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: Medco Energi, Nickel Industries, Pakuwon Jati, UPL Limited</li>
<li>UST yields climbed 1-3 bps across the curve yesterday. This was amid a soft auction for 5Y notes, which tailed by 0.7 bps (the weakest auction result for this tenor since November 2025). The yield on the 2Y UST rose 1 bp to 3.47%, while the yield on the 10Y UST was up 2 bps at 4.05%. Equities rose for a second day, as Nvidia Corp reported strong results that soothed market concerns over AI hyperscaler spending. The S&amp;P 500 and Nasdaq climbed 0.8% and 1.3% to 6,946 and 23,152, respectively.</li>
<li>US Trade Representative Jamieson Greer said President Donald Trump will sign a directive in the coming days to raise global tariffs to 15% “where appropriate”. Mr Greer added that it could take a few months for the administration to re-establish Mr Trump’s tariff regime in ways that uphold existing agreements in the wake of a recent Supreme Court ruling.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Nickel Industries, Pakuwon Jati, UPL Limited
UST yields climbed 1-3 bps across the curve yesterday. This was amid a soft auction for 5Y notes, which tailed by 0.7 bps (the weakest auction result for this tenor since November 2025). The yield on the 2Y UST rose 1 bp to 3.47%, while the yield on the 10Y UST was up 2 bps at 4.05%. Equities rose for a second day, as Nvidia Corp reported strong results that soothed market concerns over AI hyperscaler spending. The S&amp;P 500 and Nasdaq climbed 0.8% and 1.3% to 6,946 and 23,152, respectively.
US Trade Representative Jamieson Greer said President Donald Trump will sign a directive in the coming days to raise global tariffs to 15% “where appropriate”. Mr Greer added that it could take a few months for the administration to re-establish Mr Trump’s tariff regime in ways that uphold existing agreements in the wake of a recent Supreme Court ruling.


Trung Nguyen

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: SK Hynix, Shui On Land, Nickel Industries</li>
<li>US Treasuries were mostly steady yesterday, after the Fed kept rates unchanged as expected, with no guidance from Fed Chairman Jerome Powell on future rate decisions. The yields on the 2Y and 10Y UST fell 1 bp each to 3.57% and 4.24%, respectively.</li>
<li>Equities were mixed, with the S&amp;P 500 steady at 6,978 and the Nasdaq rising 0.2% to 23,857.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: SK Hynix, Shui On Land, Nickel Industries
US Treasuries were mostly steady yesterday, after the Fed kept rates unchanged as expected, with no guidance from Fed Chairman Jerome Powell on future rate decisions. The yields on the 2Y and 10Y UST fell 1 bp each to 3.57% and 4.24%, respectively.
Equities were mixed, with the S&amp;P 500 steady at 6,978 and the Nasdaq rising 0.2% to 23,857.


<ul>
<li>US markets were closed for Martin Luther King Jr Day yesterday.</li>
<li>China’s Q4/25 GDP eased to 4.5% y-o-y (vs. 4.8% in Q3). Still, full-year GDP expanded 5.0% for the second straight year, meeting the government’s “around 5%” growth target.</li>
<li>China’s December macro releases were mixed, with strong industrial production offset by weaker retail sales and falling investment.</li>
</ul>


US markets were closed for Martin Luther King Jr Day yesterday.
China’s Q4/25 GDP eased to 4.5% y-o-y (vs. 4.8% in Q3). Still, full-year GDP expanded 5.0% for the second straight year, meeting the government’s “around 5%” growth target.
China’s December macro releases were mixed, with strong industrial production offset by weaker retail sales and falling investment.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, China Vanke, Nickel Industries, Softbank Group</li>
<li>UST yields rose by 2-3 bps on Friday (except for the 2Y), ahead of an expected large corporate issuance slate this week. The yield on the 2Y UST was stable at 3.47%, while that on the 10Y UST was up 2 bps at 4.19%.</li>
<li>Equities edged higher in the first trading day of the year, albeit the performance of large tech stocks was muted. The S&amp;P 500 advanced 0.2% to 6,858, while the Nasdaq was flat at 23,236.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, China Vanke, Nickel Industries, Softbank Group
UST yields rose by 2-3 bps on Friday (except for the 2Y), ahead of an expected large corporate issuance slate this week. The yield on the 2Y UST was stable at 3.47%, while that on the 10Y UST was up 2 bps at 4.19%.
Equities edged higher in the first trading day of the year, albeit the performance of large tech stocks was muted. The S&amp;P 500 advanced 0.2% to 6,858, while the Nasdaq was flat at 23,236.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Seazen Group, Nickel Industries</li>
<li>UST yields were stable yesterday, with long-end yields rising marginally despite a decent auction of 30Y notes (which stopped through marginally, at 4.773% award vs. the 4.774% when-issued yield).</li>
<li>The yield on the 2Y UST was unchanged at 3.54%, while the yield on the 10Y UST rose 1 bp to 4.16%. Equities were mixed, as tech stocks declined on disappointing earnings from Oracle Corp. The S&amp;P 500 rose 0.2% to 6,901, while the Nasdaq declined 0.3% to 23,594.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Seazen Group, Nickel Industries
UST yields were stable yesterday, with long-end yields rising marginally despite a decent auction of 30Y notes (which stopped through marginally, at 4.773% award vs. the 4.774% when-issued yield).
The yield on the 2Y UST was unchanged at 3.54%, while the yield on the 10Y UST rose 1 bp to 4.16%. Equities were mixed, as tech stocks declined on disappointing earnings from Oracle Corp. The S&amp;P 500 rose 0.2% to 6,901, while the Nasdaq declined 0.3% to 23,594.


Australia

Nickel Industries Limited is an ASX-listed company that engages in nickel ore mining and the production of nickel pig iron, nickel matte, and mixed hydroxide precipitate. The company's products are used in the stainless steel industry and the electric vehicle supply chain. It was incorporated in 2007 and is based in Sydney, Australia.

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Nickel Industries (NIC AU)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Nickel Industries, Pakuwon Jati,...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: SK Hynix, Shui On Land, Nickel Industries

Lucror Analytics

Lucror Analytics - Morning Views Asia

China’s Q4/25 GDP eased to 4.5% y-o-y (vs. 4.8% in Q3). Still, full-year GDP expanded 5.0% for the second straight year, meeting the government’s...

Lucror Analytics

Lucror Analytics - Morning Views Asia

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

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Seazen Group, Nickel Industries

Lucror Analytics

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