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>Front-end UST yields declined yesterday, with the UST curve steepening in continuation of last week's trend. The yield on the 2Y UST fell 2 bps to 3.50%, while that of the 10Y declined 1 bp to 4.17%.</li>
<li>Equities retreated for a second day, with the S&amp;P 500 and Nasdaq down 0.2% and 0.6%, respectively.</li>
<li>New York Fed President John Williams said monetary policy is well-positioned heading into 2026, as the FOMC has "adjusted interest rates down in a way that we think positions us really well to have these two competing kinds of risks be roughly in balance". </li>
</ul>


Front-end UST yields declined yesterday, with the UST curve steepening in continuation of last week's trend. The yield on the 2Y UST fell 2 bps to 3.50%, while that of the 10Y declined 1 bp to 4.17%.
Equities retreated for a second day, with the S&amp;P 500 and Nasdaq down 0.2% and 0.6%, respectively.
New York Fed President John Williams said monetary policy is well-positioned heading into 2026, as the FOMC has "adjusted interest rates down in a way that we think positions us really well to have these two competing kinds of risks be roughly in balance". 


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: ReNew Energy, China Jinmao</li>
<li>UST yields fell on Friday, led by the front end, after New York Fed President John Williams said he saw room for another rate cut in the near term, amid a softening labour market.</li>
<li>The yield on the 2Y UST declined 6 bps to 3.53%, while that on the 10Y UST dropped 5 bps to 4.09%. Equities recovered on Friday, but remained down for the week. The S&amp;P 500 and Nasdaq rose 1.0% and 0.9% to 6,603 and 22,273, respectively.</li>
<li> </li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: ReNew Energy, China Jinmao
UST yields fell on Friday, led by the front end, after New York Fed President John Williams said he saw room for another rate cut in the near term, amid a softening labour market.
The yield on the 2Y UST declined 6 bps to 3.53%, while that on the 10Y UST dropped 5 bps to 4.09%. Equities recovered on Friday, but remained down for the week. The S&amp;P 500 and Nasdaq rose 1.0% and 0.9% to 6,603 and 22,273, respectively.
 


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 10th December 2024, <a href="https://www.smartkarma.com/entities/renew-energy-global-plc" target="_blank" data-smartkarma-citation="entities:37038:1" rel="noopener">ReNew Energy Global (RNW US)</a>, an Indian renewable energy play, announced US$7.07/share NBIO. The bidding consortium subsequently bumped terms to US$8/share on the 3rd July.</li>
<li>After shares traded through terms for a week, the Consortium increased (best &amp; final) non-binding terms to US$8.15/share, a 29% premium to undisturbed. The Offer is via a UK Scheme.</li>
<li>That last bump was on the 10th October. JERA, with 11.7% of shares out, and 25.7% of minorities, is supportive, IF terms are firmed. The Special Committee is still mulling.</li>
</ul>


On the 10th December 2024, ReNew Energy Global (RNW US), an Indian renewable energy play, announced US$7.07/share NBIO. The bidding consortium subsequently bumped terms to US$8/share on the 3rd July.
After shares traded through terms for a week, the Consortium increased (best &amp; final) non-binding terms to US$8.15/share, a 29% premium to undisturbed. The Offer is via a UK Scheme.
That last bump was on the 10th October. JERA, with 11.7% of shares out, and 25.7% of minorities, is supportive, IF terms are firmed. The Special Committee is still mulling.


What's Up - Or Rather, Down - With ReNew Energy Global (RNW US)?

<ul>
<li>Back on the 10th December 2024, <a href="https://www.smartkarma.com/entities/renew-energy-global-plc" target="_blank" data-smartkarma-citation="entities:37038:1" rel="noopener">ReNew Energy Global (RNW US)</a>, an Indian renewable energy play, announced a non-binding Offer of US$7.07/share, by way of a Scheme.</li>
<li>The bidding consortium, comprising (mainly) pre-IPO investors CPP, ADIA, Abu Dhabi Future Energy, and founder Sumant Sinha, collectively holding 64%. Non-binding terms were bumped to US$8/share on the 3rd July.</li>
<li>ReNew's Special Committee will provide "public comment regarding these matters at such time as there is a material development in the process, and by no later than 30 September 2025".
</li>
</ul>


Back on the 10th December 2024, ReNew Energy Global (RNW US), an Indian renewable energy play, announced a non-binding Offer of US$7.07/share, by way of a Scheme.
The bidding consortium, comprising (mainly) pre-IPO investors CPP, ADIA, Abu Dhabi Future Energy, and founder Sumant Sinha, collectively holding 64%. Non-binding terms were bumped to US$8/share on the 3rd July.
ReNew's Special Committee will provide "public comment regarding these matters at such time as there is a material development in the process, and by no later than 30 September 2025".



ReNew Energy Global (RNW US): Decision Time On NBIO

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman (9956 HK)</a>'s Scheme Doc is out, absent any reference to CDH (holding an estimated 18%). Given precedents with similar fact patterns, this is probably one deal to avoid.</li>
<li>
<a href="https://www.smartkarma.com/entities/hogy-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:10493:1" rel="noopener">Hogy Medical (3593 JP)</a>'s Offer Price is more than expected; but the fact that Dalton , who really wanted to sell, but isn't selling, suggests the price should be higher.</li>
<li>8th January vote on <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc" target="_blank" data-smartkarma-citation="entities:516:1" rel="noopener">HSBC (5 HK)</a>'s Offer for <a href="https://www.smartkarma.com/entities/hang-seng-bank-ltd" target="_blank" data-smartkarma-citation="entities:24:1" rel="noopener">Hang Seng Bank (11 HK)</a>.  Safe deal. This is effectively a term deposit hybrid.</li>
</ul>



ANE Cayman (9956 HK)'s Scheme Doc is out, absent any reference to CDH (holding an estimated 18%). Given precedents with similar fact patterns, this is probably one deal to avoid.

Hogy Medical (3593 JP)'s Offer Price is more than expected; but the fact that Dalton , who really wanted to sell, but isn't selling, suggests the price should be higher.
8th January vote on HSBC (5 HK)'s Offer for Hang Seng Bank (11 HK).  Safe deal. This is effectively a term deposit hybrid.


Last Week In Event SPACE: ANE Cayman. Hogy Medical, Hang Seng, Zhejiang Sanhua Intelligent

India

ReNew Energy Global PLC operates as a renewable energy company. The Company focuses on developing wind, solar, and hydro energy projects. ReNew Energy Global serves clients in India.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

ReNew Energy Global (RNW US)

Lucror Analytics - Morning Views Asia

Front-end UST yields declined yesterday, with the UST curve steepening in continuation of last week's trend. The yield on the 2Y UST fell 2 bps to...

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, China Jinmao

Lucror Analytics

What's Up - Or Rather, Down - With ReNew Energy Global (RNW US)?

Trading at a 8.5% gross spread. I'd be getting some exposure here. I think the risk of minority shareholders pushing back is overstated. Note:...

David Blennerhassett