In today’s briefing:
- Lucror Analytics – Morning Views Asia
- Thai Oil – Tear Sheet – Lucror Analytics
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: China Water Affairs
- The UST curve twisted slightly flatter yesterday, largely undoing Tuesday’s steepening. The yield on the 2Y UST rose 2 bps to 3.50%, while the yield on the 10Y UST was stable at 4.03%. Equities ended higher, despite choppy price action during the day. The S&P 500 increased 0.4% to 6,671, and the Nasdaq was up 0.7% at 22,670.
- The Fed Beige Book stated that US economy activity was little changed from the previous month’s report, with three districts reporting slight to modest growth in activity, five reporting no change and four noting a slight softening.
Thai Oil – Tear Sheet – Lucror Analytics
- We view Thai Oil Public Company Limited (TOP) as “Low Risk” on the LARA scale.
- This is primarily driven by the company’s strategic importance to state-owned PTT Public Company Limited, due to its position as the group’s main oil refining vehicle.
- TOP benefits from its close links with PTT, as TOP obtains feedstock from and sells refined products to its parent.
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