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, New World Development, Vedanta Resources, ReNew Energy</li>
<li>
In the US, San Francisco Fed President Mary Daly commented that policy needs to remain restrictive until there is more progress on inflation, which she expects will continue declining over time. Ms Daly said: “
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<li>
At this point, policy needs to remain restrictive until, from my vantage point, until I see that we are really continuing to make progress on inflation.” She added that there is “no reason to be discouraged about the progress on inflation today” and it is “just going to take longer than anyone wants”.
</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Greentown China, New World Development, Vedanta Resources, ReNew Energy

In the US, San Francisco Fed President Mary Daly commented that policy needs to remain restrictive until there is more progress on inflation, which she expects will continue declining over time. Ms Daly said: “


At this point, policy needs to remain restrictive until, from my vantage point, until I see that we are really continuing to make progress on inflation.” She added that there is “no reason to be discouraged about the progress on inflation today” and it is “just going to take longer than anyone wants”.



IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/soundwill-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19318:1" rel="noopener">Soundwill Holdings (878 HK)</a> has entered a trading halt “pending the release of an announcement relating to inside information and pursuant to the Codes on Takeovers and Mergers.” </li>
<li>It is likely that the controlling shareholder (Foo Family Trust), representing 74.94% of outstanding shares, is seeking to launch a privatisation through a Bermuda scheme. </li>
<li>While no disinterested shareholder holds a blocking stake, the headcount test necessitates an attractive offer. We estimate a potential offer price range of HK$7.53-19.44.</li>
</ul>



Soundwill Holdings (878 HK) has entered a trading halt “pending the release of an announcement relating to inside information and pursuant to the Codes on Takeovers and Mergers.” 
It is likely that the controlling shareholder (Foo Family Trust), representing 74.94% of outstanding shares, is seeking to launch a privatisation through a Bermuda scheme. 
While no disinterested shareholder holds a blocking stake, the headcount test necessitates an attractive offer. We estimate a potential offer price range of HK$7.53-19.44.


Soundwill Holdings (878 HK): Privatisation from the Controlling Shareholder?

Trung Nguyen

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Bharti Airtel, SK Hynix, Adani Green Energy, Wynn Macau, New World Development</li>
</ul>
<ul>
<li>In the US, initial jobless claims for the week ended January 18th rose slightly to 223 k (220 k e / 217 k p). Meanwhile, continuing claims climbed to a three-year high of 1.90 mn (1.87 mn e / 1.85 mn p).</li>
<li>Treasuries ended mixed yesterday. The yield on the 2Y UST declined 1 bp to 4.29%, while the yield on the 10Y UST grew 3 bps to 4.64%.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Bharti Airtel, SK Hynix, Adani Green Energy, Wynn Macau, New World Development


In the US, initial jobless claims for the week ended January 18th rose slightly to 223 k (220 k e / 217 k p). Meanwhile, continuing claims climbed to a three-year high of 1.90 mn (1.87 mn e / 1.85 mn p).
Treasuries ended mixed yesterday. The yield on the 2Y UST declined 1 bp to 4.29%, while the yield on the 10Y UST grew 3 bps to 4.64%.


Tanvi Arora

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Greenko Energy, New World Development, Softbank Group</li>
<li>In the US, treasuries climbed slightly yesterday, amid a lack of macro news and as President Donald Trump held back from implementing tariffs on his first day in office. The UST curve bull flattened, with the yield on the 1Y UST declining 1 bp to 4.28%, while the 10Y fell 5 bps to 4.58%. Similarly, equities rose on the back of optimism that Mr Trump’s policies will boost US corporations.</li>
<li>This came after he unveiled a new investment push for artificial intelligence led by Softbank Group, Open AI and Oracle Corp (see comment below). The S&amp;P 500 climbed 0.9% to 6,049, while the Nasdaq was up 0.6% at 19,757.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Greenko Energy, New World Development, Softbank Group
In the US, treasuries climbed slightly yesterday, amid a lack of macro news and as President Donald Trump held back from implementing tariffs on his first day in office. The UST curve bull flattened, with the yield on the 1Y UST declining 1 bp to 4.28%, while the 10Y fell 5 bps to 4.58%. Similarly, equities rose on the back of optimism that Mr Trump’s policies will boost US corporations.
This came after he unveiled a new investment push for artificial intelligence led by Softbank Group, Open AI and Oracle Corp (see comment below). The S&amp;P 500 climbed 0.9% to 6,049, while the Nasdaq was up 0.6% at 19,757.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: New World Development, China Vanke, Vedanta Resources</li>
<li>The US market was closed for the Martin Luther King Jr Day holiday yesterday.</li>
<li>In China, the one-year and five-year loan prime rates (quoted by commercial banks) have been maintained at 3.10% and 3.60%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: New World Development, China Vanke, Vedanta Resources
The US market was closed for the Martin Luther King Jr Day holiday yesterday.
In China, the one-year and five-year loan prime rates (quoted by commercial banks) have been maintained at 3.10% and 3.60%, respectively.


Hong Kong

New World Development is a Hong Kong-based conglomerate primarily engaged in property development and investment, hotels, infrastructure and services, and department stores in Greater China, particularly the Greater Bay Area. Its portfolio includes residential, retail, office, and industrial properties, as well as hotel operations and various infrastructure projects. The company was founded in 1970 and is headquartered in Central, Hong Kong.

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New World Development (17 HK)

Lucror Analytics - Morning Views Asia

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

Lucror Analytics

Soundwill Holdings (878 HK): Privatisation from the Controlling Shareholder?

The controlling shareholder is likely considering a Bermuda scheme. While no disinterested shareholder holds a blocking stake, the headcount test...

Arun George

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Bharti Airtel, SK Hynix, Adani Green Energy,...

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

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: New World Development, China Vanke, Vedanta...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

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