CreditDaily Briefs

Daily Brief Credit: Vinhomes – New Issue Assessment – Lucror Analytics and more

In today’s briefing:

  • Vinhomes – New Issue Assessment – Lucror Analytics
  • Lucror Analytics – Morning Views Asia


Vinhomes – New Issue Assessment – Lucror Analytics

By Trung Nguyen

  • 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

By Leonard Law, CFA

  • 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.

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