Credit

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: Delhi Int’l Airport
UST yields fell yesterday, led by the long end, on the back of a solid 2-year note auction and surprisingly dovish comments from San Francisco Fed President Mary Daly. The yield on the 2Y UST declined 1 bp to 3.50%, while that on the 10Y UST was down 4 bps at 4.03%.
Equities rose for a second day, as tech stocks recovered slightly from the prior week’s sell-off. The S&P 500 advanced 1.5% to 6,705, and the Nasdaq jumped 2.7% to 22,872.

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Nov 25

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

In today’s briefing:

Lucror Analytics – Morning Views Asia
Braskem 3Q25: Liquidity Strain Deepens as Bonds Remain in Distressed Territory

Lucror Analytics – Morning Views Asia

In today’s Morning Views publication we comment on developments of the following high yield issuers: ReNew Energy, China Jinmao
UST yields fell on Friday, led by the front end, after New York Fed President John Williams said he saw room for another rate cut in the near term, amid a softening labour market.
The yield on the 2Y UST declined 6 bps to 3.53%, while that on the 10Y UST dropped 5 bps to 4.09%. Equities recovered on Friday, but remained down for the week. The S&P 500 and Nasdaq rose 1.0% and 0.9% to 6,603 and 22,273, respectively.

Braskem 3Q25: Liquidity Strain Deepens as Bonds Remain in Distressed Territory

Braskem’s Overweight stance is supported by its strategic relevance and government links, with distressed bond prices already reflecting substantial downside risk.
We find better value in lower-priced bonds, especially the 2030 notes yielding 32.0% for a 3.0-year duration, while we see elevated risk in the 2081 hybrids.
Near-Term outcomes hinge on liquidity solutions, policy relief, and January coupon clarity, though recent developments and potential secured financing improve the probability of an alternative resolution.

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Nov 22

Daily Brief Credit: Health & Happiness: On Deleveraging Path and more

In today’s briefing:

Health & Happiness: On Deleveraging Path
Lucror Analytics – Morning Views Asia

Health & Happiness: On Deleveraging Path

By Warut Promboon

We initiate our coverage on Health and Happiness International Holding Limited (H&H)’s BTSDF 9.125% 24Jul2028.
H&H has refinanced USD320m of 2026 notes with the new USD300m of 2028 notes at a 9.125% coupon. The new bonds help extend its debt maturity and lower financing cost.
The bonds offer diversification and a chance to invest back in China after the fallout in the property sector. We assign an OVERWEIGHT recommendation.

Lucror Analytics – Morning Views Asia

UST yields fell meaningfully yesterday, with the curve bull steepening as market expectations for Fed rate cuts climbed.
This followed an uptick in the September unemployment rate, despite payrolls data coming in above estimates.
The yield on the 2Y UST decreased 6 bps to 3.53%, while that on the 10Y UST declined 5 bps to 4.09%.

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Nov 21

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: Lenovo
UST yields rose 2-3 bps across the curve yesterday, as the release of hawkish-leaning October Fed meeting minutes cast doubts over a rate cut in December.
This was despite a solid auction of 20Y notes. Yields on USTs rose 2 bps each, to 3.59% for the 2Y and 4.14% for the 10Y. Equities halted a four-day slide, after Nvidia reported solid Q3/25-26 results and gave a strong revenue forecast. The S&P 500 and Nasdaq climbed 0.4% and 0.6% to 6,642 and 22,564, respectively.

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Nov 20

Daily Brief Credit: YPF 3Q25: Strong Operating Results as Shale Expansion Reduces Cost Base and more

In today’s briefing:

YPF 3Q25: Strong Operating Results as Shale Expansion Reduces Cost Base
Lucror Analytics – Morning Views Asia

YPF 3Q25: Strong Operating Results as Shale Expansion Reduces Cost Base

We maintain our Overweight on YPF, supported by lower lifting costs, mature-field divestments, and a strategic shift toward higher-margin unconventional production and key midstream and export projects.
Improving macro conditions, stronger sovereign credit prospects, and reduced political risk post-elections should support investment, market access, and YPF’s medium-term credit profile.
At current spreads, we find the 2029s and 2031s most attractive, offering compelling yields with limited duration risk and trading wide to peers despite tighter historical averages.

Lucror Analytics – Morning Views Asia

In today’s Morning Views publication we comment on developments of the following high yield issuers: Health and Happiness (H&H), West China Cement, China Hongqiao, Xiaomi Corp
UST yields declined yesterday, led by the front end, following soft data from the ADP’s weekly employment gauge. The UST curve bull steepened, with the yields on the 2Y UST and 10Y UST decreasing 4 bps to 3.57% and 3 bps to 4.11%, respectively. Equities slumped on a sell-off in large tech stocks. The S&P 500 fell for a fourth straight day, dropping 0.8% to 6,617.
Richmond Fed President Tom Barkin (who is a non-voting member this year) said that the labour market may be weaker than the data suggested, adding that he believes “inflation remains somewhat elevated but isn’t likely to increase much”.

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Nov 19

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

In today’s briefing:

Lucror Analytics – Morning Views Asia
Suzano 3Q25: Results Soft but Broadly In Line with Expectations

Lucror Analytics – Morning Views Asia

UST yields were little changed at the close yesterday, as earlier yield declines were pared after Amazon announced a USD 15 bn sixpart notes offering.
The yield on the 2Y UST remained at 3.61%, while the yield on the 10Y UST declined 1 bp to 4.14%.
Equities slumped, ahead of Nvidia Corp’s widely anticipated earnings release tomorrow and amid market concerns over high AI valuations.

Suzano 3Q25: Results Soft but Broadly In Line with Expectations

Suzano’s 3Q25 results were soft but broadly in line, with pulp volumes and prices weighing on margins. Healthier pricing and cost discipline should support gradual margin recovery.
We upgrade the 2031 notes to Overweight after spreads widened 21 bps, creating more attractive relative value versus LatAm BBB peers and Suzano’s own curve.
We expect improving pulp prices, Ribas cost efficiencies, and disciplined capital allocation to strengthen margins, liquidity, and deleveraging capacity over the next 9–12 months.

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Nov 18

Daily Brief Credit: Minerva 3Q25: Stronger Credit as Integration Completes and more

In today’s briefing:

Minerva 3Q25: Stronger Credit as Integration Completes, Margins Under Pressure

Minerva 3Q25: Stronger Credit as Integration Completes, Margins Under Pressure

We maintain our Overweight on Minerva, favoring the 2033s for superior carry-to-duration despite limited upside, supported by strong liquidity, improving leverage, and integration-driven efficiencies
We see room for further spread compression over 9–12 months as operating conditions remain favorable, tariff mitigation continues, and synergies from acquired plants strengthen the credit profile
Relative value remains constructive, with Minerva notes still wide to key benchmarks and peers even after tightening, while rising cattle prices and weak interest coverage remain the main risks

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Nov 15

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: Tata Steel, Rakuten Group
Fed policymakers are uncertain, due to a lack of crucial data caused by the US government shutdown. Minneapolis Fed President Neel Kashkari said he did not support the central bank’s latest interest-rate cut.
He noted that “the anecdotal evidence and the data we got just implied to me underlying resilience in economic activity, more than I had expected”, and stated that he can make a case to lower or hold rates in December. Mr Kashkari joins other Fed officials who have expressed scepticism over the need for another rate decrease in December, with some arguing for holding rates steady to balance inflation and weaker hiring in the labour market.

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Nov 14

Daily Brief Credit: DTE Energy Reinvents Its Growth Story: Data Centers and more

In today’s briefing:

DTE Energy Reinvents Its Growth Story: Data Centers, Renewables, & Tax Credits Drive the Charge!
First Solar’s Strategic Reset: Tax Credits, Legal Battles, & America’s Next Solar Boom!
Lucror Analytics – Morning Views Asia
MercadoLibre 3Q25: Strong Growth but Profitability Under Pressure

DTE Energy Reinvents Its Growth Story: Data Centers, Renewables, & Tax Credits Drive the Charge!

By Baptista Research

DTE Energy’s third-quarter 2025 earnings call highlighted both progress and challenges for the company as it navigates its path toward meeting its long-term financial and operational goals.
The company emphasized its strategic shift towards higher-quality utility earnings and laid out a comprehensive plan for the next five years.
Here is a neutral summary of DTE Energy’s earnings results and strategic plans: DTE Energy reported strong financial results for the third quarter of 2025, with operating earnings of $468 million or $2.25 per share.

First Solar’s Strategic Reset: Tax Credits, Legal Battles, & America’s Next Solar Boom!

By Baptista Research

First Solar’s third quarter 2025 earnings results reveal a mixed picture featuring both strengths and challenges.
On the one hand, the company reported record module sales of 5.3 gigawatts, reaching an earnings per share (EPS) of $4.24, in line with earlier projections.
The firm also increased its gross cash position to $2 billion, bolstered by improved working capital and customer payments.

Lucror Analytics – Morning Views Asia

In today’s Morning Views publication we comment on developments of the following high yield issuers: Biocon Biologics
Overnight, US bond yields fell as traders anticipated fresh data to guide Fed policy. The 10-year Treasury yield slipped amid expectations of a potential rate cut. US equity was flattish.
The October CPI and core CPI numbers will be released today. The prolonged US government shutdown could delay the October and November jobs data to early December, potentially resulting in the weakest nonfarm payrolls since 2020.

MercadoLibre 3Q25: Strong Growth but Profitability Under Pressure

Strong topline growth in 3Q25 was offset by heavier investment intensity across Commerce and Fintech, pressuring margins and reinforcing our view that profitability headwinds will constrain near-term operating performance.
We maintain a Neutral view, with spreads already reflecting MELI’s credit strength and offering limited room for further tightening.
Credit metrics remain broadly healthy, though higher leverage and softer liquidity offset solid cash generation and resilient regional operations.

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Nov 13

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

In today’s briefing:

Lucror Analytics – Morning Views Asia
Cemex 3Q25: Strong Results and Outlook Support Credit View
Visa’s Fee Shake-Up Could Crush Credit Card Points Programs; What’s The Impact?

Lucror Analytics – Morning Views Asia

The US Senate passed a temporary funding measure after a 60-40 vote yesterday, backed by eight centrist Democrats.
The Bill will still require approval from the House and the signature of President Donald Trump. Mr Trump said yesterday that the US was “getting close” to a trade deal with India.
US Treasury Secretary Scott Bessent downplayed concerns over high costs for consumers under the Trump administration, saying that it had inherited elevated price levels from the Biden administration, which he described as the worst in the past 40-50 years.

Cemex 3Q25: Strong Results and Outlook Support Credit View