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

In this month’s "In-Focus" section, we discuss Chinese developers’ urban redevelopment businesses, including local governments' role in urban renewal projects and the various redevelopment models, as well as the impact of such projects on companies' financials. We also give an overview of recent bond defaults. The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the "In-Focus" section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  In this month’s "In-Focus" section, we discuss Chinese developers’ urban redevelopment businesses, including local governments' role in urban renewal projects and the various redevelopment models, as well as the impact of such projects on companies' financials. We also give an overview of recent bond defaults.   The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the "In-Focus" section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - Chinese Developers’ Urban Redevelopment Businesses - Lucror Analytics

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-6827'>ABM Investama</a></li><li><a href='#lucror-entity-479'>Evergrande Real Estate Group</a></li><li><a href='#lucror-entity-227'>Guangzhou R&F Properties</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.ABM InvestamaEvergrande Real Estate GroupGuangzhou R&F Properties

Morning Views Asia: ABM Investama, Evergrande Real Estate Group, Guangzhou R&F Properties

The Asia HY Trade Book for the month of July includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Book for the month of July includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Book - July 2021 - Lucror Analytics

Trung Nguyen

ABM Investama has launched a capped tender offer for its USD 350 mn 2022 Notes. The company also launched a concurrent offer for new USD 144A/RegS Notes, with investor calls starting yesterday. The proceeds will be used solely to repay the 2022 Notes. We would not recommend taking part in the proposed Notes issuance unless the yield is attractive (e.g. at least 12%), which appears to be outside the range approved by the shareholders. For holders of the ABMMIJ '22s, we recommend to “Sell” the 2022 Notes ahead of the tender offer.

  ABM Investama has launched a capped tender offer for its USD 350 mn 2022 Notes. The company also launched a concurrent offer for new USD 144A/RegS Notes, with investor calls starting yesterday. The proceeds will be used solely to repay the 2022 Notes.   We would not recommend taking part in the proposed Notes issuance unless the yield is attractive (e.g. at least 12%), which appears to be outside the range approved by the shareholders. For holders of the ABMMIJ '22s, we recommend to “Sell” the 2022 Notes ahead of the tender offer. 

ABM Investama - Event Flash - Tender Offer For 2022 Notes And Concurrent Bond Issuance - Lucror Analytics

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-6827'>ABM Investama</a></li><li><a href='#lucror-entity-479'>Evergrande Real Estate Group</a></li><li><a href='#lucror-entity-20844'>Medco Energi</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.ABM InvestamaEvergrande Real Estate GroupMedco Energi

Morning Views Asia: ABM Investama, Evergrande Real Estate Group, Medco Energi

Indonesia

ABM Investama is an Indonesia-based investment company primarily focused on energy-related sectors, offering integrated energy solutions across resources, services, and infrastructure. Its core business activities include coal production and trading, mining contractor services, power solutions, integrated logistics, and manufacturing of heavy equipment components. The company was founded in 2006 and is headquartered in Jakarta, Indonesia.

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ABM Investama (ABMM IJ)

Asia HY Monthly - Chinese Developers’ Urban Redevelopment Businesses - Lucror Analytics

In this month’s "In-Focus" section, we discuss Chinese developers’ urban redevelopment businesses, including local governments' role in urban...

Lucror Analytics

Morning Views Asia: ABM Investama, Evergrande Real Estate Group, Guangzhou R&F Properties

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Asia HY Trade Book - July 2021 - Lucror Analytics

The Asia HY Trade Book for the month of July includes a summary of our recommendations, as well as our high-conviction ideas. The report also...

Lucror Analytics

ABM Investama - Event Flash - Tender Offer For 2022 Notes And Concurrent Bond Issuance - Lucror Analytics

ABM Investama has launched a capped tender offer for its USD 350 mn 2022 Notes. The company also launched a concurrent offer for new USD...

Lucror Analytics

Morning Views Asia: ABM Investama, Evergrande Real Estate Group, Medco Energi

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

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