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: Yuexiu Property, Seazen Group, Fosun International, Softbank Group</li>
<li>Front-end UST yields fell marginally on Friday (with the 2Y falling 2 bps to 3.56%), following the release of weaker than expected February nonfarm payroll numbers. The rest of the curve was largely steady, as the soft labour data offset inflation concerns stemming from a sustained rise in oil prices.</li>
<li>The yield on the 10Y UST was unchanged at 4.14%. Equities slumped, on worries of a prolonged conflict in Iran after US President Donald Trump demanded unconditional surrender from Tehran. Moreover, the weak jobs report and higher oil price reignited stagflation concerns, while worries over private credit persisted. The S&amp;P 500 and Nasdaq fell 1.3% and 1.6% to 6,740 and 22,388, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu Property, Seazen Group, Fosun International, Softbank Group
Front-end UST yields fell marginally on Friday (with the 2Y falling 2 bps to 3.56%), following the release of weaker than expected February nonfarm payroll numbers. The rest of the curve was largely steady, as the soft labour data offset inflation concerns stemming from a sustained rise in oil prices.
The yield on the 10Y UST was unchanged at 4.14%. Equities slumped, on worries of a prolonged conflict in Iran after US President Donald Trump demanded unconditional surrender from Tehran. Moreover, the weak jobs report and higher oil price reignited stagflation concerns, while worries over private credit persisted. The S&amp;P 500 and Nasdaq fell 1.3% and 1.6% to 6,740 and 22,388, respectively.


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>400+ days ago, the TCC Group bid for <a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a> at just over 1.05x NAV failed on a combination of vocal minority opposition and minority apathy.</li>
<li>FHT has dramatically outperformed plummeting peers over the last few months on hope TCC might re-up that bid, but weaker peers and CRE markets suggest financing could be tougher.</li>
<li>Nothing is impossible, but it might make more sense for TCC to up its stake by stealth here rather than brute force. Earnings are 7 November.</li>
</ul>


400+ days ago, the TCC Group bid for Frasers Hospitality Trust (FHT SP) at just over 1.05x NAV failed on a combination of vocal minority opposition and minority apathy.
FHT has dramatically outperformed plummeting peers over the last few months on hope TCC might re-up that bid, but weaker peers and CRE markets suggest financing could be tougher.
Nothing is impossible, but it might make more sense for TCC to up its stake by stealth here rather than brute force. Earnings are 7 November.


Frasers Hospitality - Will TCC Renew Its Takeover Offer? Market Prices Bet Yes Ahead of Earnings

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu Property</li>
<li>UST yields fell 2-5 bps yesterday, led by the long end, driven by haven demand (amid potential US intervention in Iran) and following gains for UK gilts.</li>
<li>The yield on the 2Y UST declined 2 bps to 3.51%, while that on the 10Y dropped 5 bps to 4.13%. Equities fell for a second day, as investors rotated out of large tech names. The S&amp;P 500 and Nasdaq were down 0.5% and 1.0% at 6,927 and 23,472, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu Property
UST yields fell 2-5 bps yesterday, led by the long end, driven by haven demand (amid potential US intervention in Iran) and following gains for UK gilts.
The yield on the 2Y UST declined 2 bps to 3.51%, while that on the 10Y dropped 5 bps to 4.13%. Equities fell for a second day, as investors rotated out of large tech names. The S&amp;P 500 and Nasdaq were down 0.5% and 1.0% at 6,927 and 23,472, respectively.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu Property</li>
<li>UST yields rose 2-5 bps across the curve yesterday, amid a soft auction of 5Y notes and a large slate of corporate bond issuances. The yield on the 2Y UST increased by 2 bps to 3.61%, while that on the 10Y UST climbed 4 bps to 4.15%.</li>
<li>Equities retreated for a second day, but remained near record-high levels. The S&amp;P 500 and Nasdaq both declined 0.3% to 6,638 and 22,498, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu Property
UST yields rose 2-5 bps across the curve yesterday, amid a soft auction of 5Y notes and a large slate of corporate bond issuances. The yield on the 2Y UST increased by 2 bps to 3.61%, while that on the 10Y UST climbed 4 bps to 4.15%.
Equities retreated for a second day, but remained near record-high levels. The S&amp;P 500 and Nasdaq both declined 0.3% to 6,638 and 22,498, respectively.


<ul>
<li>Treasury yields jumped yesterday, led by the short-end, as a stronger than expected nonfarm payrolls report drove traders to exit bets on a July rate cut.</li>
<li>As of yesterday, Fed-dated OIS were pricing in an almost zero chance of a rate decrease in July, along with 51 bps of cuts by year-end (vs. 65 bps as of Wednesday).</li>
<li>The yield on the 2Y UST rose 10 bps to 3.88%, while the yield on the 10Y UST was up 7 bps at 4.35%. </li>
</ul>


Treasury yields jumped yesterday, led by the short-end, as a stronger than expected nonfarm payrolls report drove traders to exit bets on a July rate cut.
As of yesterday, Fed-dated OIS were pricing in an almost zero chance of a rate decrease in July, along with 51 bps of cuts by year-end (vs. 65 bps as of Wednesday).
The yield on the 2Y UST rose 10 bps to 3.88%, while the yield on the 10Y UST was up 7 bps at 4.35%. 


Hong Kong

Yuexiu Property is a comprehensive real estate developer engaged in property development, investment, and management across residential, commercial, and industrial sectors. The company develops and sells residential properties, operates and leases commercial spaces, and provides property management services. Headquartered in Guangzhou, Guangdong, China, it was established in 1983.

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Yuexiu Property (123 HK)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu Property, Seazen Group, Fosun...

Lucror Analytics

Frasers Hospitality - Will TCC Renew Its Takeover Offer? Market Prices Bet Yes Ahead of Earnings

Frasers Hospitality Trust is trading as if TCC might make another offer. But peers in Singapore/Asia are getting crushed, and globally CRE is in...

Travis Lundy

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu Property UST yields fell 2-5 bps...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu Property UST yields rose 2-5 bps...

Lucror Analytics

Lucror Analytics - Morning Views Asia

Treasury yields jumped yesterday, led by the short-end, as a stronger than expected nonfarm payrolls report drove traders to exit bets on a July...

Lucror Analytics

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