Category

Credit

Aug 09
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: Adani Ports, Softbank Group
  • UST yields rose 1-2 bps yesterday, with the UST curve bear flattening slightly, following weak demand for a 30Y notes auction that tailed by 2 bps. The yields on the 2Y and 10Y UST both rose by 2 bps to 3.73% and 4.25%, respectively.
  • Equities ended mixed, halting a rally earlier in the day. The S&P 500 fell 0.1% to 6,340, while the Nasdaq was up 0.3% at 21,243. US President Donald Trump has said he will nominate Stephen Miran as a temporary Fed governor, replacing Adriana Kugler (who resigned last week).

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Aug 08
0

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

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia
  • Bond Market Monitor: Thai Corporations UnSmiled

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, Bharti Airtel
  • UST yields ended mixed yesterday, with the curve twisting steeper, following a soft auction for 10Y notes that tailed by 1 bp.
  • The yield on the 2Y UST declined 1 bp to 3.71%, while that on the 10Y UST was up 2 bps at 4.23%. Equities rebounded from Tuesday’s dip, with the S&P 500 and Nasdaq rising 0.7% and 1.2%, respectively.

Bond Market Monitor: Thai Corporations UnSmiled

By Warut Promboon

  • We sample blue-chip and household Thai corporations and plot the 12-month probability of default (PD) using iRAP
  • The median 12-month PD of the above samples was 11.15 basis points (bps), up from 5bps last November, with a trend showing continuing deterioration in the next 12 months
  • We expect more political upheaval and economic adjustment from the military conflict with Cambodia and the19% tariff on exports to the US to be quite detrimental to the Thai economy.

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Aug 07
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
  • Front-end UST yields rose yesterday, following a soft auction of 3Y notes, as well as an unexpected increase in the prices component of the ISM services survey.
  • The yield on the 2Y UST increased 5 bps to 3.73%, while the yield on the 10Y UST was up 2 bps at 4.21%. Equities retreated, amid the weak ISM services data. The S&P 500 and Nasdaq fell 0.5% and 0.7%, respectively.

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Aug 06
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: Adani Ports, Tata Motors
  • UST yields fell slightly yesterday, led by the long end, with yield movements muted ahead of this week’s heavy slate of bond auctions. The yield on the 2Y UST declined 1 bp to 3.68%, while the yield on the 10Y UST fell 2 bps to 4.19%.
  • Equities recovered from last Friday’s sell-off, driven by solid earnings and expectations of Fed rate cuts.

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Aug 05
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: Melco Resorts, Tata Motors, UPL Limited, Nissan Motor
  • UST yields plunged on Friday, led by the front end, as the market repriced expectations for Fed easing following a weaker than expected nonfarm payrolls report. As of Friday, Fed-dated OIS were pricing in 61 bps of rate cuts over the next three meetings in 2025 (vs. 33 bps as of Thursday). The UST curve bull steepened aggressively, with the yield on the 2Y UST declining 28 bps to 3.68%, while the yield on the 10Y UST fell 16 bps to 4.22%.
  • Equities retreated owing to the weak jobs numbers, continued tariff concerns, as well as after US President Donald Trump said the US was moving two nuclear submarines in response to “provocative” statements by former Russian president Dmitry Medvedev. The S&P 500 fell 1.6% to 6,238, while the Nasdaq was down 2.2% at 20,650.

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Aug 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 Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: MGM China, SK Hynix, Tata Steel, Vedanta Resources
  • Short-end UST yields rose slightly yesterday, extending Wednesday’s post-Fed curve flattening trend. The yield on the 2Y UST rose 2 bps to 3.96%, while the yield on the 10Y UST was stable at 4.38%. Equities ended the day mixed.
  • The S&P 500 erased a rally earlier in the day on renewed tariff concerns, declining 0.4% to 6,339. The Nasdaq closed flat at 21,122, after Microsoft and Meta Platforms reported solid results.

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Aug 01
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: Adani Ports, AAC Technologies, Tata Motors
  • UST yields rose yesterday, as the market priced in lower rate cuts for 2025, following the strong Q2 GDP numbers and after Fed Chair Jerome Powell said no decision has been made on a September rate cut. The UST curve bear flattened, with the yield on the 2Y UST rising 7 bps to 3.94%, while that on the 10Y UST was up 5 bps at 4.37%.
  • Equity movements were mixed, as tech stocks were supported by solid earnings from Microsoft and Meta Platforms.

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Jul 31
0

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

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia
  • Southwest Airlines: New Credit Card Perks to Win Back Loyal Flyers & Other Major Developments!

Lucror Analytics – Morning Views Asia

By Trung Nguyen

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Nickel Industries
  • UST yields declined meaningfully yesterday, supported by a strong auction of 7Y notes and following a weaker than expected June JOLTS report. In addition, investors may have moved to lock in yields ahead of the Treasury Department’s refunding announcement and FOMC rate decision today.
  • The UST curve bull-flattened, with the yield on the 2Y UST falling 6 bps to 3.87%, while the yield on the 10Y UST was down 9 bps at 4.32%. Equities retreated from record-high levels. The S&P 500 snapped a six-day winning streak, declining 0.3% to 6,371.

Southwest Airlines: New Credit Card Perks to Win Back Loyal Flyers & Other Major Developments!

By Baptista Research

  • Southwest Airlines’ earnings for the second quarter of 2025 provided a detailed insight into their transformational journey aimed at enhancing shareholder value and providing more choices for customers.
  • The airline has launched several initiatives, including a partnership with Chase and the implementation of checked bag fees, which are reportedly exceeding expectations without negatively impacting operations.
  • Robert Jordan, President and CEO, emphasized the rapid pace and quality of execution of these initiatives, reflecting excitement and direction toward a more differentiated product offering in the future.

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Jul 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 Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: SJM Holdings, Yinson Production, Adani Green Energy
  • Long-end UST yields rose slightly yesterday, with no macro catalysts and following mixed results for auctions of 2Y and 2Y notes. The yield on the 2Y UST was unchanged at 3.93%, while the yield on the 10Y UST rose 2 bps to 4.41%.
  • Equities held steady at record high levels following the US-EU trade agreement, and on expectations of an extension of the US-China trade truce. The S&P 500 was flat at 6,390, while the Nasdaq was up 0.3% at 21,179.

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Jul 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

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • UST yields were largely stable on Friday, after long-dated yields erased 3-4 bps of increases during the day.
  • The UST curve flattened marginally, with the yield on the 2Y UST rising 1 bp to 3.92%, while the yield on the 10Y UST declined 1 bp to 4.39%.
  • The S&P 500 rose for the fifth straight day, and was up 0.4% at 6,389. 

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