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

The COVID-19 crisis was the dominant issue in 2020, with certain industries (e.g. travel & leisure, gaming and selected retail players) remaining greatly affected. Going forward, the ability to contain the virus, the potential long-term impact on selected industries, and the speed at which economies are re-opened will continue to be major market drivers. On the policy front, the focus should shift to the Biden administration's plans and especially US-China relations, while central banks are expected to remain supportive for now. We cover these topics in our HY Investment Outlook: (1) our high-conviction trade recommendations; (2) ESG developments, with this area rapidly evolving and increasingly being integrated in the investment process; (3) the COVID-19 crisis, along with other key macroeconomic, geopolitical and monetary developments in 2020; (4) developments in European HY markets; as well as (5) how credit stats and liquidity have evolved for the companies and industries under our coverage.

  The COVID-19 crisis was the dominant issue in 2020, with certain industries (e.g. travel & leisure, gaming and selected retail players) remaining greatly affected. Going forward, the ability to contain the virus, the potential long-term impact on selected industries, and the speed at which economies are re-opened will continue to be major market drivers. On the policy front, the focus should shift to the Biden administration's plans and especially US-China relations, while central banks are expected to remain supportive for now.   We cover these topics in our HY Investment Outlook: (1) our high-conviction trade recommendations; (2) ESG developments, with this area rapidly evolving and increasingly being integrated in the investment process; (3) the COVID-19 crisis, along with other key macroeconomic, geopolitical and monetary developments in 2020; (4) developments in European HY markets; as well as (5) how credit stats and liquidity have evolved for the companies and industries under our coverage. 

European High Yield Outlook 2021 & Trade Book For February - Lucror Analytics

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) were able to shrug off recent news of a more contagious Covid variant that popped-up in the UK. Additionally, Covid fears have done nothing to derail ongoing positive market dynamics. As long as support levels hold and market dynamics remain positive, our outlook remains bullish and we continue to view any weakness as a buying opportunity. Actionable Themes in today's report: Services, Technology, Manufacturing, and Materials.

Broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) were able to shrug off recent news of a more contagious Covid variant that popped-up in the UK. Additionally, Covid fears have done nothing to derail ongoing positive market dynamics. As long as support levels hold and market dynamics remain positive, our outlook remains bullish and we continue to view any weakness as a buying opportunity. Actionable Themes in today's report: Services, Technology, Manufacturing, and Materials.

Global Equity Strategy: Support Levels Holding; Bullish Outlook Intact

The Europe HY Trade Book for December 2020 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

  The Europe HY Trade Book for December 2020 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - December 2020 - Lucror Analytics

The Europe HY Trade Book for November 2020 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

  The Europe HY Trade Book for November 2020 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - November 2020 - Lucror Analytics

With the Q2/20 earnings season completed and Q3 season underway, the impact of COVID-19 on the credit profiles of issuers under our coverage is becoming more visible. Several companies have already achieved solid recoveries in Q3, as reflected by their results. However, new government-imposed lockdowns will have a substantial impact on the Q4 numbers.  We believe it is useful to analyse how COVID-19 has impacted companies at the height of the pandemic in Q2/20. As such, we provide an overview of the development of credit stats and liquidity, followed by brief round-ups of the developments and outlooks in the industries and various companies that we cover.

  With the Q2/20 earnings season completed and Q3 season underway, the impact of COVID-19 on the credit profiles of issuers under our coverage is becoming more visible. Several companies have already achieved solid recoveries in Q3, as reflected by their results. However, new government-imposed lockdowns will have a substantial impact on the Q4 numbers.    We believe it is useful to analyse how COVID-19 has impacted companies at the height of the pandemic in Q2/20. As such, we provide an overview of the development of credit stats and liquidity, followed by brief round-ups of the developments and outlooks in the industries and various companies that we cover. 

Europe HY – Q2/20 Results Review And Credit Metrics Amid COVID-19 - Lucror Analytics

France

Nexans S.A. manufactures cables.  The Company produces power transmission and distribution cables, wire rods, bare wires, winding wires, and copper and fiber optic telecommunications cables.  Nexans markets its products to the telecommunications, energy generation, aeronautics, construction, automobile, information technology, petrochemicals, and medical equipment industries.

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Nexans SA (NEX FP)

European High Yield Outlook 2021 & Trade Book For February - Lucror Analytics

The COVID-19 crisis was the dominant issue in 2020, with certain industries (e.g. travel & leisure, gaming and selected retail players)...

Lucror Analytics

Global Equity Strategy: Support Levels Holding; Bullish Outlook Intact

As long as support levels hold and market dynamics remain positive, our outlook remains bullish and we continue to view any weakness as a buying...

Vermilion Research

Europe HY Trade Book - December 2020 - Lucror Analytics

The Europe HY Trade Book for December 2020 includes high-conviction trade ideas drawn from our European HY coverage universe, along with...

Lucror Analytics

Europe HY Trade Book - November 2020 - Lucror Analytics

The Europe HY Trade Book for November 2020 includes high-conviction trade ideas drawn from our European HY coverage universe, along with...

Lucror Analytics

Europe HY – Q2/20 Results Review And Credit Metrics Amid COVID-19 - Lucror Analytics

With the Q2/20 earnings season completed and Q3 season underway, the impact of COVID-19 on the credit profiles of issuers under our coverage is...

Lucror Analytics

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