Senior Credit Analyst, Lucror Analytics

Trung Nguyen

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

Yinson Holdings Berhad is an investment holding company. The Company, through its subsidiaries, provides offshore support services such as trading and logistics to the upstream oil and gas sector. Yinson Holdings' business also includes commodity trading.

<ul>
<li>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.</li>
<li>The company entered the offshore oil &amp; 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.</li>
<li>It is headquartered in Singapore, with an operational hub in Oslo.</li>
</ul>


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 &amp; 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.


Yinson Production - ESG Report - Lucror Analytics

Lenovo Group Limited, through its subsidiaries, sells, and manufactures personal computers and handheld devices. The Company also provides Internet services and IT services, and contracting manufacturing business.

<ul>
<li>In today's Convertibles Brief publication we comment on developments of the following high yield issuers: Lenovo</li>
<li>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&amp;P 500 fell 0.1%, while the Nasdaq gained 0.1%.</li>
<li>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.</li>
</ul>


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&amp;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.


Vedanta Resources Limited operates as a diversified natural resource company. The Company extracts and process zinc, lead, aluminum, iron ore, copper, and silver, as well as focuses on oil and natural gas. Vedanta Resources serves clients worldwide.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, Xiaomi Corp, Reliance Industries, Biocon Biologics</li>
<li>UST yields climbed 4 bps across the curve on Friday, in tandem with a decline in Canadian government bonds, even though the belatedly-released September PCE inflation numbers were line with estimates.</li>
<li>Yields on the 2Y and 10Y USTs rose to 3.56% and 4.14%, respectively. Equities notched small gains towards October’s record-high levels, with the S&amp;P 500 and Nasdaq up 0.2% and 0.3%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, Xiaomi Corp, Reliance Industries, Biocon Biologics
UST yields climbed 4 bps across the curve on Friday, in tandem with a decline in Canadian government bonds, even though the belatedly-released September PCE inflation numbers were line with estimates.
Yields on the 2Y and 10Y USTs rose to 3.56% and 4.14%, respectively. Equities notched small gains towards October’s record-high levels, with the S&amp;P 500 and Nasdaq up 0.2% and 0.3%, respectively.


Greenko Energy Holdings operates as a holding company. The Company, through its subsidiaries, manufactures wind, hydro, and solar energy generation machinery. Greenko Energy Holdings serves customers in India.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Greenko Energy, New World Development</li>
<li>UST yields fell 2-3 bps yesterday, following the release of weaker than expected November ADP payrolls data. The yield on the 2Y and 10Y UST declined 2 bps to 3.49% and 4.06%, respectively. Equities rose, as the labour market slowdown reinforced market expectations for a Fed rate cut this month. The S&amp;P 500 advanced 0.3% to 6,850, while the Nasdaq was up 0.2% at 23,454.</li>
<li>In the US, the ADP employment report showed that private-sector payrolls declined by 32 k in November (10 k e / 47 k revised p), with payrolls having fallen in four of the past six months. Hiring has been choppy of late, as employers weather cautious consumers and an uncertain macroeconomic environment, according to ADP chief economist Nela Richardson. While the November slowdown was broad-based, it was led by a pullback among small businesses.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Greenko Energy, New World Development
UST yields fell 2-3 bps yesterday, following the release of weaker than expected November ADP payrolls data. The yield on the 2Y and 10Y UST declined 2 bps to 3.49% and 4.06%, respectively. Equities rose, as the labour market slowdown reinforced market expectations for a Fed rate cut this month. The S&amp;P 500 advanced 0.3% to 6,850, while the Nasdaq was up 0.2% at 23,454.
In the US, the ADP employment report showed that private-sector payrolls declined by 32 k in November (10 k e / 47 k revised p), with payrolls having fallen in four of the past six months. Hiring has been choppy of late, as employers weather cautious consumers and an uncertain macroeconomic environment, according to ADP chief economist Nela Richardson. While the November slowdown was broad-based, it was led by a pullback among small businesses.


SoftBank Group Corp provides telecommunication services.  The Company also operates ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet connection, e-Commerce businesses, and Internet based advertising and auction businesses.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Softbank Group, China Vanke</li>
<li>UST yields were mixed yesterday. The UST curve twisted slightly steeper, with the yield on the 2Y UST rising 2 bps to 3.48%, while the 10Y was unchanged at 4.00%. Equities rose for a fourth day, supported by a continued recovery in tech stocks. The S&amp;P 500 and Nasdaq climbed 0.7% and 0.8% to 6,813 and 23,215, respectively.</li>
<li>The Fed Beige Book for November 2025 showed that overall consumer spending had declined further since the October report.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Softbank Group, China Vanke
UST yields were mixed yesterday. The UST curve twisted slightly steeper, with the yield on the 2Y UST rising 2 bps to 3.48%, while the 10Y was unchanged at 4.00%. Equities rose for a fourth day, supported by a continued recovery in tech stocks. The S&amp;P 500 and Nasdaq climbed 0.7% and 0.8% to 6,813 and 23,215, respectively.
The Fed Beige Book for November 2025 showed that overall consumer spending had declined further since the October report.


Trung is responsible for covering high yield companies in the South East Asian region. He joined Lucror in 2013 from ST Asset Management, a credit investment arm of Temasek Holdings, where he spent over six years in investment research and portfolio management with a focus on high yield, structured credit and leveraged finance.

Trung holds a Master in Financial Engineering from Nanyang Technological University, Singapore and Certificate in Computational Finance from Carnegie Mellon University. He is a Chartered Financial Analyst (CFA) and a Financial Risk Manager (FRM) charter-holder.

Trung Nguyen
Senior Credit Analyst
• Lucror Analytics

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Yinson Production is an owner and operator of floating production storage and offloading (FPSO) and floating storage and offloading (FSO) vessels,...

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In today's Convertibles Brief publication we comment on developments of the following high yield issuers: Lenovo The iTraxx Main was broadly flat...

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In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, Xiaomi Corp, Reliance...

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In today's Morning Views publication we comment on developments of the following high yield issuers: Greenko Energy, New World Development

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In today's Morning Views publication we comment on developments of the following high yield issuers: Softbank Group, China Vanke

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