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

The Asia HY Trade Recommendations report for the month of August includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Recommendations report for the month of August includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - August 2020 - Lucror Analytics

In this month’s “In-Focus” section, we discuss LARA and Credit Bias developments for companies under our coverage over the past few years, including related trends for and between Asia, LatAm and Europe. The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  In this month’s “In-Focus” section, we discuss LARA and Credit Bias developments for companies under our coverage over the past few years, including related trends for and between Asia, LatAm and Europe.   The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - LARA And Credit Bias Study (2020 Update) - Lucror Analytics

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-20744'>361 Degrees International</a></li><li><a href='#lucror-entity-2312'>Alam Sutera Realty</a></li><li><a href='#lucror-entity-112'>Lifestyle International Holdings</a></li><li><a href='#lucror-entity-21047'>Ronshine China Holdings</a></li><li><a href='#lucror-entity-27527'>Studio City International Holdings Limited</a></li><li><a href='#lucror-entity-14152'>Yanlord Land</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.361 Degrees InternationalAlam Sutera RealtyLifestyle International HoldingsRonshine China HoldingsStudio City International Holdings LimitedYanlord Land

Morning Views Asia: 361 Degrees International, Alam Sutera Realty, Lifestyle International Holdings

The Asia HY Trade Recommendations report for the month of July includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Recommendations report for the month of July includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - July 2020 - Lucror Analytics

Studio City’s proposed equity placement and Notes issuance are credit positive as they would increase liquidity, supporting its operating cash burn and funding the bulk of its Phase 2 capex. The transactions also demonstrate MLCO’s continued parental support for Studio City, which bolsters the credit profile (poor standalone financial metrics). In addition, the Notes issuance should clean up Studio City’s capital structure and greatly reduce subordination risk for the STCITY Notes, given that the secured STDCTY Notes will be redeemed. That said, the STCITY Notes will remain directly and structurally subordinated to Studio City’s credit facilities.

  Studio City’s proposed equity placement and Notes issuance are credit positive as they would increase liquidity, supporting its operating cash burn and funding the bulk of its Phase 2 capex. The transactions also demonstrate MLCO’s continued parental support for Studio City, which bolsters the credit profile (poor standalone financial metrics). In addition, the Notes issuance should clean up Studio City’s capital structure and greatly reduce subordination risk for the STCITY Notes, given that the secured STDCTY Notes will be redeemed. That said, the STCITY Notes will remain directly and structurally subordinated to Studio City’s credit facilities. 

Studio City - Event Flash - Equity Placement And Issuance Of New Notes - Lucror Analytics

Macau

Studio City Co Ltd operates as a hotel. The Company offers lodging, dining, entertainment, casino, meetings, events, and other services. Studio City serves customers in Macau.

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Studio City Co Ltd (0812321D MA)

Asia HY Trade Recommendations - August 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for the month of August includes a summary of our recommendations, as well as our high-conviction ideas....

Lucror Analytics

Asia HY Monthly - LARA And Credit Bias Study (2020 Update) - Lucror Analytics

In this month’s “In-Focus” section, we discuss LARA and Credit Bias developments for companies under our coverage over the past few years,...

Lucror Analytics

Morning Views Asia: 361 Degrees International, Alam Sutera Realty, Lifestyle International Holdings

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Asia HY Trade Recommendations - July 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for the month of July includes a summary of our recommendations, as well as our high-conviction ideas....

Lucror Analytics

Studio City - Event Flash - Equity Placement And Issuance Of New Notes - Lucror Analytics

Studio City’s proposed equity placement and Notes issuance are credit positive as they would increase liquidity, supporting its operating cash...

Lucror Analytics

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