Credit

In today’s briefing:

Lucror Analytics – Convertibles Brief
Lucror Analytics – Morning Views Asia
Thai Oil – ESG Report – Lucror Analytics
Yinson Production – ESG Report – Lucror Analytics

Lucror Analytics – Convertibles Brief

In today’s Convertibles Brief publication we comment on developments of the following high yield issuers: Lenovo
The iTraxx Main was broadly flat at 53 bps, while the iTraxx X-Over narrowed 1 bps to 255 bps. The US CDX HY widened 3 bps to 323 bps. European bourses were mostly flat to 0.7% lower, except for the DAX (+0.5%), FTSE MIB (+0.3%) and IBEX 35 (+0.1%). In the US, the S&P 500 fell 0.1%, while the Nasdaq gained 0.1%.
In Asia this morning, the Nikkei is down 0.3%, while the Hang Seng is 0.4% lower. US equity futures are mostly trading higher. WTI and Brent are USD 58.4/bbl and USD 62.0/bbl, respectively.

Lucror Analytics – Morning Views Asia

In today’s Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, West China Cement, Biocon Biologics
UST yields declined yesterday, led by the front end, following the Fed’s 25-bp rate cut and announcement that it will commence T-bill purchases. The UST curve bull steepened sharply, with the yield on the 2Y UST falling 8 bps to 3.54%, while the yield on the 10Y decreased 4 bps to 4.15%.
Fed-dated OIS continued to price in two rate cuts in 2026 (one before June and another by October), despite the FOMC’s dot plot indicating just one cut for 2026. Equities climbed, with the S&P 500 rising 0.7% to 6,887.

Thai Oil – ESG Report – Lucror Analytics

Thai Oil Public Company Limited (TOP) is primarily engaged in downstream oil refining, as well as the manufacture of petrochemical products.
TOP operates Thailand’s largest complex oil refinery, with a capacity of 275 k bbl/day (accounting for c. 21% of the country’s total oil refining capacity).
In addition, the company is expanding capacity through its clean fuel project, with the aim of raising capacity by c. 45% to 400 k bbl/day.

Yinson Production – ESG Report – Lucror Analytics

Yinson Production is an owner and operator of floating production storage and offloading (FPSO) and floating storage and offloading (FSO) vessels, with seven operational units and two under construction as of June 2025.
The company entered the offshore oil & gas production business in 2011 under a JV with PetroVietnam, and expanded the business with the acquisition of Norway-based Fred Olsen Production in 2014.
It is headquartered in Singapore, with an operational hub in Oslo.

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Dec 11

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

In today’s briefing:

Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Lenovo, SK Hynix
UST yields rose for the fourth straight day yesterday following the release of strong JOLTS data, albeit losses in treasuries were pared after good demand for a 10Y note auction.
The UST curve bear flattened, with the yield on the 2Y UST rising 4 bps to 3.62%, while that on the 10Y UST was up 2 bps at 4.19%. Equities were steady ahead of the FOMC rate decision tonight. The S&P 500 fell 0.1% to 6,841, while the Nasdaq was up 0.1% at 23,576.

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Dec 10

Daily Brief Credit: JBS 3Q25: Solid Top-Line Growth as Pricing Strength Offsets Mixed Margins and more

In today’s briefing:

JBS 3Q25: Solid Top-Line Growth as Pricing Strength Offsets Mixed Margins
Lucror Analytics – Morning Views Asia

JBS 3Q25: Solid Top-Line Growth as Pricing Strength Offsets Mixed Margins

By Leandro Gubler

Long end offers attractive value, with 2053s providing compelling carry-to-duration and 35–65 bps of extra spread versus Tyson and key LatAm peers.
We maintain a constructive view of JBS’s credit profile, supported by diversification, global scale, solid liquidity, and manageable leverage consistent with investment-grade metrics.
A broadly supportive global protein backdrop reinforces earnings resilience across proteins, while healthier conditions in Brazil and Australia help offset ongoing margin pressure in North America Beef.

Lucror Analytics – Morning Views Asia

In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Genting Berhad, Xiaomi Corp
UST yields rose 1-3 bps yesterday, to the highest levels in two months. The move appeared to be driven by lower expectations of Fed rate cuts next year, even as the market firmly priced in 25 bps of rate reductions this week.
The yield on the 2Y UST rose 1 bp to 3.58%, while the yield on the 10Y UST climbed 3 bps to 4.17%. Equities halted a four-day rally, with the S&P and Nasdaq down 0.3% and 0.1%, respectively.

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Dec 09

Daily Brief Credit: Affirm Holdings Inc.: How Its Credit Innovation Is Unlocking Millions of New Gen Z Users! and more

In today’s briefing:

Affirm Holdings Inc.: How Its Credit Innovation Is Unlocking Millions of New Gen Z Users!
Lucror Analytics – Morning Views Asia

Affirm Holdings Inc.: How Its Credit Innovation Is Unlocking Millions of New Gen Z Users!

By Baptista Research

Affirm Holdings reported a strong first quarter of fiscal 2026, reflecting broad-based momentum across its merchant network, consumer base, funding channels and product ecosystem.
The company highlighted significant operational progress supported by sustained GMV growth, expanding adoption of its card product and increased usage across both direct merchant integrations and direct-to-consumer channels.
A key development in the period was the five-year extension of its U.S. partnership with Amazon, which provides longer-term visibility into one of its most meaningful merchant relationships.

Lucror Analytics – Morning Views Asia

In today’s Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, Xiaomi Corp, Reliance Industries, Biocon Biologics
UST yields climbed 4 bps across the curve on Friday, in tandem with a decline in Canadian government bonds, even though the belatedly-released September PCE inflation numbers were line with estimates.
Yields on the 2Y and 10Y USTs rose to 3.56% and 4.14%, respectively. Equities notched small gains towards October’s record-high levels, with the S&P 500 and Nasdaq up 0.2% and 0.3%, respectively.

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Dec 06

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

In today’s briefing:

Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

In today’s Morning Views publication we comment on developments of the following high yield issuers: Greentown China
UST yields rose 2-4 bps yesterday, led by the front end, following the strong jobless claims data. The yield on the 2Y UST jumped 4 bps to 3.52%, while the yield on the 10Y UST climbed 3 bps to 4.10%. Fed-dated OIS were steady, and continued to price in a 92% probability of a rate cut next Wednesday.
Equities edged up slightly towards record high levels. The S&P 500 and Nasdaq rose 0.1% and 0.2% to 6,857 and 23,505, respectively.

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Dec 05

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

In today’s briefing:

Lucror Analytics – Morning Views Asia
Telecom 3Q25: Stronger Margins and a More Constructive Outlook

Lucror Analytics – Morning Views Asia

In today’s Morning Views publication we comment on developments of the following high yield issuers: Greenko Energy, New World Development
UST yields fell 2-3 bps yesterday, following the release of weaker than expected November ADP payrolls data. The yield on the 2Y and 10Y UST declined 2 bps to 3.49% and 4.06%, respectively. Equities rose, as the labour market slowdown reinforced market expectations for a Fed rate cut this month. The S&P 500 advanced 0.3% to 6,850, while the Nasdaq was up 0.2% at 23,454.
In the US, the ADP employment report showed that private-sector payrolls declined by 32 k in November (10 k e / 47 k revised p), with payrolls having fallen in four of the past six months. Hiring has been choppy of late, as employers weather cautious consumers and an uncertain macroeconomic environment, according to ADP chief economist Nela Richardson. While the November slowdown was broad-based, it was led by a pullback among small businesses.

Telecom 3Q25: Stronger Margins and a More Constructive Outlook

By Leandro Gubler

We upgrade Telecom Argentina to Overweight as the TMA acquisition strengthens its market position, supports operating momentum, and benefits from reduced political risk and improving macro stability.
Regulatory uncertainty remains meaningful, and we think clearer visibility on the Telefónica approval process and integration timeline will be critical for value realization and credit performance.
• We see more value in the TEOAR 2031s given their lower duration, attractive relative spreads versus the EM B Index and peers, and supportive operating trends despite weak liquidity.

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Dec 04

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

In today’s briefing:

Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

The UST curve twisted marginally steeper yesterday, as the market focused on the selection for the next Fed Chairman amid little macro developments.
The yield on the 2Y UST declined 2 bps to 3.51%, while the yield on the 10Y UST was unchanged at 4.09%.
Equities recovered from Monday’s sell-off, in tandem with a rise in cryptocurrencies. The S&P 500 and Nasdaq rose 0.2 and 0.6% to 6,829 and 23,414, respectively.

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Dec 03

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

In today’s briefing:

Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

UST yields increased yesterday, led by the long end, following Merck & Co’s USD 8 bn eight-part offering and in tandem with a jump in JGB yields following rate-hike comments by Bank of Japan Governor Kazuo Ueda.
The yield on the 2Y UST rose 4 bps to 3.53%, while the yield on the 10Y UST jumped 7 bps to 4.09%. Equities retreated on risk aversion, amid a sell-off in cryptocurrencies.
The S&P 500 and Nasdaq declined 0.5% and 0.4% to 6,813 and 23,276, respectively.

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Dec 02

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

In today’s briefing:

Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

In today’s Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Genting Berhad, Meituan
UST yields climbed 1-3 bps on Friday, albeit there were no material catalysts as the market returned after Thanksgiving. The yield on the 2Y UST rose 1 bp to 3.49%, while that on the 10Y UST was up 2 bps at 4.01%. Equities climbed on thin trading in a shortened postholiday session. The S&P 500 and Nasdaq advanced 0.5% and 0.7% to 6,849 and 23,366, respectively.
China’s November official manufacturing PMI edged up to 49.2 (49.4 e / 49.0 p), albeit remaining in contraction territory for the eighth straight month. The non-manufacturing PMI slipped to 49.5 (50.0 e / 50.1 p), with the composite PMI declining to 49.7 (50.0 p).

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Nov 29

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

In today’s briefing:

Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia