Category

Credit

Apr 30
0

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

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Tanvi Arora

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Nickel Industries
  • The US equity market rebounded overnight to erase earlier losses in the day. The S&P 500 was up for a fifth straight day (its longest streak since November 2024), albeit at just 0.1%.
  • In the US, the Dallas Fed manufacturing activity index plunged to negative 35.8 (-14.1 e / -16.3 p) in March, reaching its lowest level since May 2020. The survey showed executives describing the situation as “chaos” and “insanity”.

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Apr 29
0

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

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia
  • EM Spreads – Weekly News & Views

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Greenko Energy, Vedanta Resources, Reliance Industries
  • Last Friday, US Treasuries tightened by 5-8 bps across the curve. US equities continued to recover, albeit at a slow pace, with the S&P 500 up by 0.7% and Nasdaq rising 1.3%.
  • The US economy is projected to register a weak 0.4% annualised growth rate in Q1/25, according to the US government’s initial estimate, with a large trade deficit and consumer fatigue contributing to the slowdown, even before the tariff-related upheaval.

EM Spreads – Weekly News & Views

By Leandro Gubler

  • Argentina’s Economy Grows Above Expectations in February / Vista 1Q25: Strategic Petronas Acquisition Strengthens Credit and Growth Outlook
  • Fitch Affirms Cemex at ‘BBB-‘; Stable Outlook Reflects Resilient Credit Profile
  • Pemex Rig Suspensions Highlight Ongoing Operational and Financial Risks / MercadoLibre CEO Sees U.S.-China Trade War as Major Opportunity

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Apr 27
0

Daily Brief Credit: Moody’s Corporation: How Is The Management Capitalizing On Private Credit Market Demand To Up Their Game! and more

By | Credit, Daily Briefs

In today’s briefing:

  • Moody’s Corporation: How Is The Management Capitalizing On Private Credit Market Demand To Up Their Game!

Moody’s Corporation: How Is The Management Capitalizing On Private Credit Market Demand To Up Their Game!

By Baptista Research

  • Moody’s Corporation (Moody’s) reported strong financial performance in the first quarter of 2025, reflecting the resilience of its business model amidst market volatility and economic uncertainties.
  • The company achieved a record revenue of $1.9 billion, which represents an 8% year-over-year increase.
  • Both its Moody’s Investors Service (MIS) and Moody’s Analytics (MA) segments experienced 8% revenue growth.

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Apr 26
0

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

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Sands China, SK Hynix
  • The rebound in US equity continued overnight, amid bets the Fed could cut rates sooner than anticipated to prevent a recession. The S&P 500 rallied by 2%, while US treasuries rallied 7-9 bps across the curve.
  • Some 5 bps of additional Fed cuts were priced in for 2025 after comments by Fed officials. Gold climbed 1.7%, continuing its strong rally YTD.

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Apr 25
0

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

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Trung Nguyen

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: China Hongqiao, Softbank Group, Vedanta Resources, China Oil & Gas, Biocon Biologics
  • In the US, new home sales jumped 7.4% m-o-m (1.3% e / 3.1% revised p) to an annualised 724 k units in March, driven by a surge in home sales in the South. The March (final) building permits rose 0.5% to an annualised 1.47 mn units.
  • Separately, the S&P manufacturing PMI edged up to 50.7 (49.0 e / 50.2 p), while the services PMI fell to 51.4 (52.6 e / 54.4 p). The composite PMI declined to 51.2 (52.0 e / 53.5 p).

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Apr 24
0

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

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Tanvi Arora

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Continuum Green, JSW Steel
  • US President Donald Trump has told reporters that US tariffs on China will “come down substantially, but it won’t be zero. It used to be zero”.
  • Meanwhile, Mr Trump stated that he has “no intention of firing” Fed Chairman Jerome Powell, but would like to see him be “a little more active” in lowering interest rates.

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Apr 23
0

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

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Sunac China
  • US President Donald Trump has ramped up pressure on Fed Chairman Jerome Powell. In a Truth Social post yesterday, Mr Trump called for “pre-emptive cuts” in interest rates, stating that “there can almost be no inflation, but there can be a slowing of the economy unless Mr Too Late, a major loser, lowers interest rates now”.
  • The latest salvo came after White House economic advisor Kevin Hassett said on Friday that the Trump administration was studying whether it could fire Mr Powell. Mr Trump also told reporters on Friday that Mr Powell would resign if the President asked him to.

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Apr 22
0

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

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: MGM China, Adani Ports
  • In the US last Thursday, March housing starts came in below estimates at negative 11.4% m-o-m (-5.4% e / 9.8% revised p) to an annualised 1.32 mn units (1.42 mn e / 1.49 mn revised p), amid high inventory levels and uncertainty over building-material costs.
  • That said, building permits rose 1.6% m-o-m (-0.6% e / -1.0% p) to an annualised 1.48 mn units (1.45 mn e / 1.46 mn p).

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Apr 18
0

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

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: West China Cement, China Hongqiao, Indika Energy
  • In the US, advance retail sales rose 1.4% m-o-m (1.4% e / 0.2% p) in March, the highest increase in over two years, driven by consumer front-loading of car purchases and electronics ahead of tariff implementation.
  • Retail sales excluding autos edged down to 0.5% (0.4% e / 0.7% revised p), while the retail sales control group (excluding autos, gas, food services and building materials) slowed to 0.4% (0.6% e / 1.3% revised p). Separately, industrial production slid 0.3% (-0.2% e / 0.8% revised p) in March, with capacity utilisation falling to 77.8% (77.9% e / 78.2% p)

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Apr 17
0

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

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Seazen Group
  • In the US, the import price index slipped to negative 0.1% m-o-m (0.0% e / 0.2% revised p) in March. The index excludes tariff duties paid by importers to US Customs and Border Protection.
  • Long-end treasury yields fell for a second day, supported by Deputy Treasury Secretary Michael Faulkender’s statements that officials are discussing easing the supplementary lending requirements to lower the costs of trading treasuries for banks.

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