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

In this month’s "In-Focus" section, we provide an update on the liquidation regime for Chinese companies, including the current status of recent bond defaults. The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the "In-Focus" section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  In this month’s "In-Focus" section, we provide an update on the liquidation regime for Chinese companies, including the current status of recent bond defaults.   The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the "In-Focus" section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - Chinese Company Liquidation Regime Revisited - Lucror Analytics

The Asia HY Trade Book for the month of June includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Book for the month of June includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Book - June 2021 - Lucror Analytics

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-7613'>China Aoyuan Property</a></li><li><a href='#lucror-entity-17690'>Tunas Baru Lampung</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 Aoyuan PropertyTunas Baru Lampung

Morning Views Asia: China Aoyuan Property, Tunas Baru Lampung

Bond market data and technology, BondEvalue

BondEvalue

Bond market data and technology

BondEvalue is a Singapore-based Fintech that specializes in bond market data and technology. The company's information services business offers bond market data on hard-currency corporate & sovereign bonds across Asia, Middle East, Europe and the Americas. The data, which includes bond prices, yields, news and analytics, is offered to end investors via interactive Mobile and Web Apps. Investors can sign up for a free trial of the service either via the company's website (https://bondevalue.com) or by downloading the BondEvalue Mobile App (http://onelink.to/wej7jq). BondEvalue is also developing an electronic bond exchange, BondbloX in Singapore that allows investors to trade bonds electronically in smaller sizes (US$1,000 or equivalent). For more information, visit https://www.bondblox.com/

Bond Market Data and Technology

S&amp;P closed higher by 0.2% while Nasdaq moved up 0.7% to continue making new highs. Tech once again traded higher, up 1% while Materials and Financials (down 1.3% and 1%) weighed down on the indices. Apple was up 2.5%, Facebook 1.7%, Amazon 1.1% and Alphabet and Microsoft were up 0.8% each. A Survey of Consumer Expectations for May by the Fed revealed that the inflation rate is expected to be 4% one year from now and 3.6% three years from now. All eyes are now set on the FOMC meeting tomorrow. US 10Y Treasury yields climbed 2bp from three month lows to 1.48%. European markets were largely flat with DAX down 0.1% and CAC and FTSE up 0.2%. Spreads widened across – US IG and HY CDS widened 0.33bp and 1.22bp respectively. US HY bond yields fell to a new record low of 3.84% as as tracked on the Bloomberg Barclays HY index. Bloomberg reports that the backdrop of an earnings recovery and strong returns of energy companies have helped demand for higher yielding assets.

DIB, Aoyuan, ANZ, Macquarie Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top G...

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-28953'>Central China New Life</a></li><li><a href='#lucror-entity-7613'>China Aoyuan Property</a></li><li><a href='#lucror-entity-14896'>Jingrui Holdings</a></li><li><a href='#lucror-entity-315'>Softbank Group</a></li><li><a href='#lucror-entity-216'>Tata Motors 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.Central China New LifeChina Aoyuan PropertyJingrui HoldingsSoftbank GroupTata Motors Ltd

Morning Views Asia: Central China New Life, China Aoyuan Property, Jingrui Holdings, Softbank Group

China

China Aoyuan Group Limited operates as a property development company. The Company develops retails shops and integrated residential projects. China Aoyuan Group conducts businesses domestically and internationally.

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China Aoyuan Property (3883 HK)

Asia HY Monthly - Chinese Company Liquidation Regime Revisited - Lucror Analytics

In this month’s "In-Focus" section, we provide an update on the liquidation regime for Chinese companies, including the current status of recent...

Lucror Analytics

Asia HY Trade Book - June 2021 - Lucror Analytics

The Asia HY Trade Book for the month of June includes a summary of our recommendations, as well as our high-conviction ideas. The report also...

Lucror Analytics

Morning Views Asia: China Aoyuan Property, Tunas Baru Lampung

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

DIB, Aoyuan, ANZ, Macquarie Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top G...

S&P closed higher by 0.2% while Nasdaq moved up 0.7% to continue making new highs. Tech once again traded higher, up 1% while Materials and...

BondEvalue

Morning Views Asia: Central China New Life, China Aoyuan Property, Jingrui Holdings, Softbank Group

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)