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

<ul>
<li>UST yields jumped yesterday, on the back of a weak auction of 7Y notes.</li>
<li>All three treasury note auctions this week drew relatively soft demand, amid inflation worries from the rise in oil prices and uncertainty over US-Iran ceasefire talks.</li>
<li>The yield on the 2Y UST jumped 10 bps to 3.99%, while that on the 10Y UST rose 8 bps to 4.41%. Equities slumped, led by tech and memory chip stocks</li>
</ul>


UST yields jumped yesterday, on the back of a weak auction of 7Y notes.
All three treasury note auctions this week drew relatively soft demand, amid inflation worries from the rise in oil prices and uncertainty over US-Iran ceasefire talks.
The yield on the 2Y UST jumped 10 bps to 3.99%, while that on the 10Y UST rose 8 bps to 4.41%. Equities slumped, led by tech and memory chip stocks


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Shui On Land, Vedanta Resources, JSW Steel, Nissan Motor</li>
<li>UST yields declined yesterday (the first drop in a week), on the back of a solid auction of 10Y notes. The yield on the 2Y UST fell 5 bps to 3.84%, while the yield on the 10Y UST was down 7 bps at 4.33%. Equities rallied, led by gains in large tech stocks. The S&amp;P 500 rose 0.6% to 6,263, while the Nasdaq climbed 0.9% to 20,611.</li>
<li>US President Donald Trump has released more tariff-letter screenshots on Truth Social, outlining a 25% rate on the Philippines, 30% on Sri Lanka and 50% on Brazil, among others. In particular, the letter for Brazil highlighted the “witch hunt” on former Brazilian president Jair Bolsonaro, as well as the country’s “insidious attacks on free elections and the fundamental free speech rights of Americans”, citing the Brazilian Supreme Court’s censorship orders on US social media platforms.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Shui On Land, Vedanta Resources, JSW Steel, Nissan Motor
UST yields declined yesterday (the first drop in a week), on the back of a solid auction of 10Y notes. The yield on the 2Y UST fell 5 bps to 3.84%, while the yield on the 10Y UST was down 7 bps at 4.33%. Equities rallied, led by gains in large tech stocks. The S&amp;P 500 rose 0.6% to 6,263, while the Nasdaq climbed 0.9% to 20,611.
US President Donald Trump has released more tariff-letter screenshots on Truth Social, outlining a 25% rate on the Philippines, 30% on Sri Lanka and 50% on Brazil, among others. In particular, the letter for Brazil highlighted the “witch hunt” on former Brazilian president Jair Bolsonaro, as well as the country’s “insidious attacks on free elections and the fundamental free speech rights of Americans”, citing the Brazilian Supreme Court’s censorship orders on US social media platforms.


<ul>
<li>US markets were closed for Martin Luther King Jr Day yesterday.</li>
<li>China’s Q4/25 GDP eased to 4.5% y-o-y (vs. 4.8% in Q3). Still, full-year GDP expanded 5.0% for the second straight year, meeting the government’s “around 5%” growth target.</li>
<li>China’s December macro releases were mixed, with strong industrial production offset by weaker retail sales and falling investment.</li>
</ul>


US markets were closed for Martin Luther King Jr Day yesterday.
China’s Q4/25 GDP eased to 4.5% y-o-y (vs. 4.8% in Q3). Still, full-year GDP expanded 5.0% for the second straight year, meeting the government’s “around 5%” growth target.
China’s December macro releases were mixed, with strong industrial production offset by weaker retail sales and falling investment.


Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Thematic (Sector/Industry)

<ul><li>KKR is strategically investing in Japan's real estate sector amid rising energy costs and market challenges.</li><li>Mapletree is set to close its $1.3 billion student housing fund due to underwhelming performance metrics.</li><li>In Vietnam, BW Industrial aims to develop 700MW in data centers, while Sun Hung Kai Properties secures $2.6 billion refinancing.</li></ul>

KKR is strategically investing in Japan's real estate sector amid rising energy costs and market challenges.Mapletree is set to close its $1.3 billion student housing fund due to underwhelming performance metrics.In Vietnam, BW Industrial aims to develop 700MW in data centers, while Sun Hung Kai Properties secures $2.6 billion refinancing.

Asia Real Estate Tracker (27-Mar-2026): KKR invests in Japan real estate amid risks.

Asia Pac ECM and Index Rebal, DZT Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Index Rebalance

<ul>
<li>We analyzed the performance of Hong Kong Connect implementation in March 2026.</li>
<li>ADD stocks reversed their bridge window drawdown at implementation. The bounce faded by week 3 to 4.</li>
<li>DELETE stocks fell through first week, exceeding Sep 2025. Within the DELETE basket, the names where connect investors sold the most also fell the most.</li>
</ul>


We analyzed the performance of Hong Kong Connect implementation in March 2026.
ADD stocks reversed their bridge window drawdown at implementation. The bounce faded by week 3 to 4.
DELETE stocks fell through first week, exceeding Sep 2025. Within the DELETE basket, the names where connect investors sold the most also fell the most.


HSCI / HK Connect (March 2026) Post-Event Review: What Worked, What Didn't

China

Shui On Land is a leading urban solution provider primarily engaged in property development, investment, and management, as well as construction services. The company specializes in urban regeneration and developing sustainable premium urban communities, offering residential and commercial properties, and leasing offices and malls. Shui On Land was founded in 2004 and is headquartered in Shanghai, People's Republic of China.

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Shui On Land (272 HK)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Shui On Land, Meituan, Nickel Industries, Tata...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Shui On Land, Vedanta Resources, JSW Steel,...

Lucror Analytics

Lucror Analytics - Morning Views Asia

China’s Q4/25 GDP eased to 4.5% y-o-y (vs. 4.8% in Q3). Still, full-year GDP expanded 5.0% for the second straight year, meeting the government’s...

Lucror Analytics

Asia Real Estate Tracker (27-Mar-2026): KKR invests in Japan real estate amid risks.

KKR invests in Japan's real estate amid rising energy costs, while Mapletree closes its student housing fund, Centaline buys a hotel, and BW...

Asia Real Estate Tracker

HSCI / HK Connect (March 2026) Post-Event Review: What Worked, What Didn't

HK Connect Mar 2026 implementation cycle is completing. ADD reversed the WAI drawdown at implementation. DELETE continuation worked post...

Ke Yan, CFA, FRM

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