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: Seazen Group, Adani Ports, Cikarang Listrindo, Vedanta Resources</li>
<li>In the US, the February CPI came in below estimates at 0.2% m-o-m (0.3% e / 0.5% p) and 2.8% y-o-y (2.9% e / 3.0% p). Core CPI (excluding food and energy) eased to 0.2% m-o-m (0.3% e / 0.4% p) and 3.1% y-o-y (3.2% e / 3.3% p).</li>
<li>US Treasuries ended the day lower, as an initial rally following the lower-than-expected CPI inflation numbers was quickly reversed amid concerns over the escalating trade war and its impact on future inflation.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Seazen Group, Adani Ports, Cikarang Listrindo, Vedanta Resources
In the US, the February CPI came in below estimates at 0.2% m-o-m (0.3% e / 0.5% p) and 2.8% y-o-y (2.9% e / 3.0% p). Core CPI (excluding food and energy) eased to 0.2% m-o-m (0.3% e / 0.4% p) and 3.1% y-o-y (3.2% e / 3.3% p).
US Treasuries ended the day lower, as an initial rally following the lower-than-expected CPI inflation numbers was quickly reversed amid concerns over the escalating trade war and its impact on future inflation.


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Seazen (Formerly Future Land) / Event-Driven

<ul>
<li>In this latest installment in a series dating back to March 2018, I've analysed 5,500 moves over three years inside CCASS, targeting &gt;5% of shares outstanding of individual stocks. </li>
<li>The data continues to bear out the overall underperformance of stocks that exhibit such moves.</li>
<li>Additionally, the movement of large blocks of shares may illustrate that the beneficial owner of those shares has pledged them as collateral for a loan.</li>
</ul>


In this latest installment in a series dating back to March 2018, I've analysed 5,500 moves over three years inside CCASS, targeting &gt;5% of shares outstanding of individual stocks. 
The data continues to bear out the overall underperformance of stocks that exhibit such moves.
Additionally, the movement of large blocks of shares may illustrate that the beneficial owner of those shares has pledged them as collateral for a loan.


CCASS: Why Large Moves Continue To Matter

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-22202'>Vedanta Resources</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Vedanta Resources

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-28320'>Azure Power Global Ltd</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Azure Power Global Ltd

Morning Views Asia: Azure Power Global Ltd

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-35'>China Jinmao Holdings</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.China Jinmao Holdings

Morning Views Asia: China Jinmao Holdings

China

Seazen is a property developer in the Yangtze River Delta, focusing primarily on the development of residential properties and mixed-use complex projects.

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