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: Shui On Land, Vedanta Resources, JSW Steel, Nissan Motor</li>
<li>UST yields declined yesterday (the first drop in a week), on the back of a solid auction of 10Y notes. The yield on the 2Y UST fell 5 bps to 3.84%, while the yield on the 10Y UST was down 7 bps at 4.33%. Equities rallied, led by gains in large tech stocks. The S&amp;P 500 rose 0.6% to 6,263, while the Nasdaq climbed 0.9% to 20,611.</li>
<li>US President Donald Trump has released more tariff-letter screenshots on Truth Social, outlining a 25% rate on the Philippines, 30% on Sri Lanka and 50% on Brazil, among others. In particular, the letter for Brazil highlighted the “witch hunt” on former Brazilian president Jair Bolsonaro, as well as the country’s “insidious attacks on free elections and the fundamental free speech rights of Americans”, citing the Brazilian Supreme Court’s censorship orders on US social media platforms.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Shui On Land, Vedanta Resources, JSW Steel, Nissan Motor
UST yields declined yesterday (the first drop in a week), on the back of a solid auction of 10Y notes. The yield on the 2Y UST fell 5 bps to 3.84%, while the yield on the 10Y UST was down 7 bps at 4.33%. Equities rallied, led by gains in large tech stocks. The S&amp;P 500 rose 0.6% to 6,263, while the Nasdaq climbed 0.9% to 20,611.
US President Donald Trump has released more tariff-letter screenshots on Truth Social, outlining a 25% rate on the Philippines, 30% on Sri Lanka and 50% on Brazil, among others. In particular, the letter for Brazil highlighted the “witch hunt” on former Brazilian president Jair Bolsonaro, as well as the country’s “insidious attacks on free elections and the fundamental free speech rights of Americans”, citing the Brazilian Supreme Court’s censorship orders on US social media platforms.


Trung Nguyen

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, Biocon Biologics, China Oil &amp; Gas, Perusahaan Listrik (PLN), Softbank Group</li>
<li>The UST curve twisted steeper significantly yesterday, as long-end yields climbed alongside a decline in the USD. The yield on the 2Y UST fell 3 bps to 3.57%, while the yield on the 10Y UST rose 2 bps to 4.24%.</li>
<li>Equities climbed to fresh record highs, with the S&amp;P 500 and Nasdaq up 0.4% and 0.9%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, Biocon Biologics, China Oil &amp; Gas, Perusahaan Listrik (PLN), Softbank Group
The UST curve twisted steeper significantly yesterday, as long-end yields climbed alongside a decline in the USD. The yield on the 2Y UST fell 3 bps to 3.57%, while the yield on the 10Y UST rose 2 bps to 4.24%.
Equities climbed to fresh record highs, with the S&amp;P 500 and Nasdaq up 0.4% and 0.9%, respectively.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, China Vanke, Nickel Industries, Softbank Group</li>
<li>UST yields rose by 2-3 bps on Friday (except for the 2Y), ahead of an expected large corporate issuance slate this week. The yield on the 2Y UST was stable at 3.47%, while that on the 10Y UST was up 2 bps at 4.19%.</li>
<li>Equities edged higher in the first trading day of the year, albeit the performance of large tech stocks was muted. The S&amp;P 500 advanced 0.2% to 6,858, while the Nasdaq was flat at 23,236.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, China Vanke, Nickel Industries, Softbank Group
UST yields rose by 2-3 bps on Friday (except for the 2Y), ahead of an expected large corporate issuance slate this week. The yield on the 2Y UST was stable at 3.47%, while that on the 10Y UST was up 2 bps at 4.19%.
Equities edged higher in the first trading day of the year, albeit the performance of large tech stocks was muted. The S&amp;P 500 advanced 0.2% to 6,858, while the Nasdaq was flat at 23,236.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, Xiaomi Corp, Reliance Industries, Biocon Biologics</li>
<li>UST yields climbed 4 bps across the curve on Friday, in tandem with a decline in Canadian government bonds, even though the belatedly-released September PCE inflation numbers were line with estimates.</li>
<li>Yields on the 2Y and 10Y USTs rose to 3.56% and 4.14%, respectively. Equities notched small gains towards October’s record-high levels, with the S&amp;P 500 and Nasdaq up 0.2% and 0.3%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, Xiaomi Corp, Reliance Industries, Biocon Biologics
UST yields climbed 4 bps across the curve on Friday, in tandem with a decline in Canadian government bonds, even though the belatedly-released September PCE inflation numbers were line with estimates.
Yields on the 2Y and 10Y USTs rose to 3.56% and 4.14%, respectively. Equities notched small gains towards October’s record-high levels, with the S&amp;P 500 and Nasdaq up 0.2% and 0.3%, respectively.


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.

Thematic (Sector/Industry)

<ul>
<li>Indian USD high-yield bonds in our sample have outperformed on an improving operating environment in India.</li>
<li>Our base case scenario calls for a stabilized rate environment in 2026 which makes fixed rate bonds fully-valued, in our view.</li>
<li>We argue for a reduction in Asian bond exposure, and not a total abandonment.</li>
</ul>


Indian USD high-yield bonds in our sample have outperformed on an improving operating environment in India.
Our base case scenario calls for a stabilized rate environment in 2026 which makes fixed rate bonds fully-valued, in our view.
We argue for a reduction in Asian bond exposure, and not a total abandonment.


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: Shui On Land, Vedanta Resources, JSW Steel,...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, Biocon Biologics, China Oil...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, China Vanke, Nickel...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, Xiaomi Corp, Reliance...

Lucror Analytics

Asian Bond Monitor: Take Profits

Indian high-yield bonds outperforming due to improving operating environment, fixed rate bonds seen as fully-valued in stable rate scenario,...

Bondcritic

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: Shui On Land, Vedanta Resources, JSW Steel,...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, Biocon Biologics, China Oil...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, China Vanke, Nickel...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, Xiaomi Corp, Reliance...

Lucror Analytics

Asian Bond Monitor: Take Profits

​Indian high-yield bonds outperforming due to improving operating environment, fixed rate bonds seen as fully-valued in stable rate scenario,...

Bondcritic

Indian high-yield bonds outperforming due to improving operating environment, fixed rate bonds seen as fully-valued in stable rate scenario,...