Credit

In today’s briefing:

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

Lucror Analytics – Morning Views Asia

In today’s Morning Views publication we comment on developments of the following high yield issuers: Bharti Airtel, SK Hynix, Adani Green Energy, Wynn Macau, New World Development

In the US, initial jobless claims for the week ended January 18th rose slightly to 223 k (220 k e / 217 k p). Meanwhile, continuing claims climbed to a three-year high of 1.90 mn (1.87 mn e / 1.85 mn p).
Treasuries ended mixed yesterday. The yield on the 2Y UST declined 1 bp to 4.29%, while the yield on the 10Y UST grew 3 bps to 4.64%.

EM Spreads – Weekly News & Views

By Leandro Gubler

The LatAm Corporate Index tightened by 3 basis points (bps) to 319 bps in the week ending on Friday, January 24, 2025.
U.S. Treasuries saw modest increases, with the 10-year yield up 2 bps to 4.64% and the 5-year yield also up 2 bps to 4.45%.
Cemex – Mexico Construction Key Indicators, YPF/Vista – Shale Boom Drives Argentina’s Energy Trade Surplus.

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Jan 24

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 Water Affairs, Health and Happiness (H&H), Anton Oilfield, Lippo Karawaci
In the US, the December Conference Board leading index inched down by 0.1% (-0.1% e / 0.4% revised p) in December to 101.6. The decrease was due to “low consumer confidence about future business conditions, still relatively weak manufacturing orders, an increase in initial claims for unemployment and a decline in building permits”, according to Justyna Zabinska-La Monica, Senior Manager for Business Cycle Indicators at The Conference Board.
US President Donald Trump is considering imposing a 10% tariff on imports of Chinese goods as soon as February 1st, apparently due to fentanyl being trafficked into the US via Mexico and Canada, using chemicals from China.

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Jan 23

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

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: Greenko Energy, New World Development, Softbank Group
In the US, treasuries climbed slightly yesterday, amid a lack of macro news and as President Donald Trump held back from implementing tariffs on his first day in office. The UST curve bull flattened, with the yield on the 1Y UST declining 1 bp to 4.28%, while the 10Y fell 5 bps to 4.58%. Similarly, equities rose on the back of optimism that Mr Trump’s policies will boost US corporations.
This came after he unveiled a new investment push for artificial intelligence led by Softbank Group, Open AI and Oracle Corp (see comment below). The S&P 500 climbed 0.9% to 6,049, while the Nasdaq was up 0.6% at 19,757.

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Jan 22

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: New World Development, China Vanke, Vedanta Resources
The US market was closed for the Martin Luther King Jr Day holiday yesterday.
In China, the one-year and five-year loan prime rates (quoted by commercial banks) have been maintained at 3.10% and 3.60%, respectively.

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Jan 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: China Vanke, Reliance Industries, Greenko Energy
In the US, industrial production came in above estimates at 0.9% m-o-m in December (0.3% e / 0.2% revised p), supported by higher civilian aircraft production after the Boeing strike was resolved. Separately, housing starts surged 15.8% m-o-m (3.0% e / -3.7% revised p) to 1.5 mn units in December.
Meanwhile, building permits declined 0.7% m-o-m (-2.2% e / 5.2% p) to 1.48 mn in the same month.

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Jan 18

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

In today’s briefing:

Lucror Analytics – Morning Views Asia
Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Tanvi Arora

In the US, the December CPI edged higher to 2.9% y-o-y (2.9% e / 2.7% p) and 0.4% m-o-m (0.4% e / 0.3% p), the fastest monthly pace since March 2024.
That said, core CPI (excluding food and energy) eased marginally to 3.2% y-o-y (3.3% e / 3.3% p) and 0.2% m-o-m (0.3% e / 0.3% p).
Core CPI eased on a m-o-m basis for the first time in six months, after standing at 0.3% for four consecutive months.

Lucror Analytics – Morning Views Asia

In the US, December advance retail sales eased to 0.4% m-o-m (0.6% e / 0.8% revised p), while the November figure was revised upwards to 0.8% (from 0.7%).
Growth in auto sales slowed to 0.7% (after accelerating 3.1% in November), albeit receipts at miscellaneous store retailers soared 4.3%.
The retail sales control group (which feeds into the government’s calculation of goods spending for GDP, and excludes food services, auto dealers, gas stations and building materials stores) accelerated 0.7% m-o-m (0.4% e / 0.4% p).

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Jan 17

Daily Brief Credit: EM Spreads – Weekly News & Views and more

In today’s briefing:

EM Spreads – Weekly News & Views

EM Spreads – Weekly News & Views

By Leandro Gubler

The LatAm Corporate Index widened by 4 bps to 317 bps in the week ended Wednesday, January 15, 2025.
YPF Priced $1.1bn Bond Due 2034 at 8.5% Yield. PEMEX Commits to Settling Supplier Debts by March
Moody’s Upgrades Ratings of Argentine Non-Financial Companies Following Country Ceiling Adjustment

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Jan 16

Daily Brief Credit: Health And Happiness – Event Flash – Launches Tender Offer And Concurrent Notes Issuance and more

In today’s briefing:

Health And Happiness – Event Flash – Launches Tender Offer And Concurrent Notes Issuance
Lucror Analytics – Morning Views Asia
JSW Steel – ESG Report

Health And Happiness – Event Flash – Launches Tender Offer And Concurrent Notes Issuance

Health and Happiness’ (H&H) proposed tender offer and new notes issuance will extend its debt maturity profile and alleviate debt repayment pressure in FY 2026.
In our view, the high tender offer price of 109.8 is to incentivise bondholders to tender and subscribe to the new notes.
We see fair value for the proposed notes at c. 8%.

Lucror Analytics – Morning Views Asia

In the US, the PPI for final demand unexpectedly eased to 0.2% m-o-m in December 2024 (0.4% e / 0.4% p) and came in below estimates at 3.3% y-o-y (3.5% e / 3.0% p).
Excluding food and energy, the PPI was flat m-o-m (0.3% e / 0.2% p) and 3.5% y-o-y (3.8% e / 3.5% revised p).
In the US, the PPI for final demand unexpectedly eased to 0.2% m-o-m in December 2024 (0.4% e / 0.4% p) and came in below estimates at 3.3% y-o-y (3.5% e / 3.0% p).

JSW Steel – ESG Report

Incorporated in India, JSW Steel was established in 1994 and listed on the Indian stock exchange in 1995.
The company is the largest steel producer in the country (only taking into account capacity in India) and seventh-largest in the world.
It had 34.7 mtpa of capacity at FYE 2023-24, most of which was based in India (33.2 mtpa).

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Jan 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: Yuexiu Property, Seazen Group, Vedanta Resources
In the US, the UST curve bear steepened slightly, amid a rise in oil price and a heavy pipeline of corporate bond issuances. The yield on the 2Y UST was unchanged at 4.38%, while that on the 10Y UST was up 2 bps at 4.78%. Equities were mixed.
The S&P 500 rebounded 0.2% from last Friday’s selloff to close at 5,836. That said, the Nasdaq fell 0.4% to 19,088, driven by a decline in large tech stocks.

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Jan 14

Daily Brief Credit: Vinhomes – New Issue Assessment – Lucror Analytics and more

In today’s briefing:

Vinhomes – New Issue Assessment – Lucror Analytics
Lucror Analytics – Morning Views Asia

Vinhomes – New Issue Assessment – Lucror Analytics

Vinhomes launched a roadshow last week to market its debut USD 144A/RegS five-year bullet notes.
The notes are expected to be rated B1 by Moody’s and BB- by Fitch, in line with the issuer rating.
The proceeds will be used mainly for debt refinancing and capex.

Lucror Analytics – Morning Views Asia