Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Hanwha TotalEnergies, Vedanta Resources.</li>
<li>Hanwha TotalEnergies Petrochemical (HTP) is a vertically integrated petrochemicals producer in South Korea.</li>
<li>The company produces a range of commodity chemicals, including base chemicals (olefins and aromatics), polymers (e.g. polyethylene and polypropylene) and energy products (jet fuel and diesel).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Hanwha TotalEnergies, Vedanta Resources.
Hanwha TotalEnergies Petrochemical (HTP) is a vertically integrated petrochemicals producer in South Korea.
The company produces a range of commodity chemicals, including base chemicals (olefins and aromatics), polymers (e.g. polyethylene and polypropylene) and energy products (jet fuel and diesel).


Longfor Properties Co. Ltd. operates in the property development, property investment and property management businesses in China.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Seazen Group, Nickel Industries</li>
<li>UST yields were stable yesterday, with long-end yields rising marginally despite a decent auction of 30Y notes (which stopped through marginally, at 4.773% award vs. the 4.774% when-issued yield).</li>
<li>The yield on the 2Y UST was unchanged at 3.54%, while the yield on the 10Y UST rose 1 bp to 4.16%. Equities were mixed, as tech stocks declined on disappointing earnings from Oracle Corp. The S&amp;P 500 rose 0.2% to 6,901, while the Nasdaq declined 0.3% to 23,594.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Seazen Group, Nickel Industries
UST yields were stable yesterday, with long-end yields rising marginally despite a decent auction of 30Y notes (which stopped through marginally, at 4.773% award vs. the 4.774% when-issued yield).
The yield on the 2Y UST was unchanged at 3.54%, while the yield on the 10Y UST rose 1 bp to 4.16%. Equities were mixed, as tech stocks declined on disappointing earnings from Oracle Corp. The S&amp;P 500 rose 0.2% to 6,901, while the Nasdaq declined 0.3% to 23,594.


Thai Oil Public Company Limited is an oil refinery company. The Company imports crude oil and refines it into gasoline.  It also produces oil related products including liquefied petroleum gas (LPG), kerosene, fuel oil and chemicals. Thai oil supplies its products to domestic market where its major customers include Shell, Caltex Oil and the Petroleum Authority of Thailand.

<ul>
<li>Thai Oil Public Company Limited (TOP) is primarily engaged in downstream oil refining, as well as the manufacture of petrochemical products.</li>
<li>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).</li>
<li>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. </li>
</ul>


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. 


China Jinmao Holdings Group Limited invests in and develops real estate projects in the Peoples Republic of China.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, West China Cement, Biocon Biologics</li>
<li>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%.</li>
<li>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&amp;P 500 rising 0.7% to 6,887.</li>
</ul>


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&amp;P 500 rising 0.7% to 6,887.


Adani Green Energy Limited operates as a producer of renewable energy. The Company builds, owns, and operates power plants for solar and wind energy. Adani Green Energy serves customers worldwide.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Lenovo, SK Hynix</li>
<li>UST yields rose for the fourth straight day yesterday following the release of strong JOLTS data, albeit losses in treasuries were pared after good demand for a 10Y note auction.</li>
<li>The UST curve bear flattened, with the yield on the 2Y UST rising 4 bps to 3.62%, while that on the 10Y UST was up 2 bps at 4.19%. Equities were steady ahead of the FOMC rate decision tonight. The S&amp;P 500 fell 0.1% to 6,841, while the Nasdaq was up 0.1% at 23,576.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Lenovo, SK Hynix
UST yields rose for the fourth straight day yesterday following the release of strong JOLTS data, albeit losses in treasuries were pared after good demand for a 10Y note auction.
The UST curve bear flattened, with the yield on the 2Y UST rising 4 bps to 3.62%, while that on the 10Y UST was up 2 bps at 4.19%. Equities were steady ahead of the FOMC rate decision tonight. The S&amp;P 500 fell 0.1% to 6,841, while the Nasdaq was up 0.1% at 23,576.


Based in Singapore, Leonard covers Asian high yield and crossover corporate credits. Prior to joining Lucror in 2017, he was an Associate Analyst with Moody’s Investors Service for three years, where he was responsible for credit analysis and research for a portfolio of South and Southeast Asian corporates. Previously, Leonard spent two years in ANZ Banking Group’s graduate program, where he held a number of roles, including credit risk.

Leonard holds a Bachelor of Business Administration from the National University of Singapore and is a Chartered Financial Analyst.

Leonard Law, CFA
Senior Credit Analyst
• Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Hanwha TotalEnergies, Vedanta Resources

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Seazen Group, Nickel Industries

Lucror Analytics

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.

Lucror Analytics

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

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Lenovo, SK Hynix

Lucror Analytics