In today’s briefing:
- Bond Market Monitor: TRUMPoline Projectile
- MercadoLibre’s Fintech Empire Is Growing: Credit
- Lucror Analytics – Morning Views Asia
- Vista Land & Lifescapes – Q1 FY 2025 And FY 2024 Results – Lucror Analytics
Bond Market Monitor: TRUMPoline Projectile
- We believe Moody’s simply took the opportunity on the Tariff news to move USA’s rating to be in-line with those of the other two agencies.
- Though rising rates are not friendly to fixed rate bonds, we believe Asian high-yield bonds remain a good place to park capital in the near term
- We prefer short duration under 5 years to keep duration low in preparation for an upward pressure on rates in the near term.
MercadoLibre’s Fintech Empire Is Growing: Credit
- MercadoLibre, the leading e-commerce and fintech company in Latin America, has reported its financial performance for the first quarter of 2025, showcasing strong growth across its major business segments.
- The company continues to consolidate its position as a key player in both the e-commerce and financial services sectors in the region.
- On the positive side, MercadoLibre has maintained robust growth in net revenues, reflecting the momentum achieved in 2024.
Lucror Analytics – Morning Views Asia
- US treasuries climbed yesterday, with yields declining in the long end.
- This came on the back of a solid auction of 2Y notes, as well as a rally in JGBs on signs that the Japanese government may adjust debt issuance to ease market volatility.
- The yield on the 2Y UST edged down 1 bp to 3.98%, while that on the 10Y UST fell 7 bps to 4.45%.
Vista Land & Lifescapes – Q1 FY 2025 And FY 2024 Results – Lucror Analytics
- Vista Land & Lifescapes (VLL) reported FY 2024 and Q1/25 results that were moderately weak in our view.
- EBITDA continued to grow, supported by top-line and margin expansion.
- That said, cash flows remained poor, as OCF (after tax and interest) remained negative in FY 2024.
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