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

Adani Ports & Special Economic Zone / Credit

Adani Ports & Special Economic Zone (ADSEZ IN)

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, Yuexiu REIT</li>
<li>UST yields fell 3-7 bps yesterday, as treasuries rallied following the weak December retail sales figures. The UST curve bull flattened, with the yield on the 2Y UST dropping 3 bps to 3.45%, while that on the 10Y UST was down 6 bps at 4.14%.</li>
<li>Equities retreated, led by weakness in tech names, amid concerns over the impact of AI disruption on traditional software firms. The S&amp;P 500 slipped 0.3% to 6,942, while the Nasdaq declined 0.6% to 23,102.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, Yuexiu REIT
UST yields fell 3-7 bps yesterday, as treasuries rallied following the weak December retail sales figures. The UST curve bull flattened, with the yield on the 2Y UST dropping 3 bps to 3.45%, while that on the 10Y UST was down 6 bps at 4.14%.
Equities retreated, led by weakness in tech names, amid concerns over the impact of AI disruption on traditional software firms. The S&amp;P 500 slipped 0.3% to 6,942, while the Nasdaq declined 0.6% to 23,102.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: MGM China, Yuexiu REIT, Sands China, Pertamina (Persero), Bharti Airtel, Indofood CBP, Biocon Biologics, Tata Steel</li>
<li>UST yields rose on Friday, led by the front-end, following the strong University of Michigan consumer sentiment data. The UST curve bear-flattened, partly unwinding Thursday's sharp curve-steepening move.</li>
<li>The yield on the 2Y UST rose 5 bps to 3.50%, while the yield on the 10Y UST was up 2 bps at 4.21%. Equities rebounded, with the S&amp;P 500 and Nasdaq up 2.0% and 2.2%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: MGM China, Yuexiu REIT, Sands China, Pertamina (Persero), Bharti Airtel, Indofood CBP, Biocon Biologics, Tata Steel
UST yields rose on Friday, led by the front-end, following the strong University of Michigan consumer sentiment data. The UST curve bear-flattened, partly unwinding Thursday's sharp curve-steepening move.
The yield on the 2Y UST rose 5 bps to 3.50%, while the yield on the 10Y UST was up 2 bps at 4.21%. Equities rebounded, with the S&amp;P 500 and Nasdaq up 2.0% and 2.2%, respectively.


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There could be 49 potential inclusions and 25 potential deletions for the Hang Seng Composite Index in March. There are more stocks that are close on market cap/liquidity.</li>
<li>A lot of the potential adds are very recently listed stocks that have a limited trading history. The low free float could lead to price spikes in the stocks.</li>
<li>There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.</li>
</ul>


There could be 49 potential inclusions and 25 potential deletions for the Hang Seng Composite Index in March. There are more stocks that are close on market cap/liquidity.
A lot of the potential adds are very recently listed stocks that have a limited trading history. The low free float could lead to price spikes in the stocks.
There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.


HSCI Index Rebalance Preview and Stock Connect (Mar 2026): Many Changes Following Huge IPO Quarter

Yuexiu Real Estate Investment Trust / Credit

Yuexiu Real Estate Investment Trust (405 HK)

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu REIT, Vedanta Resources, Nickel Industries</li>
<li>The UST curve twisted slightly steeper yesterday, with the front-end continuing to be supported by the prospect of Fed rate cuts against the backdrop of a looming US government shutdown.</li>
<li>The yield on the 2Y UST fell 1 bp to 3.61%, while that on the 10Y UST was up 1 bp at 4.15%. Equities climbed for the third day, with the S&amp;P 500 and Nasdaq up 0.4% and 0.3%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu REIT, Vedanta Resources, Nickel Industries
The UST curve twisted slightly steeper yesterday, with the front-end continuing to be supported by the prospect of Fed rate cuts against the backdrop of a looming US government shutdown.
The yield on the 2Y UST fell 1 bp to 3.61%, while that on the 10Y UST was up 1 bp at 4.15%. Equities climbed for the third day, with the S&amp;P 500 and Nasdaq up 0.4% and 0.3%, respectively.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu REIT, Vedanta Resources</li>
<li>UST yields declined for a fourth straight day yesterday, in a continuation of the trend following the releases of weak JOLTS and nonfarm payroll data last week. The UST curve bull-flattened for a second day. The yield on the 2Y UST declined 2 bps to 3.49%, while the yield on the 10Y UST fell 4 bps to 4.04%. Equities climbed, with the S&amp;P 500 and Nasdaq up 0.2% and 0.5%, respectively.</li>
<li>In the US, the New York Fed one-year inflation expectations rose to 3.20% (3.09% p).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu REIT, Vedanta Resources
UST yields declined for a fourth straight day yesterday, in a continuation of the trend following the releases of weak JOLTS and nonfarm payroll data last week. The UST curve bull-flattened for a second day. The yield on the 2Y UST declined 2 bps to 3.49%, while the yield on the 10Y UST fell 4 bps to 4.04%. Equities climbed, with the S&amp;P 500 and Nasdaq up 0.2% and 0.5%, respectively.
In the US, the New York Fed one-year inflation expectations rose to 3.20% (3.09% p).


Hong Kong

Yuexiu Real Estate Investment Trust is a Hong Kong-listed real estate investment trust primarily engaged in the leasing of commercial properties in mainland China. Its portfolio includes Grade-A offices, commercial complexes, retail businesses, hotels, serviced apartments, and professional clothing markets. The company is headquartered in Wanchai, Hong Kong, and was incorporated in 1997.

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Yuexiu Real Estate Investment Trust (405 HK)

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, Yuexiu REIT

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: MGM China, Yuexiu REIT, Sands China, Pertamina...

Lucror Analytics

HSCI Index Rebalance Preview and Stock Connect (Mar 2026): Many Changes Following Huge IPO Quarter

There could be 74 changes for the HSCI in March. That could result in 64 changes to the Southbound Stock Connect list and also have implications...

Brian Freitas

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu REIT, Vedanta Resources, Nickel Industries

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Yuexiu REIT, Vedanta Resources

Lucror Analytics

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