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

China Jinmao is a leading city operator primarily engaged in real estate development, including high-end residential, commercial, and mixed-use properties, alongside hotel and retail operations. The company also provides property management and construction technology services. It was founded in 2004 and is headquartered in Hong Kong.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, Hanwha TotalEnergies, JSW Steel</li>
<li>UST yields fell 5-7 bps on Friday, as oil prices fell on optimism of a re-opening of the Strait of Hormuz. This came after Iranian Foreign Minister Abbas Araghchi announced that the strait was open for all commercial vessels for the duration of the Israel-Lebanon ceasefire. Moreover, US President Donald Trump claimed that "Iran has agreed to never close the Strait of Hormuz again". The yield on the 2Y and 10Y UST fell 7 bps and 6 bps to 3.71% and 4.25%, respectively. Equities climbed, alongside gold and cryptocurrencies.</li>
<li>The S&amp;P 500 and Nasdaq advanced 1.2% and 1.5% to reach fresh closing records of 7,126 and 24,468, respectively. That said, equity futures were trading lower, while crude oil jumped c. 6% from Friday's close, following news that Iran's military had re-closed the Strait of Hormuz over the weekend.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, Hanwha TotalEnergies, JSW Steel
UST yields fell 5-7 bps on Friday, as oil prices fell on optimism of a re-opening of the Strait of Hormuz. This came after Iranian Foreign Minister Abbas Araghchi announced that the strait was open for all commercial vessels for the duration of the Israel-Lebanon ceasefire. Moreover, US President Donald Trump claimed that "Iran has agreed to never close the Strait of Hormuz again". The yield on the 2Y and 10Y UST fell 7 bps and 6 bps to 3.71% and 4.25%, respectively. Equities climbed, alongside gold and cryptocurrencies.
The S&amp;P 500 and Nasdaq advanced 1.2% and 1.5% to reach fresh closing records of 7,126 and 24,468, respectively. That said, equity futures were trading lower, while crude oil jumped c. 6% from Friday's close, following news that Iran's military had re-closed the Strait of Hormuz over the weekend.


Longfor Group Holdings Ltd. is an investment holding company primarily engaged in property development, investment property operation, and services. It develops and sells residential, office, and commercial properties, and leases shopping malls and rental housing. The company also provides property management, hotel operation, commercial investment, and smart construction services. Longfor Group was founded in 1993 and is headquartered in Beijing, China.

<ul>
<li>UST yields climbed 2-4 bps across the curve yesterday, partly unwinding the yield declines in the prior two days.</li>
<li>The UST curve bear steepened, with the yield on the 2Y UST rising 2 bps to 3.76%, while that on the 10Y UST was up 4 bps at 4.29%.</li>
<li>Equities advanced, with the S&amp;P 500 increasing by 0.8% to close at a record high of 7,023. </li>
</ul>


UST yields climbed 2-4 bps across the curve yesterday, partly unwinding the yield declines in the prior two days.
The UST curve bear steepened, with the yield on the 2Y UST rising 2 bps to 3.76%, while that on the 10Y UST was up 4 bps at 4.29%.
Equities advanced, with the S&amp;P 500 increasing by 0.8% to close at a record high of 7,023. 


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao</li>
<li>UST yields rose 3-5 bps across the curve on Friday, as the market reduced Fed rate-cut expectations. This followed the release of a spike in the March CPI, even though the data showed that inflation came in marginally below estimates.</li>
<li>The yield on the 2Y UST rose 3 bps to 3.80%, while the yield on the 10Y UST climbed 4 bps to 4.32%. Equities were mixed.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao
UST yields rose 3-5 bps across the curve on Friday, as the market reduced Fed rate-cut expectations. This followed the release of a spike in the March CPI, even though the data showed that inflation came in marginally below estimates.
The yield on the 2Y UST rose 3 bps to 3.80%, while the yield on the 10Y UST climbed 4 bps to 4.32%. Equities were mixed.


MedcoEnergi is an Indonesian multinational energy and natural resources company. It focuses on upstream oil and gas exploration and production, clean energy development, and copper and gold mining operations. The company was founded in 1980 and is headquartered in Jakarta, Indonesia.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi</li>
<li>UST yields ended mostly stable yesterday, with an earlier bull steepening move fading due to creeping doubts over the US-Iran truce. Yields on the 2Y and 10Y UST were flat at 3.79% and 4.29%, respectively. Equities closed higher, albeit retreating from intraday highs at the end of the day. The S&amp;P 500 and Nasdaq were up 2.5% and 2.8% at 6,783 and 22,635, respectively.</li>
<li>Iran’s parliamentary speaker Mohammad Bagher Ghalibaf has accused the US of violating three parts of Tehran's 10-point ceasefire proposal, specifically Israel’s continued attacks on Lebanon, the entry of a drone into Iranian airspace and the denial of Iran's right to enrich uranium.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi
UST yields ended mostly stable yesterday, with an earlier bull steepening move fading due to creeping doubts over the US-Iran truce. Yields on the 2Y and 10Y UST were flat at 3.79% and 4.29%, respectively. Equities closed higher, albeit retreating from intraday highs at the end of the day. The S&amp;P 500 and Nasdaq were up 2.5% and 2.8% at 6,783 and 22,635, respectively.
Iran’s parliamentary speaker Mohammad Bagher Ghalibaf has accused the US of violating three parts of Tehran's 10-point ceasefire proposal, specifically Israel’s continued attacks on Lebanon, the entry of a drone into Iranian airspace and the denial of Iran's right to enrich uranium.


Seazen Holdings Co., Ltd. operates as a real estate development company. The Company develops residential buildings, office buildings, commercial buildings, infrastructure facilities, and more. Seazen Holdings also provides market research, information consulting, and other services.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Seazen Group</li>
<li>The UST curve bull-steepened yesterday, alongside sliding oil prices, after US President Donald Trump announced a two-week ceasefire with Iran. The steepening move was also supported by a robust auction of 3Y notes.</li>
<li>The yield on the 2Y UST fell 6 bps to 3.79%, while the yield on the 10Y UST was down 4 bps at 4.30%. Equities ended marginally higher, with the S&amp;P 500 and Nasdaq up 0.1% each. That said, stock futures were trading significantly higher following the ceasefire news.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Seazen Group
The UST curve bull-steepened yesterday, alongside sliding oil prices, after US President Donald Trump announced a two-week ceasefire with Iran. The steepening move was also supported by a robust auction of 3Y notes.
The yield on the 2Y UST fell 6 bps to 3.79%, while the yield on the 10Y UST was down 4 bps at 4.30%. Equities ended marginally higher, with the S&amp;P 500 and Nasdaq up 0.1% each. That said, stock futures were trading significantly higher following the ceasefire news.


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: China Jinmao, Hanwha TotalEnergies, JSW Steel

Lucror Analytics

Lucror Analytics - Morning Views Asia

The UST curve bear steepened, with the yield on the 2Y UST rising 2 bps to 3.76%, while that on the 10Y UST was up 4 bps at 4.29%.

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 UST yields rose 3-5 bps across...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi UST yields ended mostly stable...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Seazen Group The UST curve bull-steepened...

Lucror Analytics