In today’s briefing:
- Lucror Analytics – Convertibles Brief
- Lucror Analytics – Morning Views Asia
- Thai Oil – ESG Report – Lucror Analytics
- Yinson Production – ESG Report – Lucror Analytics
Lucror Analytics – Convertibles Brief
- In today’s Convertibles Brief publication we comment on developments of the following high yield issuers: Lenovo
- The iTraxx Main was broadly flat at 53 bps, while the iTraxx X-Over narrowed 1 bps to 255 bps. The US CDX HY widened 3 bps to 323 bps. European bourses were mostly flat to 0.7% lower, except for the DAX (+0.5%), FTSE MIB (+0.3%) and IBEX 35 (+0.1%). In the US, the S&P 500 fell 0.1%, while the Nasdaq gained 0.1%.
- In Asia this morning, the Nikkei is down 0.3%, while the Hang Seng is 0.4% lower. US equity futures are mostly trading higher. WTI and Brent are USD 58.4/bbl and USD 62.0/bbl, respectively.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, West China Cement, Biocon Biologics
- UST yields declined yesterday, led by the front end, following the Fed’s 25-bp rate cut and announcement that it will commence T-bill purchases. The UST curve bull steepened sharply, with the yield on the 2Y UST falling 8 bps to 3.54%, while the yield on the 10Y decreased 4 bps to 4.15%.
- Fed-dated OIS continued to price in two rate cuts in 2026 (one before June and another by October), despite the FOMC’s dot plot indicating just one cut for 2026. Equities climbed, with the S&P 500 rising 0.7% to 6,887.
Thai Oil – ESG Report – Lucror Analytics
- Thai Oil Public Company Limited (TOP) is primarily engaged in downstream oil refining, as well as the manufacture of petrochemical products.
- TOP operates Thailand’s largest complex oil refinery, with a capacity of 275 k bbl/day (accounting for c. 21% of the country’s total oil refining capacity).
- In addition, the company is expanding capacity through its clean fuel project, with the aim of raising capacity by c. 45% to 400 k bbl/day.
Yinson Production – ESG Report – Lucror Analytics
- Yinson Production is an owner and operator of floating production storage and offloading (FPSO) and floating storage and offloading (FSO) vessels, with seven operational units and two under construction as of June 2025.
- The company entered the offshore oil & gas production business in 2011 under a JV with PetroVietnam, and expanded the business with the acquisition of Norway-based Fred Olsen Production in 2014.
- It is headquartered in Singapore, with an operational hub in Oslo.
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