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: SJM Holdings, Nissan Motor</li>
<li>UST yields rose 1-2 bps across the curve yesterday led by the front-end, following better than expected December Challenger job cuts and weekly jobless claims data. The yield on the 2Y and 10Y UST grew 2 bps each to 3.49% and 4.17%, respectively. Equities ended mixed, as investors rotated out of tech stocks into other segments including defence, energy producers and small caps. The S&amp;P 500 was flat at 6,921, while the Nasdaq fell 0.4% to 23,480.</li>
<li>The Indian government has forecast that the country’s real GDP will grow 7.4% in FY 2025-26 (ending March), according to advance estimates by the Ministry of Statistics and Programme Implementation. This is slightly above the 7.3% projected by the Reserve Bank of India, and represents an acceleration from 6.5% in FY 2024-25. Nominal GDP is estimated to expand 8.0% in FY 2025-26.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: SJM Holdings, Nissan Motor
UST yields rose 1-2 bps across the curve yesterday led by the front-end, following better than expected December Challenger job cuts and weekly jobless claims data. The yield on the 2Y and 10Y UST grew 2 bps each to 3.49% and 4.17%, respectively. Equities ended mixed, as investors rotated out of tech stocks into other segments including defence, energy producers and small caps. The S&amp;P 500 was flat at 6,921, while the Nasdaq fell 0.4% to 23,480.
The Indian government has forecast that the country’s real GDP will grow 7.4% in FY 2025-26 (ending March), according to advance estimates by the Ministry of Statistics and Programme Implementation. This is slightly above the 7.3% projected by the Reserve Bank of India, and represents an acceleration from 6.5% in FY 2024-25. Nominal GDP is estimated to expand 8.0% in FY 2025-26.


<ul>
<li>UST yields fell meaningfully yesterday, with the curve bull steepening as market expectations for Fed rate cuts climbed.</li>
<li>This followed an uptick in the September unemployment rate, despite payrolls data coming in above estimates.</li>
<li>The yield on the 2Y UST decreased 6 bps to 3.53%, while that on the 10Y UST declined 5 bps to 4.09%. </li>
</ul>


UST yields fell meaningfully yesterday, with the curve bull steepening as market expectations for Fed rate cuts climbed.
This followed an uptick in the September unemployment rate, despite payrolls data coming in above estimates.
The yield on the 2Y UST decreased 6 bps to 3.53%, while that on the 10Y UST declined 5 bps to 4.09%. 


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, SJM Holdings, SK Hynix</li>
<li>UST yields were steady yesterday, after the December core CPI data came in below estimates. The UST curve steepened marginally, with yields on the 2Y and 10Y stable at 3.53% and 4.18%, respectively, while the yield on the 30Y rose 1 bp to 4.84%.</li>
<li>Equities retreated from peak levels, led by a slump in bank stocks, after JPMorgan Chase reported lower investment banking fees. The S&amp;P 500 and Nasdaq declined 0.2% and 0.1% to 6,964 and 23,710, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, SJM Holdings, SK Hynix
UST yields were steady yesterday, after the December core CPI data came in below estimates. The UST curve steepened marginally, with yields on the 2Y and 10Y stable at 3.53% and 4.18%, respectively, while the yield on the 30Y rose 1 bp to 4.84%.
Equities retreated from peak levels, led by a slump in bank stocks, after JPMorgan Chase reported lower investment banking fees. The S&amp;P 500 and Nasdaq declined 0.2% and 0.1% to 6,964 and 23,710, respectively.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: SJM Holdings</li>
<li>UST yields climbed 2-3 bps across the curve yesterday, rising for the fourth straight day after the Fed’s rate cut last week. The UST curve bear flattened slightly, with the yield on the 2Y UST rising 3 bps to 3.60%, while that on the 10Y UST increased 2 bps to 4.15%. Equities climbed for a third straight day.</li>
<li>The S&amp;P 500 edged up 0.4% to a fresh record high (for the 28th time this year) of 6,694, while the Nasdaq was up 0.7% at 22,789.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: SJM Holdings
UST yields climbed 2-3 bps across the curve yesterday, rising for the fourth straight day after the Fed’s rate cut last week. The UST curve bear flattened slightly, with the yield on the 2Y UST rising 3 bps to 3.60%, while that on the 10Y UST increased 2 bps to 4.15%. Equities climbed for a third straight day.
The S&amp;P 500 edged up 0.4% to a fresh record high (for the 28th time this year) of 6,694, while the Nasdaq was up 0.7% at 22,789.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: SJM Holdings</li>
<li>UST yields rose on Friday, led by the belly and long end, unwinding part of last week’s yield decline. The yield on the 2Y UST was up 1 bp at 3.56%, while that on the 10Y UST advanced 4 bps to 4.06%.</li>
<li>Equities held steady near record high levels. The S&amp;P 500 was unchanged at 6,584, while the Nasdaq rose 0.4% to 22,141.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: SJM Holdings
UST yields rose on Friday, led by the belly and long end, unwinding part of last week’s yield decline. The yield on the 2Y UST was up 1 bp at 3.56%, while that on the 10Y UST advanced 4 bps to 4.06%.
Equities held steady near record high levels. The S&amp;P 500 was unchanged at 6,584, while the Nasdaq rose 0.4% to 22,141.


Hong Kong

SJM Holdings Limited offers amusement and recreation services.  The Company operates casinos, hotels, and other tourism-related facilities in Macau.

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SJM Holdings (880 HK)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: SJM Holdings, Nissan Motor

Lucror Analytics

Lucror Analytics - Morning Views Asia

UST yields fell meaningfully yesterday, with the curve bull steepening as market expectations for Fed rate cuts climbed.

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, SJM Holdings, SK Hynix

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: SJM Holdings UST yields climbed 2-3 bps...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: SJM Holdings UST yields rose on Friday, led...

Lucror Analytics

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