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 December includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index.

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

Asia HY Trade Recommendations - December 2019 - Lucror Analytics

In this month's “In-Focus”, we look at agency ratings for Asian issuers, analysing ratings transitions for all issuers in the Lucror Asia HY index between January 2014 and the present. 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”, we look at agency ratings for Asian issuers, analysing ratings transitions for all issuers in the Lucror Asia HY index between January 2014 and the present.   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 - Agency Ratings For Asian Issuers (2019) - Lucror Analytics

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

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

Asia HY Trade Recommendations - November 2019 - Lucror Analytics

Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Debt Capital Markets

US Treasury (10 Yr Generic) / Debt Capital Markets

We believe the trade war improvement is temporary and we see this as a selling opportunity for cyclical credits in general. The trade war will make sure we have slowing growth which is translated into low rates. Low rates and low growth mean money inflow into the bond market (from the equity market) which we believe will favour high yield rather than high-grade bonds. However, slow growth could also mean rising defaults. As a result, we prefer to remain within "BB-" to "BBB-" sector and avoid lower credit quality part of the credit curve. Credit research is key and will create alpha in this environment, in our view.

We believe the trade war improvement is temporary and we see this as a selling opportunity for cyclical credits in general. The trade war will make sure we have slowing growth which is translated into low rates. Low rates and low growth mean money inflow into the bond market (from the equity market) which we believe will favour high yield rather than high-grade bonds. However, slow growth could also mean rising defaults. As a result, we prefer to remain within "BB-" to "BBB-" sector and avoid lower credit quality part of the credit curve. Credit research is key and will create alpha in this environment, in our view. 

Bondcritic Market Monitor (18-Nov-19): Credit Homework, Slowing China, & Volatility

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-28320'>Azure Power Global Ltd</a></li><li><a href='#lucror-entity-27445'>Softbank Corp</a></li><li><a href='#lucror-entity-20934'>Tata Steel Ltd</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.Azure Power Global LtdSoftbank CorpTata Steel LtdYanlord Land

Morning Views Asia: Azure Power Global Ltd, Softbank Corp, Tata Steel Ltd, Yanlord Land

India

Tata Steel Ltd. is an integrated steel producer which manufactures a variety of steel products. The Company's products include steel ball bearing rings, alloy steel bearing rings, annular forgings, flanges, bearings, welded steel tubes, cold rolled strips and seamless tubes. Tata Steel also manufactures metallurgical machinery.

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Tata Steel Ltd (TATA IN)

Asia HY Trade Recommendations - December 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for December includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

Asia HY Monthly - Agency Ratings For Asian Issuers (2019) - Lucror Analytics

In this month's “In-Focus”, we look at agency ratings for Asian issuers, analysing ratings transitions for all issuers in the Lucror Asia HY index...

Lucror Analytics

Asia HY Trade Recommendations - November 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for November includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

Bondcritic Market Monitor (18-Nov-19): Credit Homework, Slowing China, & Volatility

We believe the trade war improvement is temporary and we see this as a selling opportunity for cyclical credits in general. The trade war will make...

Bondcritic

Morning Views Asia: Azure Power Global Ltd, Softbank Corp, Tata Steel Ltd, Yanlord Land

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

Lucror Analytics

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