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

NISSAN MOTOR CO., LTD. manufactures and distributes automobiles and related parts. It also provides financing services. Nissan delivers a comprehensive range of products under various brands. The Company manufactures in Japan, the United States, Mexico, the United Kingdom and many other countries.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Nissan Motor</li>
<li>UST yields climbed slightly yesterday, led by the long end, alongside a slight increase in oil prices. The yield on the 2Y UST rose 1 bp to 3.78%, while the yield on the 10Y was up 3 bps at 4.31%. Equities closed at record highs, on optimism that the US and Iran would extend their ceasefire agreement. The S&amp;P 500 and Nasdaq rose 0.3% and 0.4% to 7,041 and 24,103, respectively.</li>
<li>US President Donald Trump announced on Truth Social that the leaders of Israel and Lebanon have agreed to a 10-day ceasefire.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Nissan Motor
UST yields climbed slightly yesterday, led by the long end, alongside a slight increase in oil prices. The yield on the 2Y UST rose 1 bp to 3.78%, while the yield on the 10Y was up 3 bps at 4.31%. Equities closed at record highs, on optimism that the US and Iran would extend their ceasefire agreement. The S&amp;P 500 and Nasdaq rose 0.3% and 0.4% to 7,041 and 24,103, respectively.
US President Donald Trump announced on Truth Social that the leaders of Israel and Lebanon have agreed to a 10-day ceasefire.


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>UST yields retreated 3-5 bps across the curve yesterday, alongside declining oil prices following news that the US and Iran may hold a second round of talks.</li>
<li>The yield on the 2Y UST fell 3 bps to 3.75%, while that on the 10Y UST declined 5 bps to 4.25%. Equities advanced, with the S&amp;P 500 and Nasdaq up 1.2% and 2.0%, respectively.</li>
<li>US President Donald Trump indicated in an interview with the New York Post that the US may return to Islamabad for another round of talks with Iran.</li>
</ul>


UST yields retreated 3-5 bps across the curve yesterday, alongside declining oil prices following news that the US and Iran may hold a second round of talks.
The yield on the 2Y UST fell 3 bps to 3.75%, while that on the 10Y UST declined 5 bps to 4.25%. Equities advanced, with the S&amp;P 500 and Nasdaq up 1.2% and 2.0%, respectively.
US President Donald Trump indicated in an interview with the New York Post that the US may return to Islamabad for another round of talks with Iran.


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>UST yields declined 1-3 pts across the curve yesterday, as oil prices retreated below USD 100/bbl after US President Donald Trump claimed that Iran was seeking a peace deal.</li>
<li>The yield on the 2Y and 10Y UST fell 2 bps each to 3.78% and 4.29%, respectively. Equities advanced, with the S&amp;P 500 and Nasdaq up 1.0% and 1.2%, respectively.</li>
<li>Mr Trump told reporters at the White House that his administration received a call from Tehran, which said that it "would like to make a deal very badly". </li>
</ul>


UST yields declined 1-3 pts across the curve yesterday, as oil prices retreated below USD 100/bbl after US President Donald Trump claimed that Iran was seeking a peace deal.
The yield on the 2Y and 10Y UST fell 2 bps each to 3.78% and 4.29%, respectively. Equities advanced, with the S&amp;P 500 and Nasdaq up 1.0% and 1.2%, respectively.
Mr Trump told reporters at the White House that his administration received a call from Tehran, which said that it "would like to make a deal very badly". 


AAC Technologies is a leading provider of sensory experience solutions for smart devices. The company designs, develops, manufactures, and distributes miniaturized components, including acoustics products, haptic devices, optical lenses, camera modules, and micro electro-mechanical systems (MEMS). It primarily serves the consumer electronics market, with an expanding presence in intelligent vehicles, AR/VR, robotics, and IoT sectors. AAC Technologies was founded in 1993 and is headquartered in Shenzhen, People's Republic of China.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: AAC Technologies, Vedanta Resources, Hanwha TotalEnergies</li>
<li>UST yields climbed on Friday in a holiday-shortened session, following the release of stronger than expected March nonfarm payroll numbers. The yield on the 2Y UST rose 4 bps to 3.84%, while that on the 10Y UST was up 3 bps at 4.34%.</li>
<li>Equities closed slightly higher on Thursday, as investors focused on the potential re-opening of the Strait of Hormuz. The S&amp;P 500 and Nasdaq advanced 0.1% and 0.2% to 6,583 and 21,879, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: AAC Technologies, Vedanta Resources, Hanwha TotalEnergies
UST yields climbed on Friday in a holiday-shortened session, following the release of stronger than expected March nonfarm payroll numbers. The yield on the 2Y UST rose 4 bps to 3.84%, while that on the 10Y UST was up 3 bps at 4.34%.
Equities closed slightly higher on Thursday, as investors focused on the potential re-opening of the Strait of Hormuz. The S&amp;P 500 and Nasdaq advanced 0.1% and 0.2% to 6,583 and 21,879, respectively.


Japfa Comfeed Indonesia is one of Indonesia's largest and most integrated agri-food companies. Its core business activities include animal feed manufacturing, poultry breeding and commercial farming, aquaculture, beef cattle farming, and processing of various value-added food products such as poultry, fish, shrimp, and beef. The company was founded in 1971 and is headquartered in Jakarta, Indonesia.

<ul>
<li>Treasuries rose yesterday, with the UST curve bull-steepening after US President Donald Trump said he would postpone strikes against Iran’s energy infrastructure.</li>
<li>This was despite Tehran’s denial that talks had taken place.</li>
<li>Yields on the 2Y and 10Y USTs fell 5 bps and 4 bps to 3.85% and 4.34%, respectively. </li>
</ul>


Treasuries rose yesterday, with the UST curve bull-steepening after US President Donald Trump said he would postpone strikes against Iran’s energy infrastructure.
This was despite Tehran’s denial that talks had taken place.
Yields on the 2Y and 10Y USTs fell 5 bps and 4 bps to 3.85% and 4.34%, respectively. 


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.