Senior Credit Analyst, Lucror Analytics

Trung Nguyen

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>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.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, China Hongqiao, Gajah Tunggal</li>
<li>In the US, November advance retail sales came in above estimates at 0.7% m-o-m (0.6% e / 0.5% revised p), bolstered by a jump in car purchases and solid online shopping during Black Friday.</li>
<li>That said, retail sales excluding auto slowed to 0.2% m-o-m (0.4% e / 0.2% revised p). Separately, November industrial production unexpectedly fell 0.1% m-o-m (0.3% e / -0.4% p), the third straight month of decline, owing to weaker utilities and mining output.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, China Hongqiao, Gajah Tunggal
In the US, November advance retail sales came in above estimates at 0.7% m-o-m (0.6% e / 0.5% revised p), bolstered by a jump in car purchases and solid online shopping during Black Friday.
That said, retail sales excluding auto slowed to 0.2% m-o-m (0.4% e / 0.2% revised p). Separately, November industrial production unexpectedly fell 0.1% m-o-m (0.3% e / -0.4% p), the third straight month of decline, owing to weaker utilities and mining output.


Leonard Law, CFA

<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.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Seazen Group, Vedanta Resources</li>
<li>The UST curve twisted slightly steeper yesterday, following dovish comments from a few Fed officials that kept rate-cut expectations intact. The yield on the 2Y UST fell 2 bps to 3.48%, while the yield on the 10Y UST was unchanged at 4.03%.</li>
<li>Equities retreated, owing to fresh US-China trade tensions. The S&amp;P 500 fell 0.2% to 6,644, while the Nasdaq declined 0.8% to 22,522.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Seazen Group, Vedanta Resources
The UST curve twisted slightly steeper yesterday, following dovish comments from a few Fed officials that kept rate-cut expectations intact. The yield on the 2Y UST fell 2 bps to 3.48%, while the yield on the 10Y UST was unchanged at 4.03%.
Equities retreated, owing to fresh US-China trade tensions. The S&amp;P 500 fell 0.2% to 6,644, while the Nasdaq declined 0.8% to 22,522.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Vista Land &amp; Lifescapes, Rakuten Group, Vedanta Resources, Tata Steel</li>
<li>UST yields rose on Friday, led by the front end. There was a lack of catalysts, due to non-publication of the September nonfarm payrolls amid the government shutdown, albeit private surveys showed weakening US services data. Yields on the 2Y and 10Y USTs rose 4 bps each to 3.58% and 4.12%, respectively. Equities were mixed, with the S&amp;P 500 stable at 6,716, while the Nasdaq fell 0.3% to 22,781.</li>
<li>Japan’s ruling Liberal Democratic Party has elected former economic security minister Sanae Takaichi as its new leader, making the 64-year-old likely to become the country’s first female prime minister. Ms Takaichi replaces Shigeru Ishiba, who resigned as prime minister last month after the party suffered two election blows (including losing its majority in the Lower House).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Vista Land &amp; Lifescapes, Rakuten Group, Vedanta Resources, Tata Steel
UST yields rose on Friday, led by the front end. There was a lack of catalysts, due to non-publication of the September nonfarm payrolls amid the government shutdown, albeit private surveys showed weakening US services data. Yields on the 2Y and 10Y USTs rose 4 bps each to 3.58% and 4.12%, respectively. Equities were mixed, with the S&amp;P 500 stable at 6,716, while the Nasdaq fell 0.3% to 22,781.
Japan’s ruling Liberal Democratic Party has elected former economic security minister Sanae Takaichi as its new leader, making the 64-year-old likely to become the country’s first female prime minister. Ms Takaichi replaces Shigeru Ishiba, who resigned as prime minister last month after the party suffered two election blows (including losing its majority in the Lower House).


India

Vedanta Resources Limited operates as a diversified natural resource company. The Company extracts and process zinc, lead, aluminum, iron ore, copper, and silver, as well as focuses on oil and natural gas. Vedanta Resources serves clients worldwide.

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Vedanta Resources (VED LN)

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

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, China Hongqiao, Gajah Tunggal

Lucror Analytics

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: Seazen Group, Vedanta Resources

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Vista Land & Lifescapes, Rakuten Group,...

Lucror Analytics

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