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>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>In the US, the ISM manufacturing index edged down to 50.3 (50.7 e / 50.9 p) in February.</li>
<li>This was on account of a contraction in the new orders and employment components, which were offset somewhat by a sharp increase in the prices paid component.</li>
<li>Meanwhile, the February (final) S&amp;P manufacturing PMI rose to 52.7 (51.2 p), above the preliminary estimate of 51.6.</li>
</ul>


In the US, the ISM manufacturing index edged down to 50.3 (50.7 e / 50.9 p) in February.
This was on account of a contraction in the new orders and employment components, which were offset somewhat by a sharp increase in the prices paid component.
Meanwhile, the February (final) S&amp;P manufacturing PMI rose to 52.7 (51.2 p), above the preliminary estimate of 51.6.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Shui On Land, Country Garden</li>
<li>In the US, the UST curve bull flattened slightly in a shortened trading session. The yield on the 2Y UST fell 2 bps to 4.27%, while that on the 10Y UST was unchanged at 4.69%.</li>
<li>The US equity market was closed yesterday, in observance of the national day of mourning for former president Jimmy Carter.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Shui On Land, Country Garden
In the US, the UST curve bull flattened slightly in a shortened trading session. The yield on the 2Y UST fell 2 bps to 4.27%, while that on the 10Y UST was unchanged at 4.69%.
The US equity market was closed yesterday, in observance of the national day of mourning for former president Jimmy Carter.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Seazen Group, Shui On Land, West China Cement</li>
<li>Front-end UST yields continued to decline yesterday, as the market priced in higher expectations for Fed easing, and on the back of a reasonable auction of 5Y notes.</li>
<li>The yield on the 2Y UST fell 4 bps to 3.78%, while that on the 10Y UST was unchanged at 4.29%. Equities hovered near a record high level, with the S&amp;P 500 flat at 6,092, while the Nasdaq rose 0.3% to 19,974.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Seazen Group, Shui On Land, West China Cement
Front-end UST yields continued to decline yesterday, as the market priced in higher expectations for Fed easing, and on the back of a reasonable auction of 5Y notes.
The yield on the 2Y UST fell 4 bps to 3.78%, while that on the 10Y UST was unchanged at 4.29%. Equities hovered near a record high level, with the S&amp;P 500 flat at 6,092, while the Nasdaq rose 0.3% to 19,974.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Water Affairs, Shui On Land, Rakuten Group, Vedanta Resources</li>
<li>In the US, the November ISM manufacturing index came in above estimates at 48.4 (47.5 e / 46.5 p). The prices paid component fell to 50.3 (55.2 e / 54.8 p), while the new orders component rose to 50.4 (48.0 e / 47.1 p).</li>
<li>Separately, the November (final) US manufacturing PMI climbed to 49.7 (47.3 p), above the preliminary estimate of 48.8.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Water Affairs, Shui On Land, Rakuten Group, Vedanta Resources
In the US, the November ISM manufacturing index came in above estimates at 48.4 (47.5 e / 46.5 p). The prices paid component fell to 50.3 (55.2 e / 54.8 p), while the new orders component rose to 50.4 (48.0 e / 47.1 p).
Separately, the November (final) US manufacturing PMI climbed to 49.7 (47.3 p), above the preliminary estimate of 48.8.


China

Shui On Land Limited engages principally in the development, sale, leasing, management and ownership of residential, office, retail, entertainment and cultural properties in the PRC.

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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, Vedanta Resources, JSW Steel,...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In the US, the ISM manufacturing index edged down to 50.3 (50.7 e / 50.9 p) in February. This was on account of a contraction in the new orders and...

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, Country Garden

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Seazen Group, Shui On Land, West China Cement

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Water Affairs, Shui On Land, Rakuten...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)