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 spread of COVID-19 and, to a lesser degree, the oil price war between Russia and Saudi Arabia overshadowed most other issues in March. These twin shocks are posing unprecedented challenges to the Asian HY market. Against this backdrop, we look at recent developments in China, where the pandemic began and where the economy seems to be returning to normal. We also evaluate the liquidity of each name in our coverage universe, in view of the uncertainties that prevail with respect to the macro and business-specific impact of the current situation. 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 â€œIn-Focusâ€‌ section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  The spread of COVID-19 and, to a lesser degree, the oil price war between Russia and Saudi Arabia overshadowed most other issues in March. These twin shocks are posing unprecedented challenges to the Asian HY market. Against this backdrop, we look at recent developments in China, where the pandemic began and where the economy seems to be returning to normal. We also evaluate the liquidity of each name in our coverage universe, in view of the uncertainties that prevail with respect to the macro and business-specific impact of the current situation.   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 â€œIn-Focusâ€‌ section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - COVID-19 And Oil Shock Update (March 2020) - 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-6159'>China SCE</a></li><li><a href='#lucror-entity-5225'>Country Garden Holdings Co</a></li><li><a href='#lucror-entity-9757'>Fantasia Holdings Group Co</a></li><li><a href='#lucror-entity-12151'>Garuda Indonesia (Persero)</a></li><li><a href='#lucror-entity-14896'>Jingrui Holdings</a></li><li><a href='#lucror-entity-8375'>Shimao Property Holdings</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.China SCECountry Garden Holdings CoFantasia Holdings Group CoGaruda Indonesia (Persero)Jingrui HoldingsShimao Property Holdings

Morning Views Asia: China SCE, Country Garden Holdings Co, Fantasia Holdings Group Co

The Asia HY Trade Recommendations report for March 2020 includes a summary of our recommendations and high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index.

The Asia HY Trade Recommendations report for March 2020 includes a summary of our recommendations and high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - March 2020 - Lucror Analytics

Trung Nguyen

CEO Irfan Setiaputra has confirmed that Garuda willآ not default on or restructure the USD 500 mn 2020 Notes, with the airline finalising a term sheet with local institutions to refinance the bonds. However, the business has been badly affected by the COVID-19 pandemic, especially in terms of the international market.

  CEO Irfan Setiaputra has confirmed that Garuda willآ not default on or restructure the USD 500 mn 2020 Notes, with the airline finalising a term sheet with local institutions to refinance the bonds. However, the business has been badly affected by the COVID-19 pandemic, especially in terms of the international market. 

Garuda Indonesia - Event Flash - No Default Or Restructuring - 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-12151'>Garuda Indonesia (Persero)</a></li><li><a href='#lucror-entity-810'>Melco Resorts & Entertainment</a></li><li><a href='#lucror-entity-472'>MGM China Holdings</a></li><li><a href='#lucror-entity-473'>Wynn Macau Ltd</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.Garuda Indonesia (Persero)Melco Resorts & EntertainmentMGM China HoldingsWynn Macau Ltd

Morning Views Asia: Garuda Indonesia (Persero), Melco Resorts & Entertainment, MGM China Holdings

Indonesia

Garuda Indonesia is the flag carrier of Indonesia, providing full-service passenger and cargo air transportation across domestic and international routes. Its services also include aircraft maintenance and overhaul, catering, ground handling, and information system services. The company is headquartered in Jakarta, Indonesia, and was founded in 1949.

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Garuda Indonesia (GIAA IJ)

Asia HY Monthly - COVID-19 And Oil Shock Update (March 2020) - Lucror Analytics

The spread of COVID-19 and, to a lesser degree, the oil price war between Russia and Saudi Arabia overshadowed most other issues in March. These...

Lucror Analytics

Morning Views Asia: China SCE, Country Garden Holdings Co, Fantasia Holdings Group Co

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 Recommendations - March 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for March 2020 includes a summary of our recommendations and high-conviction ideas. We also provide...

Lucror Analytics

Garuda Indonesia - Event Flash - No Default Or Restructuring - Lucror Analytics

CEO Irfan Setiaputra has confirmed that Garuda willآ not default on or restructure the USD 500 mn 2020 Notes, with the airline finalising a term...

Lucror Analytics

Morning Views Asia: Garuda Indonesia (Persero), Melco Resorts & Entertainment, MGM China Holdings

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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