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 February 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 February 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 - February 2019 - Lucror Analytics

In this month’s “In-Focus” section, we look at agency ratings for Asian issuers. 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 look at agency ratings for Asian issuers.    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 - Lucror Analytics

The Asia HY Trade Recommendations report for January 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 January 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 - January 2019 - Lucror Analytics

In this month’s “In-Focus” section, we discuss Corporate Governance in Chinese Companies. Specifically, we highlight: [1] the nascent development of the Chinese corporate governance regime; [2] the lack of strong external examination/review; [3] different types of Chinese public companies; and [4] Lucror’s approach to assessing corporate governance. 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 Corporate Governance in Chinese Companies. Specifically, we highlight: [1] the nascent development of the Chinese corporate governance regime; [2] the lack of strong external examination/review; [3] different types of Chinese public companies; and [4] Lucror’s approach to assessing corporate governance.    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 - Corporate Governance In Chinese Companies - Lucror Analytics

Debt Capital Markets

Tunghsu Group (Tunghsu) is currently holding roadshows on the issuance of benchmark-sized 3-year USD Reg S Notes through issuer Tunghsu Venus Holdings Limited. The Notes will be guaranteed by Tunghsu Group Co., Ltd. These are rated B+/B and B+/B+ by S&P and Fitch, respectively, both with stable outlooks. The bank leading the deal is Goldman Sachs. Tunghsu is a privately owned conglomerate based in Beijing that started its business in Optoelectronics. The group has six business segments, including stakes in three listed subsidiaries on the Shenzhen Stock Exchange: Tunghsu Optoelectronics, Tunghsu Azure and Challenge Textile. We view fair pricing for the proposed DONGXU '20s at price guidance of 7.5-8%.

Tunghsu Group (Tunghsu) is currently holding roadshows on the issuance of benchmark-sized 3-year USD Reg S Notes through issuer Tunghsu Venus Holdings Limited. The Notes will be guaranteed by Tunghsu Group Co., Ltd. These are rated B+/B and B+/B+ by S&P and Fitch, respectively, both with stable outlooks. The bank leading the deal is Goldman Sachs.  Tunghsu is a privately owned conglomerate based in Beijing that started its business in Optoelectronics. The group has six business segments, including stakes in three listed subsidiaries on the Shenzhen Stock Exchange: Tunghsu Optoelectronics, Tunghsu Azure and Challenge Textile.  We view fair pricing for the proposed DONGXU '20s at price guidance of 7.5-8%. 

Tunghsu Group - New Issue Snapshot - Lucror Analytics

China

Tunghsu Group Co. Ltd. produces photoelectric display components. The Company mainly develops, manufactures, and sells liquid crystal displays and plasma display panel glass substrates. Tunghsu Group also operates new energy development, real estate development, and other businesses.

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Tunghsu Group (DONXUZ CH)

Asia HY Trade Recommendations - February 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for February 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 - Lucror Analytics

In this month’s “In-Focus” section, we look at agency ratings for Asian issuers. The Asia Monthly focuses on providing updates on recent events,...

Lucror Analytics

Asia HY Trade Recommendations - January 2019 - Lucror Analytics

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

Lucror Analytics

Asia HY Monthly - Corporate Governance In Chinese Companies - Lucror Analytics

In this month’s “In-Focus” section, we discuss Corporate Governance in Chinese Companies. Specifically, we highlight: [1] the nascent development...

Lucror Analytics

Tunghsu Group - New Issue Snapshot - Lucror Analytics

Tunghsu Group (Tunghsu) is currently holding roadshows on the issuance of benchmark-sized 3-year USD Reg S Notes through issuer Tunghsu Venus...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

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