Category

Credit

Aug 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
  • West China Cement – Earnings Flash – H1 FY 2025 Results – Lucror Analytics

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: Greentown China, SK Hynix, JSW Infrastructure
  • UST yields rose slightly amid limited new catalysts yesterday, reversing a portion of the steep declines from last Friday.
  • The yield on the 2Y UST advanced 3 bps to 3.72%, while that on the 10Y UST was up 2 bps at 4.28%. Equities retreated, with the S&P 500 and Nasdaq down 0.4% and 0.2% at 6,439 and 21,449, respectively.

West China Cement – Earnings Flash – H1 FY 2025 Results – Lucror Analytics

By Leonard Law, CFA

  • West China Cement (WCC) has reported improved H1/25 numbers.
  • Earnings from Mainland China rebounded y-o-y, after declining in FY 2023 and FY 2024.
  • This was supported by higher ASP (amid industry-wide supply controls) and lower costs, which offset the impact from weaker sales volumes.

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Aug 26
0

Daily Brief Credit: Weekly News & Views – 2Q25 Earnings Recap and more

By | Credit, Daily Briefs

In today’s briefing:

  • Weekly News & Views – 2Q25 Earnings Recap
  • China Vanke – Earnings Flash – H1 FY 2025 Results – Lucror Analytics
  • Lucror Analytics – Morning Views Asia

Weekly News & Views – 2Q25 Earnings Recap

By Leandro Gubler

  • LatAm credit markets ended the week mixed as the LatAm Aggregate Index widened to 280 bps while EM spreads and U.S. yields remained stable.
  • In 2Q25 earnings, Vista, Minerva, and YPF delivered strong results supporting Overweight views, while Suzano, Cemex, and Telecom face spread constraints amid operational pressures.
  • MercadoLibre’s growth remains solid but limited spread compression, and Pemex benefits from government support.

China Vanke – Earnings Flash – H1 FY 2025 Results – Lucror Analytics

By Leonard Law, CFA

  • China Vanke’s H1/25 results remained weak, mainly due to operating losses at its property development segment.
  • The property development gross margin continued to contract, as the company continued to deliver projects with high land costs.
  • Earnings were also impacted by impairment charges amid persistent industry weakness, as well as fair value losses from asset disposals.

Lucror Analytics – Morning Views Asia

By Trung Nguyen

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, JSW Infrastructure
  • UST yields plummeted on Friday, led by the short end, as the market priced in greater rate-cut expectations after Fed Chairman Jerome Powell signalled openness (albeit he remained non-committal) towards interest-rate reductions.
  • The UST curve bull steepened, with the yield on the 2Y UST falling 10 bps to 3.70%, while that on the 10Y UST declined 7 bps to 4.25%.

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Aug 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: Wynn Macau, AAC Technologies
  • UST yields climbed yesterday, led by the front end, following hawkish comments from a few Fed officials and strong PMI data. The UST curve bear-flattened, with the yield on the 2Y UST rising 5 bps to 3.79%, while the yield on the 10Y UST increased 4 bps to 4.33%. Equities continued to retreat amid a rotation out of big tech stocks.
  • The S&P 500 slipped for a fifth straight day, declining 0.4% to 6,370, while the Nasdaq fell 0.3% to 21,100.

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Aug 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: Seazen Group, Japfa Comfeed
  • UST yields declined 1-2 bps yesterday, amid limited macro catalysts and following good demand for an auction of 20Y notes. The yield on the 2Y UST was unchanged at 3.75%, while the yield on the 10Y UST fell 2 bps to 4.29%.
  • Equities retreated for a second day, driven by broad decreases in tech heavyweights amid concerns over AI profitability. The S&P 500 slid 0.2% to 6,396, while the Nasdaq was down 0.7% at 21,173.

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Aug 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: Country Garden, Softbank Group, Xiaomi Corp, Sunny Optical
  • UST yields declined 2-3 bps across the curve yesterday, with limited catalysts on the macro front and amid a sell-off in equities. The yield on the 2Y UST fell 2 bps to 3.75%, while the yield on the 10Y UST declined 3 bps to 4.31%. Equities retreated, driven by a sell-off in tech stocks. The S&P 500 declined 0.6% to 6,411, while the Nasdaq slumped 1.5% to 21,315.
  • In the US, July housing starts rose 5.2% m-o-m (-1.8% e / 5.9% p) to an annualised 1.43 mn units. That said, the July (preliminary) building permits fell 2.8% m-o-m (-0.5% e / -0.1% p) to an annualised 1.35 mn units.

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Aug 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: Yuexiu REIT
  • UST yields rose 1-2 bps yesterday, with limited major catalysts ahead of Fed Chairman Jerome Powell’s Jackson Hole appearance later this week. The yield on the 2Y UST inched up 1 bp to 3.77%, while that on the 10Y UST was up 2 bps at 4.33%.
  • Equities were flat, with the S&P 500 and Nasdaq stable at 6,449 and 21,630, respectively.

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Aug 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: Yanlord Land, Longfor Group, China Hongqiao, Biocon Biologics
  • UST yields climbed on Friday, with the curve bear steepening, amid a wider sell-off in long-dated European sovereign bonds. The yield on the 2Y UST rose 2 bps to 3.75%, while that on the 10Y UST climbed 3 bps to 4.32%.
  • Equities retreated from all-time highs. This followed mixed macro updates that showed a broad-based advance in July retail sales, while consumer sentiment weakened on rising inflation expectations. The S&P 500 and Nasdaq declined 0.3% and 0.4%, to 6,450 and 21,623, respectively.

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Aug 16
0

Daily Brief Credit: Lucror Analytics – Convertibles Brief and more

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Convertibles Brief

Lucror Analytics – Convertibles Brief

By Trung Nguyen

  • Credit markets were stable yesterday, with the iTraxx X-Over at 261 bps. European bourses rose 0.1-1.2%. In the US, both the S&P 500 and Nasdaq were flat.
  • In Asia this morning, the Nikkei is up 1.0%, while the Hang Seng is down 1.1%. US equity futures are slightly higher.
  • WTI is trading at USD 63.8/bbl, and Brent at USD 66.7/bbl. US President Donald Trump said that he sees the upcoming meeting with his Russian counterpart Vladimir Putin today as a precursor to a second and more important meeting. 

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Aug 15
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

  • UST yields declined by 5-6 bps across the curve yesterday, as the market further firmed up expectations of a 25 bp Fed rate cut in September.
  • As of yesterday, Fed-dated OIS were pricing in a 26 bp rate cut next month and 64 bps of rate cuts for the remainder of 2025.
  • The yields on the 2Y UST and 10Y UST both declined 6 bps to 3.68% and 4.23%, respectively. 

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Aug 14
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

  • The UST curve twisted steeper yesterday after the July CPI report came in mostly within expectations, which could provide room for a Fed rate cut in September.
  • The yield on the 2Y UST fell 4 bps to 3.73%, while the yield on the 10Y UST was stable at 4.29%.
  • Equities rallied to new record highs, with the S&P 500 and Nasdaq up 1.1% and 1.4%, to 6,446 and 21,682, respectively. In the US, the July CPI inched down to 0.2% m-o-m (0.2% e / 0.3% p), and was stable at 2.7% y-o-y (2.8% e / 2.7% p). T

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