Category

Credit

Jul 03
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: China Water Affairs
  • Front-end treasury yields rose yesterday, following stronger than expected JOLTS and ISM manufacturing reports (which tempered expectations of Fed easing). The yield on the 2Y UST rose 5 bps to 3.77%, while the yield on the 10Y UST was up 1 bp at 4.24%.
  • Equities retreated, as investors rotated out of tech stocks. The S&P 500 inched down 0.1% to 6,198 (albeit remaining near record high levels), while the Nasdaq fell 0.8% to 20,203.

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Jul 02
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: Softbank Group, New World Development
  • US Treasury yields fell yesterday. The UST curve bull flattened, with the yield on the 2Y UST declining 3 bps to 3.72%, while that on the 10Y UST was down 5 bps at 4.23%. Equities climbed to new record highs.
  • The S&P 500 rose 0.5% to 6,205, while the Nasdaq advanced 0.5% to 20,370. Contracted sales for China’s Top 100 developers in June declined 23% y-o-y but were up 15% m-o-m at CNY 339 bn, according to CRIC.

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Jul 01
0

Daily Brief Credit: Asian Bond Monitor: Asian Bonds for the Upcoming Recession and more

By | Credit, Daily Briefs

In today’s briefing:

  • Asian Bond Monitor: Asian Bonds for the Upcoming Recession
  • Lucror Analytics – Morning Views Asia

Asian Bond Monitor: Asian Bonds for the Upcoming Recession

By Warut Promboon

  • Inflation will remain sticky but we expect the recession headline to keep a lid on consumer spending which should also limit the possibility of a future rate hike.
  • We believe fixed rate bonds should be the instrument of choice toward the end of this year. 
  • Rising default and a lack of growth in developed markets should also bode well for Asian US Dollar (USD) bonds.

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
  • UST yields rose 3-4 bps across the curve on Friday, after US President Donald Trump cut off trade talks with Canada.
  • This unwound yield declines earlier in the day, on the back of weaker than expected personal spending and income data. The yield on the 2Y and 10Y UST advanced 3 bps to 3.75% and 4.28%, respectively.

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Jun 28
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: Delhi Int’l Airport, Longfor Group, Softbank Group, Xiaomi Corp
  • US treasury yields continued to decline for a fifth straight day, on the back of a strong auction of 7Y notes, as well as increased market expectations for rate cuts. The yield on the 2Y UST fell 6 bps to 3.72%, while that on the 10Y UST declined 5 bps to 4.24%.
  • Equities climbed towards record high levels. The S&P 500 gained 0.8% to 6,141, just shy of the peak of 6,144 in February. The Nasdaq advanced 1.0% to 20,168.

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Jun 27
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, Shui On Land, West China Cement
  • Front-end UST yields continued to decline yesterday, as the market priced in higher expectations for Fed easing, and on the back of a reasonable auction of 5Y notes.
  • The yield on the 2Y UST fell 4 bps to 3.78%, while that on the 10Y UST was unchanged at 4.29%. Equities hovered near a record high level, with the S&P 500 flat at 6,092, while the Nasdaq rose 0.3% to 19,974.

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Jun 26
0

Daily Brief Credit: Lenovo – ESG Report – Lucror Analytics and more

By | Credit, Daily Briefs

In today’s briefing:

  • Lenovo – ESG Report – Lucror Analytics
  • Lucror Analytics – Morning Views Asia

Lenovo – ESG Report – Lucror Analytics

By Trung Nguyen

  • Lenovo is the largest PC maker globally, with a c. 25% market share. It is also a major mobile-phone maker and Top 5 server manufacturer.
  • At FYE 2024-25 (ended March 2025), Lenovo’s revenue was USD 69 bn.
  • The largest shareholders of the HKEX-listed company are Legend Holdings (37%) and Chairman/CEO Yang Yuanqing (6.2%).

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • US Treasury yields declined 4-5 bps across the curve yesterday, on account of softer-than-expected consumer confidence data and amid Fed Chairman Jerome Powell’s cautious remarks on rate cuts.
  • The yield on the 2Y UST declined 4 bps to 3.83%, while the yield on the 10Y UST fell 5 bps to 4.30%.
  • Equities rallied on easing tensions in the Middle East, with the S&P 500 and Nasdaq up 1.1% and 1.4%, respectively.

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Jun 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
  • EM Spreads – Weekly News & Views

Lucror Analytics – Morning Views Asia

By Trung Nguyen

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: SK Hynix
  • Front-end UST yields declined on Friday, on the back of Fed Governor Christopher Waller’s comments that a rate cut could come as early as July. The UST curve bull steepened, with the yield on the 2Y UST falling 3 bps to 3.91%, while that on the 10Y UST declined 1 bp to 4.38%.
  • Equities retreated amid escalating tensions in the Middle East. In addition, semiconductor stocks fell after WSJ reported that the US could revoke export waivers for Western chipmakers to manufacture in China.

EM Spreads – Weekly News & Views

By Leandro Gubler

  • EM spreads hold steady, while LatAm spreads expand 5 bps. 
  • Brazil’s economic growth is expected to slow after four years above 3%, as persistent inflation, tight monetary policy, and limited fiscal adjustment weigh on the outlook. 
  • Minerva Announces Divestment of Uruguayan Asset to Allana / YPF Advances Divestment Strategy to Prioritize Vaca Muerta Development / CSN Cimentos Brasil Finalizes Terms of R$550 Million Debenture Offering

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Jun 21
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
  • The US market was closed for Juneteenth yesterday.
  • US President Donald Trump has indicated that he will decide whether to attack Iran within the next two weeks, according to White House Press Secretary Karoline Leavitt.

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Jun 20
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: Perusahaan Listrik (PLN), Vedanta Resources
  • US treasuries ended little changed yesterday. Yields inched down earlier in the day, after the Fed retained its projections for two rate cuts this year, but rebounded after Fed Chairman Jerome Powell reiterated the risk of higher inflation from tariffs. The yield on the 2Y UST fell 1 bp to 3.94%, while that on the 10Y UST was unchanged at 4.39%.
  • Similarly, equities ended flat, as a rally fizzled out following Mr Powell’s latest warning on tariffs. The S&P 500 was unchanged at 5,981, while the Nasdaq edged up 0.1% to 19,546. The US market is closed for Juneteenth today.

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Jun 19
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: ENN Energy, Vedanta Resources, Jababeka, Softbank Group
  • Treasuries climbed yesterday, with long-end yields declining amid a risk-off sentiment driven by the escalating Iran-Israel conflict. The yield on the 2Y UST slid 1 bp to 3.95%, while the yield on the 10Y UST fell 6 bps to 4.39%.
  • Equities retreated, after US President Donald Trump called for Iran’s “unconditional surrender” and following the release of weak retail sales and industrial production data. The S&P 500 and Nasdaq fell 0.8% and 0.9%, respectively, to 5,983 and 19,521, respectively.

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