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: Wynn Macau, AAC Technologies</li>
<li>UST yields climbed yesterday, led by the front end, following hawkish comments from a few Fed officials and strong PMI data. The UST curve bear-flattened, with the yield on the 2Y UST rising 5 bps to 3.79%, while the yield on the 10Y UST increased 4 bps to 4.33%. Equities continued to retreat amid a rotation out of big tech stocks.</li>
<li>The S&amp;P 500 slipped for a fifth straight day, declining 0.4% to 6,370, while the Nasdaq fell 0.3% to 21,100.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Wynn Macau, AAC Technologies
UST yields climbed yesterday, led by the front end, following hawkish comments from a few Fed officials and strong PMI data. The UST curve bear-flattened, with the yield on the 2Y UST rising 5 bps to 3.79%, while the yield on the 10Y UST increased 4 bps to 4.33%. Equities continued to retreat amid a rotation out of big tech stocks.
The S&amp;P 500 slipped for a fifth straight day, declining 0.4% to 6,370, while the Nasdaq fell 0.3% to 21,100.


<ul>
<li>The UST curve twisted steeper yesterday after the July CPI report came in mostly within expectations, which could provide room for a Fed rate cut in September.</li>
<li>The yield on the 2Y UST fell 4 bps to 3.73%, while the yield on the 10Y UST was stable at 4.29%.</li>
<li>Equities rallied to new record highs, with the S&amp;P 500 and Nasdaq up 1.1% and 1.4%, to 6,446 and 21,682, respectively. In the US, the July CPI inched down to 0.2% m-o-m (0.2% e / 0.3% p), and was stable at 2.7% y-o-y (2.8% e / 2.7% p). T</li>
</ul>


The UST curve twisted steeper yesterday after the July CPI report came in mostly within expectations, which could provide room for a Fed rate cut in September.
The yield on the 2Y UST fell 4 bps to 3.73%, while the yield on the 10Y UST was stable at 4.29%.
Equities rallied to new record highs, with the S&amp;P 500 and Nasdaq up 1.1% and 1.4%, to 6,446 and 21,682, respectively. In the US, the July CPI inched down to 0.2% m-o-m (0.2% e / 0.3% p), and was stable at 2.7% y-o-y (2.8% e / 2.7% p). T


<ul>
<li>Wynn Macau is proposing to issue USD 500 mn 8.5NC3 senior unsecured Reg-S/144A notes.</li>
<li>The company aims to use the proceeds to repay outstanding debt, including the RCF and/or existing bonds.</li>
<li>The notes are rated BB- by S&amp;P and Fitch, in line with Wynn Macau’s issuer-level ratings.</li>
</ul>


Wynn Macau is proposing to issue USD 500 mn 8.5NC3 senior unsecured Reg-S/144A notes.
The company aims to use the proceeds to repay outstanding debt, including the RCF and/or existing bonds.
The notes are rated BB- by S&amp;P and Fitch, in line with Wynn Macau’s issuer-level ratings.


Wynn Macau - Proposed Issuance Of USD 500 Mn 8.5NC3 Notes

<ul>
<li>UST yield movements were muted yesterday, amid an absence of macro news and ahead of the CPI data release today.</li>
<li>The yields on the 2Y and 10Y UST were unchanged at 3.77% and 4.29%, respectively.</li>
<li>Equities retreated, with the S&amp;P 500 and Nasdaq both declining 0.3% to 6,373 and 21,385, respectively. </li>
</ul>


UST yield movements were muted yesterday, amid an absence of macro news and ahead of the CPI data release today.
The yields on the 2Y and 10Y UST were unchanged at 3.77% and 4.29%, respectively.
Equities retreated, with the S&amp;P 500 and Nasdaq both declining 0.3% to 6,373 and 21,385, respectively. 


<ul>
<li>Credit markets tightened on Friday, with the iTraxx X-Over narrowing 3 bps to 268 bps.</li>
<li>European bourses rose 0.2-0.9% except for the FTSE 100 and DAX, which both fell 0.1%.</li>
<li>In the US, the S&amp;P 500 and Nasdaq were up 0.8% and 1.0%, respectively. </li>
</ul>


Credit markets tightened on Friday, with the iTraxx X-Over narrowing 3 bps to 268 bps.
European bourses rose 0.2-0.9% except for the FTSE 100 and DAX, which both fell 0.1%.
In the US, the S&amp;P 500 and Nasdaq were up 0.8% and 1.0%, respectively. 


Macau

Wynn Macau, Limited develops, owns, and operates integrated destination casino resorts in Macau. The company's properties, including Wynn Macau and Wynn Palace, offer casino gaming, luxury hotel accommodations, diverse dining, high-end retail, and entertainment facilities. It was incorporated in 2009 and is headquartered in Macau.

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Wynn Macau (1128 HK)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Wynn Macau, AAC Technologies

Lucror Analytics

Lucror Analytics - Morning Views Asia

The UST curve twisted steeper yesterday after the July CPI report came in mostly within expectations, which could provide room for a Fed rate cut...

Lucror Analytics

Wynn Macau - Proposed Issuance Of USD 500 Mn 8.5NC3 Notes

Wynn Macau is proposing to issue USD 500 mn 8.5NC3 senior unsecured Reg-S/144A notes. The company aims to use the proceeds to repay outstanding...

Lucror Analytics

Lucror Analytics - Morning Views Asia

UST yield movements were muted yesterday, amid an absence of macro news and ahead of the CPI data release today. The yields on the 2Y and 10Y UST...

Lucror Analytics

Lucror Analytics - Convertibles Brief

Credit markets tightened on Friday, with the iTraxx X-Over narrowing 3 bps to 268 bps. European bourses rose 0.2-0.9% except for the FTSE 100 and...

Lucror Analytics

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