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: Perusahaan Listrik (PLN), Vedanta Resources</li>
<li>US treasuries ended little changed yesterday. Yields inched down earlier in the day, after the Fed retained its projections for two rate cuts this year, but rebounded after Fed Chairman Jerome Powell reiterated the risk of higher inflation from tariffs. The yield on the 2Y UST fell 1 bp to 3.94%, while that on the 10Y UST was unchanged at 4.39%.</li>
<li>Similarly, equities ended flat, as a rally fizzled out following Mr Powell’s latest warning on tariffs. The S&amp;P 500 was unchanged at 5,981, while the Nasdaq edged up 0.1% to 19,546. The US market is closed for Juneteenth today.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Perusahaan Listrik (PLN), Vedanta Resources
US treasuries ended little changed yesterday. Yields inched down earlier in the day, after the Fed retained its projections for two rate cuts this year, but rebounded after Fed Chairman Jerome Powell reiterated the risk of higher inflation from tariffs. The yield on the 2Y UST fell 1 bp to 3.94%, while that on the 10Y UST was unchanged at 4.39%.
Similarly, equities ended flat, as a rally fizzled out following Mr Powell’s latest warning on tariffs. The S&amp;P 500 was unchanged at 5,981, while the Nasdaq edged up 0.1% to 19,546. The US market is closed for Juneteenth today.


<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.


<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>In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Greenko Energy, Vedanta Resources, Reliance Industries</li>
<li>Last Friday, US Treasuries tightened by 5-8 bps across the curve. US equities continued to recover, albeit at a slow pace, with the S&amp;P 500 up by 0.7% and Nasdaq rising 1.3%.</li>
<li>The US economy is projected to register a weak 0.4% annualised growth rate in Q1/25, according to the US government's initial estimate, with a large trade deficit and consumer fatigue contributing to the slowdown, even before the tariff-related upheaval.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Greenko Energy, Vedanta Resources, Reliance Industries
Last Friday, US Treasuries tightened by 5-8 bps across the curve. US equities continued to recover, albeit at a slow pace, with the S&amp;P 500 up by 0.7% and Nasdaq rising 1.3%.
The US economy is projected to register a weak 0.4% annualised growth rate in Q1/25, according to the US government's initial estimate, with a large trade deficit and consumer fatigue contributing to the slowdown, even before the tariff-related upheaval.


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

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

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

In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Greenko Energy, Vedanta...

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: Perusahaan Listrik (PLN), 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: ENN Energy, Vedanta Resources, Jababeka,...

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

In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Greenko Energy, Vedanta...

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...