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

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, China Hongqiao, Gajah Tunggal</li>
<li>In the US, November advance retail sales came in above estimates at 0.7% m-o-m (0.6% e / 0.5% revised p), bolstered by a jump in car purchases and solid online shopping during Black Friday.</li>
<li>That said, retail sales excluding auto slowed to 0.2% m-o-m (0.4% e / 0.2% revised p). Separately, November industrial production unexpectedly fell 0.1% m-o-m (0.3% e / -0.4% p), the third straight month of decline, owing to weaker utilities and mining output.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, China Hongqiao, Gajah Tunggal
In the US, November advance retail sales came in above estimates at 0.7% m-o-m (0.6% e / 0.5% revised p), bolstered by a jump in car purchases and solid online shopping during Black Friday.
That said, retail sales excluding auto slowed to 0.2% m-o-m (0.4% e / 0.2% revised p). Separately, November industrial production unexpectedly fell 0.1% m-o-m (0.3% e / -0.4% p), the third straight month of decline, owing to weaker utilities and mining output.


Reliance Industries Ltd. manufactures petrochemicals, synthetic fibers, fiber intermediates, textiles, blended yarn and polyester staple fiber. The Company also owns a petroleum refinery cum petrochemicals complex in Jamnagar, India that produces a wide range of products such as gasoline, superior kerosene oil and liquefied petroleum gas.

<ul>
<li>In the US, initial jobless claims increased to a two-month-high of 242 k (220 k e / 225 k p), likely due to the Thanksgiving holiday.</li>
<li>The PPI (final demand) came in at 3.0% y-o-y in November (2.6% e / 2.6% p), while core PPI (final demand) stood at 3.4% (3.2% e / 3.4% p).</li>
<li>US Treasuries were sold off for the second consecutive day, with the yields gaining 4-6 bps across the curve.</li>
</ul>


In the US, initial jobless claims increased to a two-month-high of 242 k (220 k e / 225 k p), likely due to the Thanksgiving holiday.
The PPI (final demand) came in at 3.0% y-o-y in November (2.6% e / 2.6% p), while core PPI (final demand) stood at 3.4% (3.2% e / 3.4% p).
US Treasuries were sold off for the second consecutive day, with the yields gaining 4-6 bps across the curve.


Tanvi Arora

ReNew Energy Global PLC operates as a renewable energy company. The Company focuses on developing wind, solar, and hydro energy projects. ReNew Energy Global serves clients in India.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: ReNew Energy</li>
<li>In the US, inflation data was benign and supported expectations for a Fed interest rate cut this month. The CPI inflation came in at 2.7% y-o-y in November (2.7% e / 2.6% p), while the core CPI inflation stood at 3.3% (3.3% e / 3.3% p).</li>
<li>US Treasury sold off across the curve, with the yields gaining 4-6 bps. The S&amp;P 500 and Nasdaq gained 0.8% and 1.8%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: ReNew Energy
In the US, inflation data was benign and supported expectations for a Fed interest rate cut this month. The CPI inflation came in at 2.7% y-o-y in November (2.7% e / 2.6% p), while the core CPI inflation stood at 3.3% (3.3% e / 3.3% p).
US Treasury sold off across the curve, with the yields gaining 4-6 bps. The S&amp;P 500 and Nasdaq gained 0.8% and 1.8%, respectively.


Leonard Law, CFA

GMR Hyderabad International Airport / Credit

GMR Hyderabad International Airport Limited provides infrastructure construction and development services. The Company constructs and develops airports, solar energy plants, sports stadium, colleges and schools, roads, metros, and other transportation projects. GMR Hyderabad International serves customers worldwide.

GMR Hyderabad International Airport (7174677Z IN)

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: GMR Hyderabad, Rakuten Group</li>
<li>In the US, the ISM services index fell to 52.1 (55.7 e / 56.0 p). This was the slowest pace in three months, albeit the gauge remained in expansion territory for the ninth month this year. Meanwhile, the November (final) S&amp;P services PMI rose to 56.0 (55.0 p), albeit below the preliminary estimate of 57.0.</li>
<li>The composite PMI climbed to 54.9 (54.1 p). Separately, the ADP employment survey showed that private sector job growth slowed to 146 k (150 k e / 184 k revised p).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: GMR Hyderabad, Rakuten Group
In the US, the ISM services index fell to 52.1 (55.7 e / 56.0 p). This was the slowest pace in three months, albeit the gauge remained in expansion territory for the ninth month this year. Meanwhile, the November (final) S&amp;P services PMI rose to 56.0 (55.0 p), albeit below the preliminary estimate of 57.0.
The composite PMI climbed to 54.9 (54.1 p). Separately, the ADP employment survey showed that private sector job growth slowed to 146 k (150 k e / 184 k revised p).


Adani Ports & Special Economic Zone / Credit

Adani Ports and Special Economic Zone operates a shipping port on the west coast of India.  The Company's port provides services for bulk and container cargo, crude oil, and railway and other added services.

Adani Ports & Special Economic Zone (ADSEZ IN)

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, Vedanta Resources, Seazen Group</li>
<li>In the US, October new home sales fell 17.3% m-o-m (-1.8% e / 7.0% revised p) to an annualised 610 k units, the lowest in almost two years, amid rising mortgage rates as well as disruptions caused by hurricanes Helene and Milton. Separately, the Conference Board consumer confidence index increased to 111.7 in November (111.8 e / 109.6 p), the highest since August 2023.</li>
<li>"November’s increase was mainly driven by more positive consumer assessments of the present situation, particularly regarding the labour market. Compared to October, consumers were also substantially more optimistic about future job availability, which reached its highest level in almost three years”, according to Dana M. Peterson, Chief Economist at The Conference Board.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, Vedanta Resources, Seazen Group
In the US, October new home sales fell 17.3% m-o-m (-1.8% e / 7.0% revised p) to an annualised 610 k units, the lowest in almost two years, amid rising mortgage rates as well as disruptions caused by hurricanes Helene and Milton. Separately, the Conference Board consumer confidence index increased to 111.7 in November (111.8 e / 109.6 p), the highest since August 2023.
"November’s increase was mainly driven by more positive consumer assessments of the present situation, particularly regarding the labour market. Compared to October, consumers were also substantially more optimistic about future job availability, which reached its highest level in almost three years”, according to Dana M. Peterson, Chief Economist at The Conference Board.


India Bonds
Insights on India Credit

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, China Hongqiao, Gajah Tunggal

Lucror Analytics

Lucror Analytics - Morning Views Asia

In the US, initial jobless claims increased to a two-month-high of 242 k (220 k e / 225 k p), likely due to the Thanksgiving holiday.

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: ReNew Energy In the US, inflation data was...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: GMR Hyderabad, Rakuten Group

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, Vedanta Resources, Seazen Group

Lucror Analytics