Credit

In today’s briefing:

Health & Happiness: MODTRIS
Lucror Analytics – Morning Views Asia

Health & Happiness: MODTRIS

By Warut Promboon

Here we introduce Modtris as a drastic approach to credit analysis.
Modrist uses historical financial data to compute simultation of multi-dimentional dynamics.
Fair value of H&H, according to Modtris, is quite close to the current price. We see Modtrist as an alternative to arrive at bond fair value without human bias.

Lucror Analytics – Morning Views Asia

In today’s Morning Views publication we comment on developments of the following high yield issuers: GMR Hyderabad, China Vanke
Fitch has downgraded the issuer default rating on China Vanke, as well as the senior unsecured notes rating on Vanke HK, to C from CCC-/CC.
The downgrade follows Vanke’s entry into a five-day grace period for a CNY 2 bn onshore bond that matured on 15 December 2025, which indicated heightened default risk

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Dec 19

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: Genting Berhad
S&P has affirmed the BBB- ratings on Genting Berhad and Genting Malaysia, as well as the BB+ ratings on Genting New York and Resorts World Las Vegas (RWLV).
The outlooks were revised to negative from stable.

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Dec 18

Daily Brief Credit: Intuit: Inside Credit Karma + TurboTax—How This Integration Is Quietly Winning Market Share! and more

In today’s briefing:

Intuit: Inside Credit Karma + TurboTax—How This Integration Is Quietly Winning Market Share!
Lucror Analytics – Morning Views Asia

Intuit: Inside Credit Karma + TurboTax—How This Integration Is Quietly Winning Market Share!

By Baptista Research

Intuit, a key player in financial software, has delivered strong results in the first quarter of fiscal 2026.
The company reported an 18% increase in revenue, which highlights the momentum and robust growth strategy that Intuit is executing.
This growth can be attributed to its AI-driven platform, which has further enhanced customer experiences across consumer and business segments.

Lucror Analytics – Morning Views Asia

In today’s Morning Views publication we comment on developments of the following high yield issuers: Hanwha TotalEnergies, Vedanta Resources.
Hanwha TotalEnergies Petrochemical (HTP) is a vertically integrated petrochemicals producer in South Korea.
The company produces a range of commodity chemicals, including base chemicals (olefins and aromatics), polymers (e.g. polyethylene and polypropylene) and energy products (jet fuel and diesel).

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Dec 17

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

In today’s briefing:

Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

Front-end UST yields declined yesterday, with the UST curve steepening in continuation of last week’s trend. The yield on the 2Y UST fell 2 bps to 3.50%, while that of the 10Y declined 1 bp to 4.17%.
Equities retreated for a second day, with the S&P 500 and Nasdaq down 0.2% and 0.6%, respectively.
New York Fed President John Williams said monetary policy is well-positioned heading into 2026, as the FOMC has “adjusted interest rates down in a way that we think positions us really well to have these two competing kinds of risks be roughly in balance”.

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Dec 16

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 steeper on Friday, continuing the steepening trend following the Fed’s rate cut decision last Wednesday.
The yield on the 2Y UST declined 2 bps to 3.52%, while the yield on the 10Y UST rose 3 bps to 4.18%.
Equities fell on investor anxiety over AI stocks, after Broadcom provided a disappointing sales outlook.

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Dec 13

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: Longfor Group, Seazen Group, Nickel Industries
UST yields were stable yesterday, with long-end yields rising marginally despite a decent auction of 30Y notes (which stopped through marginally, at 4.773% award vs. the 4.774% when-issued yield).
The yield on the 2Y UST was unchanged at 3.54%, while the yield on the 10Y UST rose 1 bp to 4.16%. Equities were mixed, as tech stocks declined on disappointing earnings from Oracle Corp. The S&P 500 rose 0.2% to 6,901, while the Nasdaq declined 0.3% to 23,594.

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Dec 12

Daily Brief Credit: Lucror Analytics – Convertibles Brief and more

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