariff issues”, and added that China is currently evaluating the situation.</p>
</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: MGM China, Seazen Group, Tata Motors, JSW Steel

In the US, nonfarm payrolls came in meaningfully above estimates at 177 k in April (138 k e / 185 k revised p), albeit the March numbers were revised downwards to 185 k (from 228 k). The unemployment rate was unchanged at 4.2%. The average hourly earnings rose 3.8% y-o-y (3.9% e / 3.8% p) and 0.2% m-o-m (0.3% e / 0.3% p).


The Chinese Ministry of Commerce said in a statement on Friday that US officials have “repeatedly stated that they are willing to negotiate with China on tariff issues”, and added that China is currently evaluating the situation.



<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: MGM China, Adani Ports</li>
<li>In the US last Thursday, March housing starts came in below estimates at negative 11.4% m-o-m (-5.4% e / 9.8% revised p) to an annualised 1.32 mn units (1.42 mn e / 1.49 mn revised p), amid high inventory levels and uncertainty over building-material costs.</li>
<li>That said, building permits rose 1.6% m-o-m (-0.6% e / -1.0% p) to an annualised 1.48 mn units (1.45 mn e / 1.46 mn p).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: MGM China, Adani Ports
In the US last Thursday, March housing starts came in below estimates at negative 11.4% m-o-m (-5.4% e / 9.8% revised p) to an annualised 1.32 mn units (1.42 mn e / 1.49 mn revised p), amid high inventory levels and uncertainty over building-material costs.
That said, building permits rose 1.6% m-o-m (-0.6% e / -1.0% p) to an annualised 1.48 mn units (1.45 mn e / 1.46 mn p).


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: MGM China, Genting Berhad, Road King, Meituan, AAC Technologies</li>
<li>In the US, Chicago Fed President Austan Goolsbee said that the inflation impact from tariffs could be transitory, if the duties are limited in scope and there is no retaliation from other countries.</li>
<li>He added that the Fed is taking a wait-and-see approach for now, albeit he believes rates will be lower 12-18 months from now if inflation remains contained in the long run. Separately, New York Fed President John Williams expressed support for the Fed's rate pause last week, stating that "the current modestly restrictive stance of monetary policy is entirely appropriate given the solid labour market and inflation still running somewhat above our 2% goal".</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: MGM China, Genting Berhad, Road King, Meituan, AAC Technologies
In the US, Chicago Fed President Austan Goolsbee said that the inflation impact from tariffs could be transitory, if the duties are limited in scope and there is no retaliation from other countries.
He added that the Fed is taking a wait-and-see approach for now, albeit he believes rates will be lower 12-18 months from now if inflation remains contained in the long run. Separately, New York Fed President John Williams expressed support for the Fed's rate pause last week, stating that "the current modestly restrictive stance of monetary policy is entirely appropriate given the solid labour market and inflation still running somewhat above our 2% goal".


Hong Kong

MGM China Holdings Ltd. owns a luxury resort, hotel, and casino located in Macau. The Company is also exploring other casino gaming development opportunities in Macau.

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MGM China Holdings (2282 HK)

Lucror Analytics - Morning Views Asia

The yield on the 2Y UST fell 4 bps to 3.57%, while the yield on the 10Y UST was down 2 bps at 4.08%. Equities climbed, supported by optimism over...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: MGM China, SK Hynix, Tata Steel, Vedanta...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: MGM China, Seazen Group, Tata Motors, JSW Steel

Lucror Analytics

Lucror Analytics - Morning Views Asia

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

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: MGM China, Genting Berhad, Road King, Meituan,...

Lucror Analytics

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