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: Biocon Biologics, Tata Motors, ReNew Energy</li>
<li>US treasury yields rose for a second day, with the curve steepening despite good overall demand for an auction of 20Y notes. The yield on the 2Y UST rose 2 bps to 3.97%, while that on the 10Y UST was up 5 bps at 4.45%.</li>
<li>Equities advanced on news that Iran was asking Gulf states to mediate a ceasefire with Israel. The S&amp;P 500 increased 0.9% to 6,033, while the Nasdaq climbed 1.5% to 19,701.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Biocon Biologics, Tata Motors, ReNew Energy
US treasury yields rose for a second day, with the curve steepening despite good overall demand for an auction of 20Y notes. The yield on the 2Y UST rose 2 bps to 3.97%, while that on the 10Y UST was up 5 bps at 4.45%.
Equities advanced on news that Iran was asking Gulf states to mediate a ceasefire with Israel. The S&amp;P 500 increased 0.9% to 6,033, while the Nasdaq climbed 1.5% to 19,701.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Fosun International, Pakuwon Jati, Adani Green Energy, ReNew Energy</li>
<li>The US and China are set to commence trade talks in Switzerland this weekend. US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer will travel to Switzerland later this week to meet with Swiss President Karin Keller-Sutter, and also meet Chinese officials to discuss economic and trade matters, according to separate announcements by the Treasury Department and Office of the Trade Representative.</li>
<li>Meanwhile, Chinese Vice-Premier He Lifeng will visit Switzerland during May 9-12th, according to China's Ministry of Foreign Affairs.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Fosun International, Pakuwon Jati, Adani Green Energy, ReNew Energy
The US and China are set to commence trade talks in Switzerland this weekend. US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer will travel to Switzerland later this week to meet with Swiss President Karin Keller-Sutter, and also meet Chinese officials to discuss economic and trade matters, according to separate announcements by the Treasury Department and Office of the Trade Representative.
Meanwhile, Chinese Vice-Premier He Lifeng will visit Switzerland during May 9-12th, according to China's Ministry of Foreign Affairs.


Leonard Law, CFA

Adani Ports & Special Economic Zone / Credit

Adani Ports & Special Economic Zone (ADSEZ IN)

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, ReNew Energy</li>
<li>
<p>In the US, January 2025 housing starts fell 9.8% m-o-m (-7.3% e / 16.1% p) to an annualised pace of 1.37 mn units, as builders pulled back on construction after a surge in December 2024. Meanwhile, building permits rose 0.1% (-1.5% e / -0.7% p) in January 2025.</p>
</li>
<li>
<p>The minutes of the US FOMC’s January 28-29th meeting showed that Fed officials expressed readiness to hold the policy rate at a restrictive level, if the economy remains strong and inflation stays elevated.</p>
</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, ReNew Energy

In the US, January 2025 housing starts fell 9.8% m-o-m (-7.3% e / 16.1% p) to an annualised pace of 1.37 mn units, as builders pulled back on construction after a surge in December 2024. Meanwhile, building permits rose 0.1% (-1.5% e / -0.7% p) in January 2025.


The minutes of the US FOMC’s January 28-29th meeting showed that Fed officials expressed readiness to hold the policy rate at a restrictive level, if the economy remains strong and inflation stays elevated.



Tanvi Arora

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: ReNew Energy</li>
<li>In the US, inflation data was benign and supported expectations for a Fed interest rate cut this month. The CPI inflation came in at 2.7% y-o-y in November (2.7% e / 2.6% p), while the core CPI inflation stood at 3.3% (3.3% e / 3.3% p).</li>
<li>US Treasury sold off across the curve, with the yields gaining 4-6 bps. The S&amp;P 500 and Nasdaq gained 0.8% and 1.8%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: ReNew Energy
In the US, inflation data was benign and supported expectations for a Fed interest rate cut this month. The CPI inflation came in at 2.7% y-o-y in November (2.7% e / 2.6% p), while the core CPI inflation stood at 3.3% (3.3% e / 3.3% p).
US Treasury sold off across the curve, with the yields gaining 4-6 bps. The S&amp;P 500 and Nasdaq gained 0.8% and 1.8%, respectively.


APAC IPOs & Placements, Aequitas Research

Rosita Fernandes

APAC 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

Saatvik Energy Green Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/saatvik-energy-green-ltd" target="_blank" data-smartkarma-citation="entities:44123:1" rel="noopener">Saatvik Energy Green Ltd (1637892D IN)</a><a href="https://www.smartkarma.com/entities/saatvik-energy-green-ltd" target="_blank" data-smartkarma-citation="entities:44123:1" rel="noopener">  </a>is planning to raise about US$136m through its upcoming IPO in India. The lead bookrunners for the deal are Dam Capital, Ambit, Motilal Oswal.</li>
<li>Saatvik Green Energy Ltd (SEG) specializes in the manufacturing of solar photovoltaic (PV) modules and provides comprehensive engineering, procurement, and construction (EPC) services.</li>
<li>As per Crisil report, since its inception, the company has supplied over 1.5 GW of high-efficiency solar PV modules to both domestic and international markets.</li>
</ul>



Saatvik Energy Green Ltd (1637892D IN)  is planning to raise about US$136m through its upcoming IPO in India. The lead bookrunners for the deal are Dam Capital, Ambit, Motilal Oswal.
Saatvik Green Energy Ltd (SEG) specializes in the manufacturing of solar photovoltaic (PV) modules and provides comprehensive engineering, procurement, and construction (EPC) services.
As per Crisil report, since its inception, the company has supplied over 1.5 GW of high-efficiency solar PV modules to both domestic and international markets.


Satvik Green Energy Ltd Pre-IPO Tearsheet

India

ReNew Energy Global is a decarbonization solutions company and a leading independent power producer, primarily focused on utility-scale wind, solar, and hydro energy projects in India. The company also provides clean energy solutions through digitalization, storage, carbon market services, and manufacturing of solar panels and modules. It was founded in 2011 and is headquartered in Gurugram, India.

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ReNew Energy Global (RNW US)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Biocon Biologics, Tata Motors, ReNew Energy

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Fosun International, Pakuwon Jati, Adani Green...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, ReNew Energy

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: ReNew Energy In the US, inflation data was...

Lucror Analytics

Satvik Green Energy Ltd Pre-IPO Tearsheet

Saatvik Energy Green Ltd plans to raise $136m in IPO, specializing in solar PV modules and EPC services, with lead bookrunners Dam Capital, Ambit,...

Rosita Fernandes

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Biocon Biologics, Tata Motors, ReNew Energy

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Fosun International, Pakuwon Jati, Adani Green...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, ReNew Energy

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: ReNew Energy In the US, inflation data was...

Lucror Analytics

Satvik Green Energy Ltd Pre-IPO Tearsheet

​Saatvik Energy Green Ltd plans to raise $136m in IPO, specializing in solar PV modules and EPC services, with lead bookrunners Dam Capital, Ambit,...

Rosita Fernandes

Saatvik Energy Green Ltd plans to raise $136m in IPO, specializing in solar PV modules and EPC services, with lead bookrunners Dam Capital, Ambit,...