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: ENN Energy, Vedanta Resources, Jababeka, Softbank Group</li>
<li>Treasuries climbed yesterday, with long-end yields declining amid a risk-off sentiment driven by the escalating Iran-Israel conflict. The yield on the 2Y UST slid 1 bp to 3.95%, while the yield on the 10Y UST fell 6 bps to 4.39%.</li>
<li>Equities retreated, after US President Donald Trump called for Iran’s “unconditional surrender” and following the release of weak retail sales and industrial production data. The S&amp;P 500 and Nasdaq fell 0.8% and 0.9%, respectively, to 5,983 and 19,521, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: ENN Energy, Vedanta Resources, Jababeka, Softbank Group
Treasuries climbed yesterday, with long-end yields declining amid a risk-off sentiment driven by the escalating Iran-Israel conflict. The yield on the 2Y UST slid 1 bp to 3.95%, while the yield on the 10Y UST fell 6 bps to 4.39%.
Equities retreated, after US President Donald Trump called for Iran’s “unconditional surrender” and following the release of weak retail sales and industrial production data. The S&amp;P 500 and Nasdaq fell 0.8% and 0.9%, respectively, to 5,983 and 19,521, respectively.


Trung Nguyen

<ul>
<li>US treasury yields declined yesterday, led by the short end, given softer than expected CPI data and a solid auction for the 10Y notes.</li>
<li>The UST curve bull-steepened, with the yield on the 2Y UST down 7 bps at 3.95%, while the yield on the 10Y UST fell 5 bps to 4.42%.</li>
<li>Equities halted a three-day advance, albeit remaining near record-high levels. </li>
</ul>


US treasury yields declined yesterday, led by the short end, given softer than expected CPI data and a solid auction for the 10Y notes.
The UST curve bull-steepened, with the yield on the 2Y UST down 7 bps at 3.95%, while the yield on the 10Y UST fell 5 bps to 4.42%.
Equities halted a three-day advance, albeit remaining near record-high levels. 


<ul>
<li>US treasury movements were muted yesterday, with the curve flattening marginally ahead of today’s CPI data release.</li>
<li>The yield on the 2Y UST rose 2 bps to 4.02%, while the yield on the 10Y UST was unchanged at 4.47%.</li>
<li>Equities climbed for the third straight day, supported by optimism over US-China trade talks.</li>
</ul>


US treasury movements were muted yesterday, with the curve flattening marginally ahead of today’s CPI data release.
The yield on the 2Y UST rose 2 bps to 4.02%, while the yield on the 10Y UST was unchanged at 4.47%.
Equities climbed for the third straight day, supported by optimism over US-China trade talks.


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

iShares 3-7 Year Treasury Bond / Debt Capital Markets

<ul>
<li>We believe Moody’s simply took the opportunity on the Tariff news to move USA’s rating to be in-line with those of the other two agencies.</li>
<li>Though rising rates are not friendly to fixed rate bonds, we believe Asian high-yield bonds remain a good place to park capital in the near term</li>
<li>We prefer short duration under 5 years to keep duration low in preparation for an upward pressure on rates in the near term.</li>
</ul>


We believe Moody’s simply took the opportunity on the Tariff news to move USA’s rating to be in-line with those of the other two agencies.
Though rising rates are not friendly to fixed rate bonds, we believe Asian high-yield bonds remain a good place to park capital in the near term
We prefer short duration under 5 years to keep duration low in preparation for an upward pressure on rates in the near term.


Bond Market Monitor: TRUMPoline Projectile

<ul>
<li>US markets were in risk-on mode overnight, amid strong earnings from tech companies.</li>
<li>The S&amp;P 500 was up 0.6% for the eighth consecutive day, while the Nasdaq gained 1.5%.</li>
<li>US Treasuries steepened, with the 2Y yield shrinking by 5 bps but the 30Y gaining 3 bps as investors slightly curbed their bets on US interest-rate cuts this year given factory activity data, while keeping the inflation expectation further out.</li>
</ul>


US markets were in risk-on mode overnight, amid strong earnings from tech companies.
The S&amp;P 500 was up 0.6% for the eighth consecutive day, while the Nasdaq gained 1.5%.
US Treasuries steepened, with the 2Y yield shrinking by 5 bps but the 30Y gaining 3 bps as investors slightly curbed their bets on US interest-rate cuts this year given factory activity data, while keeping the inflation expectation further out.


United Kingdom

Vedanta Resources is a diversified natural resources conglomerate specializing in metals and mining. The company's primary products include zinc, lead, silver, oil and gas, iron ore, steel, aluminium, and power. Headquartered in London, United Kingdom, Vedanta Resources was founded in 1976.

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Vedanta Resources (VED LN)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: ENN Energy, Vedanta Resources, Jababeka,...

Lucror Analytics

Lucror Analytics - Morning Views Asia

US treasury yields declined yesterday, led by the short end, given softer than expected CPI data and a solid auction for the 10Y notes.

Lucror Analytics

Lucror Analytics - Morning Views Asia

US treasury movements were muted yesterday, with the curve flattening marginally ahead of today’s CPI data release. The yield on the 2Y UST rose 2...

Lucror Analytics

Bond Market Monitor: TRUMPoline Projectile

Moody's adjusts USA's rating in line with other agencies, Asian high-yield bonds seen as a good investment despite rising rates, short duration...

Bondcritic

Lucror Analytics - Morning Views Asia

US markets were in risk-on mode overnight, amid strong earnings from tech companies. The S&P 500 was up 0.6% for the eighth consecutive day, while...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: ENN Energy, Vedanta Resources, Jababeka,...

Lucror Analytics

Lucror Analytics - Morning Views Asia

US treasury yields declined yesterday, led by the short end, given softer than expected CPI data and a solid auction for the 10Y notes.

Lucror Analytics

Lucror Analytics - Morning Views Asia

US treasury movements were muted yesterday, with the curve flattening marginally ahead of today’s CPI data release. The yield on the 2Y UST rose 2...

Lucror Analytics

Bond Market Monitor: TRUMPoline Projectile

​Moody's adjusts USA's rating in line with other agencies, Asian high-yield bonds seen as a good investment despite rising rates, short duration...

Bondcritic

Lucror Analytics - Morning Views Asia

US markets were in risk-on mode overnight, amid strong earnings from tech companies. The S&P 500 was up 0.6% for the eighth consecutive day, while...

Lucror Analytics

Moody's adjusts USA's rating in line with other agencies, Asian high-yield bonds seen as a good investment despite rising rates, short duration...