Managing Director, Leaf & Ledger Limited

Evan Campbell, CFA

Managing Director

Leaf & Ledger Limited

Formed in 2024, Leaf & Ledger is a European advisory and research firm serving institutional investors and managers. We focus on real assets and private markets, with public-market read-throughs where material. Our work emphasises valuation signals, market structure, and execution topics that translate technical assessment into underwriting and strategy.

Insight That Moves Capital

Event-Driven

<ul>
<li>
 Step-up confirmed, lag observed. Legal certainty of a 25bp step-up preceded market recognition by 3 business days, creating a clean pricing-latency window in an Asian SLB.</li>
<li>
 Likely cause, vendor latency. Manual data vendor updates for sukuk profit-rate and SLB step-up fields likely delayed screens, as previously referenced.</li>
<li>
 Valuation uplift, observed move. At a 5% discount rate, the 25bp step-up was worth about 36bps, the market acted slowly and repriced higher with a 49bp reaction.</li>
</ul>



 Step-up confirmed, lag observed. Legal certainty of a 25bp step-up preceded market recognition by 3 business days, creating a clean pricing-latency window in an Asian SLB.

 Likely cause, vendor latency. Manual data vendor updates for sukuk profit-rate and SLB step-up fields likely delayed screens, as previously referenced.

 Valuation uplift, observed move. At a 5% discount rate, the 25bp step-up was worth about 36bps, the market acted slowly and repriced higher with a 49bp reaction.


Yinson (7293) SLB, A Documented Pricing-Lag Arbitrage in 2025

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>In the US, the PPI for final demand unexpectedly eased to 0.2% m-o-m in December 2024 (0.4% e / 0.4% p) and came in below estimates at 3.3% y-o-y (3.5% e / 3.0% p).</li>
<li>Excluding food and energy, the PPI was flat m-o-m (0.3% e / 0.2% p) and 3.5% y-o-y (3.8% e / 3.5% revised p).</li>
<li>In the US, the PPI for final demand unexpectedly eased to 0.2% m-o-m in December 2024 (0.4% e / 0.4% p) and came in below estimates at 3.3% y-o-y (3.5% e / 3.0% p). </li>
</ul>


In the US, the PPI for final demand unexpectedly eased to 0.2% m-o-m in December 2024 (0.4% e / 0.4% p) and came in below estimates at 3.3% y-o-y (3.5% e / 3.0% p).
Excluding food and energy, the PPI was flat m-o-m (0.3% e / 0.2% p) and 3.5% y-o-y (3.8% e / 3.5% revised p).
In the US, the PPI for final demand unexpectedly eased to 0.2% m-o-m in December 2024 (0.4% e / 0.4% p) and came in below estimates at 3.3% y-o-y (3.5% e / 3.0% p). 


Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Bursa stocks as of Sep 12th. The aggregated short interest is USD365m.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Malaysian Resources, Sime Darby, Bumi Armada, Genting, Yinson.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Sep 12th. The aggregated short interest is USD365m.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Malaysian Resources, Sime Darby, Bumi Armada, Genting, Yinson.


Bursa Short Interest Weekly (Sep 12th): Malaysian Resources, Sime Darby, Bumi Armada, Genting

<ul>
<li>We analyzed the changes in short interest of Bursa stocks as of Sep 5th. The aggregated short interest is USD368m.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Sime Darby, IJM, Telekom Malaysia, Icon Offshore, UEM Sunrise.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Sep 5th. The aggregated short interest is USD368m.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Sime Darby, IJM, Telekom Malaysia, Icon Offshore, UEM Sunrise.


Bursa Short Interest Weekly (Sep 5th): Sime Darby, IJM, Telekom Malaysia, Icon Offshore, UEM Sunrise

Leonard Law, CFA

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: SJM Holdings, Yinson Production, Adani Green Energy</li>
<li>Long-end UST yields rose slightly yesterday, with no macro catalysts and following mixed results for auctions of 2Y and 2Y notes. The yield on the 2Y UST was unchanged at 3.93%, while the yield on the 10Y UST rose 2 bps to 4.41%.</li>
<li>Equities held steady at record high levels following the US-EU trade agreement, and on expectations of an extension of the US-China trade truce. The S&amp;P 500 was flat at 6,390, while the Nasdaq was up 0.3% at 21,179.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: SJM Holdings, Yinson Production, Adani Green Energy
Long-end UST yields rose slightly yesterday, with no macro catalysts and following mixed results for auctions of 2Y and 2Y notes. The yield on the 2Y UST was unchanged at 3.93%, while the yield on the 10Y UST rose 2 bps to 4.41%.
Equities held steady at record high levels following the US-EU trade agreement, and on expectations of an extension of the US-China trade truce. The S&amp;P 500 was flat at 6,390, while the Nasdaq was up 0.3% at 21,179.


Malaysia

Yinson Holdings Berhad is an investment holding company. The Company, through its subsidiaries, provides offshore support services such as trading and logistics to the upstream oil and gas sector. Yinson Holdings' business also includes commodity trading.

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Yinson Holdings (YNS MK)

Yinson (7293) SLB, A Documented Pricing-Lag Arbitrage in 2025

Legal certainty of a 25bp step-up in an Asian SLB preceded market recognition by 3 days, likely due to vendor latency, resulting in a valuation...

Evan Campbell, CFA

Lucror Analytics - Morning Views Asia

In the US, the PPI for final demand unexpectedly eased to 0.2% m-o-m in December 2024 (0.4% e / 0.4% p) and came in below estimates at 3.3% y-o-y...

Lucror Analytics

Bursa Short Interest Weekly (Sep 12th): Malaysian Resources, Sime Darby, Bumi Armada, Genting

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Malaysian Resources, Sime Darby, Bumi...

Ke Yan, CFA, FRM

Bursa Short Interest Weekly (Sep 5th): Sime Darby, IJM, Telekom Malaysia, Icon Offshore, UEM Sunrise

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Sime Darby, IJM, Telekom Malaysia,...

Ke Yan, CFA, FRM

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: SJM Holdings, Yinson Production, Adani Green...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Yinson (7293) SLB, A Documented Pricing-Lag Arbitrage in 2025

​Legal certainty of a 25bp step-up in an Asian SLB preceded market recognition by 3 days, likely due to vendor latency, resulting in a valuation...

Evan Campbell, CFA

Lucror Analytics - Morning Views Asia

In the US, the PPI for final demand unexpectedly eased to 0.2% m-o-m in December 2024 (0.4% e / 0.4% p) and came in below estimates at 3.3% y-o-y...

Lucror Analytics

Bursa Short Interest Weekly (Sep 12th): Malaysian Resources, Sime Darby, Bumi Armada, Genting

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Malaysian Resources, Sime Darby, Bumi...

Ke Yan, CFA, FRM

Bursa Short Interest Weekly (Sep 5th): Sime Darby, IJM, Telekom Malaysia, Icon Offshore, UEM Sunrise

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Sime Darby, IJM, Telekom Malaysia,...

Ke Yan, CFA, FRM

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: SJM Holdings, Yinson Production, Adani Green...

Lucror Analytics

Legal certainty of a 25bp step-up in an Asian SLB preceded market recognition by 3 days, likely due to vendor latency, resulting in a valuation...