Senior Credit Analyst, Lucror Analytics

Trung Nguyen

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: Nissan Motor</li>
<li>UST yields declined sharply yesterday, following the release of soft labour market data from alternative sources Challenger and Revelio Labs. The UST curve bull steepened, with the yield on the 2Y and 10Y UST falling 8 bps to 3.56% and 4.08%, respectively.</li>
<li>Equities were sold off for the second time in three days, led by declines in AI-related stocks. The S&amp;P 500 retreated 1.1% to 6,720, while the Nasdaq slumped 1.9% to 23,054.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Nissan Motor
UST yields declined sharply yesterday, following the release of soft labour market data from alternative sources Challenger and Revelio Labs. The UST curve bull steepened, with the yield on the 2Y and 10Y UST falling 8 bps to 3.56% and 4.08%, respectively.
Equities were sold off for the second time in three days, led by declines in AI-related stocks. The S&amp;P 500 retreated 1.1% to 6,720, while the Nasdaq slumped 1.9% to 23,054.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, a number of company's appear to be lining up to launch their IPOs in the coming month.</li>
<li>On the placements front, there were a number of large deals across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, a number of company's appear to be lining up to launch their IPOs in the coming month.
On the placements front, there were a number of large deals across the region.


ECM Weekly (1 September 2025)- Nissan, Metaplanet, Indigo, Laopu, Akeso, Mixue, Aux, Orion, Chery

<ul>
<li>Mercedes-Benz Pension Trust aims to raise around US$330m via selling its 3.8% stake in <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan Motor (7201 JP)</a>.</li>
<li>The discount seems enticing, however, the company’s recent share performance and longer term track record aren’t great.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


Mercedes-Benz Pension Trust aims to raise around US$330m via selling its 3.8% stake in Nissan Motor (7201 JP).
The discount seems enticing, however, the company’s recent share performance and longer term track record aren’t great.
In this note, we will talk about the placement and run the deal through our ECM framework.


Nissan Motor Placement - Discount Is Enticing but Track Record and Momentum Aren’t Great

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Nissan Motor</li>
<li>UST yields jumped 4-6 bps across the curve yesterday, as the benign core CPI data pared market expectations for Fed easing. Feddated OIS are now pricing in 43 bps of rate cuts this year (vs. 49 bps as of Monday), with the first cut expected in October. The yield on the 2Y UST rose 4 bps to 3.94%, while the yield on the 10Y UST climbed 5 bps to 4.48%.</li>
<li>Equities were mixed. The S&amp;P 500 declined 0.4% to 6,244, although the Nasdaq rose 0.2% to 20,678. In the US, the June CPI inched up to 2.7% y-o-y (2.6% e / 2.4% p) and 0.3% m-o-m (0.3% e / 0.1% p).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Nissan Motor
UST yields jumped 4-6 bps across the curve yesterday, as the benign core CPI data pared market expectations for Fed easing. Feddated OIS are now pricing in 43 bps of rate cuts this year (vs. 49 bps as of Monday), with the first cut expected in October. The yield on the 2Y UST rose 4 bps to 3.94%, while the yield on the 10Y UST climbed 5 bps to 4.48%.
Equities were mixed. The S&amp;P 500 declined 0.4% to 6,244, although the Nasdaq rose 0.2% to 20,678. In the US, the June CPI inched up to 2.7% y-o-y (2.6% e / 2.4% p) and 0.3% m-o-m (0.3% e / 0.1% p).


Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>Wingtech sells ODM assets to Luxshare as they shift focus towards semiconductors, a strategic move for the Apple supplier.</li><li>India's PLI scheme falls short of goals, prompting a shift towards offering factory subsidies instead to incentivize growth in the industry.</li><li>Taiwan's IPC industry feels the impact of US tariffs, while Foxconn remains tight-lipped on potential collaboration with Mitsubishi Motors.</li></ul>

Wingtech sells ODM assets to Luxshare as they shift focus towards semiconductors, a strategic move for the Apple supplier.India's PLI scheme falls short of goals, prompting a shift towards offering factory subsidies instead to incentivize growth in the industry.Taiwan's IPC industry feels the impact of US tariffs, while Foxconn remains tight-lipped on potential collaboration with Mitsubishi Motors.

Tech Supply Chain Tracker (22-Mar-2025): Wingtech sells ODM assets to Luxshare.

Japan

NISSAN MOTOR CO., LTD. manufactures and distributes automobiles and related parts. It also provides financing services. Nissan delivers a comprehensive range of products under various brands. The company manufactures in Japan, the United States, Mexico, the United Kingdom and many other countries.

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Nissan Motor (ADR) (NSANY US)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Nissan Motor UST yields declined sharply...

Lucror Analytics

ECM Weekly (1 September 2025)- Nissan, Metaplanet, Indigo, Laopu, Akeso, Mixue, Aux, Orion, Chery

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Nissan Motor Placement - Discount Is Enticing but Track Record and Momentum Aren’t Great

Mercedes-Benz Pension Trust aims to raise around US$330m via selling its 3.8% stake in Nissan Motor (7201 JP). In this note, we run the deal...

Sumeet Singh

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Nissan Motor UST yields jumped 4-6 bps across...

Lucror Analytics

Tech Supply Chain Tracker (22-Mar-2025): Wingtech sells ODM assets to Luxshare.

Wingtech sells ODM assets to Luxshare, PLI scheme misses goals in India, Taiwan IPC industry impacted by tariffs, Foxconn remains silent on...

Tech Supply Chain Tracker

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