In today’s briefing:
- Vinhomes – New Issue Assessment – Lucror Analytics
- Lucror Analytics – Morning Views Asia

Vinhomes – New Issue Assessment – Lucror Analytics
- Vinhomes launched a roadshow last week to market its debut USD 144A/RegS five-year bullet notes.
- The notes are expected to be rated B1 by Moody’s and BB- by Fitch, in line with the issuer rating.
- The proceeds will be used mainly for debt refinancing and capex.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Logan Group, Vedanta Resources, Sunny Optical
- In the US, the December 2024 nonfarm payrolls unexpectedly jumped to 256 k (165 k e / 212 k revised p), with November’s data adjusted downwards by 15 k. Average hourly earnings edged down to 0.3% m-o-m (0.3% e / 0.4% p) and 3.9% y-o-y (4.0% e / 4.0% p), while the unemployment rate declined to 4.1% (4.2% e / 4.2% p).
- Separately, the January 2025 (preliminary) University of Michigan consumer sentiment index fell to 73.2 (74.0 e / 74.0 p). The one-year inflation expectation among consumers soared to 3.3% (2.8% e / 2.8% p), the highest since May 2024 and above the 2.3-3.0% range seen in the two years prior to the COVID-19 pandemic.