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, Softbank Group</li>
<li>
<p>In the US, the April CPI came in below expectations for the third straight month at 2.3% y-o-y (2.4% e / 2.4% p) and 0.2% m-o-m (0.3% e / -0.1% p). Core CPI (excluding food and energy) stood at 2.8% y-o-y (2.8% e / 2.8% p) and 0.2% m-o-m (0.3% e / 0.1% p).</p>
</li>
<li>
<p>Treasuries were largely steady yesterday, as supply pressure from corporate issuances offset the softer than expected April CPI print.</p>
</li>
</ul>


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

In the US, the April CPI came in below expectations for the third straight month at 2.3% y-o-y (2.4% e / 2.4% p) and 0.2% m-o-m (0.3% e / -0.1% p). Core CPI (excluding food and energy) stood at 2.8% y-o-y (2.8% e / 2.8% p) and 0.2% m-o-m (0.3% e / 0.1% p).


Treasuries were largely steady yesterday, as supply pressure from corporate issuances offset the softer than expected April CPI print.



<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Seazen Group</li>
<li>In the US, the import price index slipped to negative 0.1% m-o-m (0.0% e / 0.2% revised p) in March. The index excludes tariff duties paid by importers to US Customs and Border Protection.</li>
<li>Long-end treasury yields fell for a second day, supported by Deputy Treasury Secretary Michael Faulkender’s statements that officials are discussing easing the supplementary lending requirements to lower the costs of trading treasuries for banks.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Seazen Group
In the US, the import price index slipped to negative 0.1% m-o-m (0.0% e / 0.2% revised p) in March. The index excludes tariff duties paid by importers to US Customs and Border Protection.
Long-end treasury yields fell for a second day, supported by Deputy Treasury Secretary Michael Faulkender’s statements that officials are discussing easing the supplementary lending requirements to lower the costs of trading treasuries for banks.


<ul>
<li>In the US, New York Fed President John Williams said tariffs could produce “more prolonged effects” on inflation, as indirect effects from the new duties “might not be fully felt for a couple of years”.</li>
<li>Mr Williams added that “there’s a lot of uncertainty about how the economy will evolve and a lot of uncertainty about all the policy actions”, and hence expects the US central bank to keep interest rates unchanged for “some time”.</li>
<li>Treasuries gained for a second day yesterday on continued safe-haven flows, ahead of US President Donald Trump’s expected announcement of reciprocal tariffs tomorrow.</li>
</ul>


In the US, New York Fed President John Williams said tariffs could produce “more prolonged effects” on inflation, as indirect effects from the new duties “might not be fully felt for a couple of years”.
Mr Williams added that “there’s a lot of uncertainty about how the economy will evolve and a lot of uncertainty about all the policy actions”, and hence expects the US central bank to keep interest rates unchanged for “some time”.
Treasuries gained for a second day yesterday on continued safe-haven flows, ahead of US President Donald Trump’s expected announcement of reciprocal tariffs tomorrow.


Tanvi Arora

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Yankuang Energy</li>
<li>In the US, treasuries edged higher yesterday, with yields declining 2-4 bps across the curve on possible dip buying and despite a large slate of corporate bond issuances.</li>
<li>The yield on the 2Y UST fell 3 bps to 4.28%, while the 10Y declined 3 bps to 4.41%. Equities rebounded from last week’s losses, with the S&amp;P 500 and Nasdaq up 0.4% and 0.6%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Yankuang Energy
In the US, treasuries edged higher yesterday, with yields declining 2-4 bps across the curve on possible dip buying and despite a large slate of corporate bond issuances.
The yield on the 2Y UST fell 3 bps to 4.28%, while the 10Y declined 3 bps to 4.41%. Equities rebounded from last week’s losses, with the S&amp;P 500 and Nasdaq up 0.4% and 0.6%, respectively.


Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

TSE Tokyo Price Index TOPIX / Technical Analysis

<ul>
<li>Major indexes in the three largest global equity markets (U.S., Europe, Japan) all remain below critical resistances of 5783 on SPX, 5000-5120 on EURO STOXX 50, and 2740-2820 on TOPIX</li>
<li>Additionally, broad global MSCI indexes (local currency) including the ACWI, ACWI ex-U.S., and EAFE all remain at/below resistance from their YTD highs; reduce exposure or shift to defensives.</li>
<li>In late-July we discussed expectations for a 1-to 4-month pullback/consolidation period on MSCI ACWI. We believe it seems likely to last closer to four months, and potentially 4- to 6-months</li>
</ul>


Major indexes in the three largest global equity markets (U.S., Europe, Japan) all remain below critical resistances of 5783 on SPX, 5000-5120 on EURO STOXX 50, and 2740-2820 on TOPIX
Additionally, broad global MSCI indexes (local currency) including the ACWI, ACWI ex-U.S., and EAFE all remain at/below resistance from their YTD highs; reduce exposure or shift to defensives.
In late-July we discussed expectations for a 1-to 4-month pullback/consolidation period on MSCI ACWI. We believe it seems likely to last closer to four months, and potentially 4- to 6-months


U.S., Europe, and Japan Still Holding Below Resistance; Favor Defensives

China

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.

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Seazen Holdings (601155 CH)

Lucror Analytics - Morning Views Asia

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

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 In the US, the import price...

Lucror Analytics

Lucror Analytics - Morning Views Asia

Treasuries gained for a second day yesterday on continued safe-haven flows, ahead of US President Donald Trump’s expected announcement of...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Yankuang Energy

Lucror Analytics

U.S., Europe, and Japan Still Holding Below Resistance; Favor Defensives

U.S., Europe, and Japan Still Holding Below Resistance; Favor Defensives. Actionable Themes: Real Estate, Utilities, Telecommunications, Energy,...

Vermilion Research

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