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: Vedanta Resources, Biocon Biologics, China Oil &amp; Gas, Perusahaan Listrik (PLN), Softbank Group</li>
<li>The UST curve twisted steeper significantly yesterday, as long-end yields climbed alongside a decline in the USD. The yield on the 2Y UST fell 3 bps to 3.57%, while the yield on the 10Y UST rose 2 bps to 4.24%.</li>
<li>Equities climbed to fresh record highs, with the S&amp;P 500 and Nasdaq up 0.4% and 0.9%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, Biocon Biologics, China Oil &amp; Gas, Perusahaan Listrik (PLN), Softbank Group
The UST curve twisted steeper significantly yesterday, as long-end yields climbed alongside a decline in the USD. The yield on the 2Y UST fell 3 bps to 3.57%, while the yield on the 10Y UST rose 2 bps to 4.24%.
Equities climbed to fresh record highs, with the S&amp;P 500 and Nasdaq up 0.4% and 0.9%, respectively.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Softbank Group, Greenko Energy, Perusahaan Listrik (PLN)</li>
<li>UST yields were stable yesterday. There was strong demand for an auction of 2Y notes, albeit it had little impact on the curve. The yields on the 2Y and 10Y UST were unchanged at 3.59% and 4.21%, respectively. Equities continued their advance, ahead of earnings from large tech firms.</li>
<li>The S&amp;P 500 rose 0.5% to 6,950, while the Nasdaq was up 0.4% at 23,601. Gold climbed past USD 5 k, as the USD fell to the lowest level since 2022 on speculation that the US could coordinate currency intervention with Japan to support the JPY.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Softbank Group, Greenko Energy, Perusahaan Listrik (PLN)
UST yields were stable yesterday. There was strong demand for an auction of 2Y notes, albeit it had little impact on the curve. The yields on the 2Y and 10Y UST were unchanged at 3.59% and 4.21%, respectively. Equities continued their advance, ahead of earnings from large tech firms.
The S&amp;P 500 rose 0.5% to 6,950, while the Nasdaq was up 0.4% at 23,601. Gold climbed past USD 5 k, as the USD fell to the lowest level since 2022 on speculation that the US could coordinate currency intervention with Japan to support the JPY.


Leonard Law, CFA

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Perusahaan Listrik (PLN), Vedanta Resources</li>
<li>US treasuries ended little changed yesterday. Yields inched down earlier in the day, after the Fed retained its projections for two rate cuts this year, but rebounded after Fed Chairman Jerome Powell reiterated the risk of higher inflation from tariffs. The yield on the 2Y UST fell 1 bp to 3.94%, while that on the 10Y UST was unchanged at 4.39%.</li>
<li>Similarly, equities ended flat, as a rally fizzled out following Mr Powell’s latest warning on tariffs. The S&amp;P 500 was unchanged at 5,981, while the Nasdaq edged up 0.1% to 19,546. The US market is closed for Juneteenth today.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Perusahaan Listrik (PLN), Vedanta Resources
US treasuries ended little changed yesterday. Yields inched down earlier in the day, after the Fed retained its projections for two rate cuts this year, but rebounded after Fed Chairman Jerome Powell reiterated the risk of higher inflation from tariffs. The yield on the 2Y UST fell 1 bp to 3.94%, while that on the 10Y UST was unchanged at 4.39%.
Similarly, equities ended flat, as a rally fizzled out following Mr Powell’s latest warning on tariffs. The S&amp;P 500 was unchanged at 5,981, while the Nasdaq edged up 0.1% to 19,546. The US market is closed for Juneteenth today.


<p>Perusahaan Listrik Negara (PLN) is a vertically integrated state-owned electricity utility responsible for generating, transmitting and distributing power in Indonesia. The company dominates Indonesia's upstream power generation sector, and holds a monopolistic position in the country's electricity transmission and distribution networks. It is the sole retail provider of electricity to end-consumers. PLN is 100% owned by the Indonesian government.</p>

Perusahaan Listrik Negara (PLN) is a vertically integrated state-owned electricity utility responsible for generating, transmitting and distributing power in Indonesia. The company dominates Indonesia's upstream power generation sector, and holds a monopolistic position in the country's electricity transmission and distribution networks. It is the sole retail provider of electricity to end-consumers. PLN is 100% owned by the Indonesian government.

Perusahaan Listrik (PLN) - ESG Report - Lucror Analytics

<ul>
<li>We view Perusahaan Listrik Negara (PLN) as "Low Risk" on our LARA scale, primarily driven by the company's strategic importance to Indonesia and SOE status (100% owned by the government).</li>
<li>PLN controls a 62% share of Indonesia's upstream power generation, and is also the country's sole downstream electric utility.</li>
<li>The company plays a critical role in ensuring affordable and reliable access to electricity for the population, as well as helping Indonesia transition to cleaner energy in the upstream sector (away from coal).</li>
</ul>


We view Perusahaan Listrik Negara (PLN) as "Low Risk" on our LARA scale, primarily driven by the company's strategic importance to Indonesia and SOE status (100% owned by the government).
PLN controls a 62% share of Indonesia's upstream power generation, and is also the country's sole downstream electric utility.
The company plays a critical role in ensuring affordable and reliable access to electricity for the population, as well as helping Indonesia transition to cleaner energy in the upstream sector (away from coal).


Perusahaan Listrik (PLN) - Tear Sheet - Lucror Analytics

Indonesia

PT Perusahaan Listrik Negara is an Indonesian government-owned corporation which has a monopoly on electric power distribution in Indonesia and generates the majority of the country's electrical power, producing 176.4 TWh in 2015.

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PT Perusahaan Listrik Negara (PLN12 ID)

Lucror Analytics - Morning Views Asia

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

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Softbank Group, Greenko Energy, Perusahaan...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Perusahaan Listrik (PLN), Vedanta Resources

Lucror Analytics

Perusahaan Listrik (PLN) - ESG Report - Lucror Analytics

Perusahaan Listrik Negara (PLN) is a vertically integrated state-owned electricity utility responsible for generating, transmitting and...

Lucror Analytics

Perusahaan Listrik (PLN) - Tear Sheet - Lucror Analytics

We view Perusahaan Listrik Negara (PLN) as "Low Risk" on our LARA scale, primarily driven by the company's strategic importance to Indonesia...

Lucror Analytics

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