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>Treasuries surged yesterday, with yields falling 10-13 bps across the curve after a strong auction of 2Y notes and in the wake of US President-elect Donald Trump’s nomination of Scott Bessent as the next Treasury Secretary.</li>
<li>Mr Bessent is expected to implement Mr Trump’s tax cuts, while reducing the budget deficit and boosting GDP growth through deregulation and other pro-growth policies.</li>
<li>The yield on the 2Y UST fell 10 bps to 4.27%, while that on the 10Y UST declined 13 bps to 4.28%. </li>
</ul>


Treasuries surged yesterday, with yields falling 10-13 bps across the curve after a strong auction of 2Y notes and in the wake of US President-elect Donald Trump’s nomination of Scott Bessent as the next Treasury Secretary.
Mr Bessent is expected to implement Mr Trump’s tax cuts, while reducing the budget deficit and boosting GDP growth through deregulation and other pro-growth policies.
The yield on the 2Y UST fell 10 bps to 4.27%, while that on the 10Y UST declined 13 bps to 4.28%. 


Lucror Analytics - Morning Views Asia - November 26, 2024

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Gajah Tunggal, ReNew Energy, Adani Green Energy, Bharti Airtel, UPL Limited</li>
<li>Treasuries fell yesterday, with yields up 1-3 bps across the curve following a soft auction of 20Y notes.</li>
<li>The yield on the 2Y UST rose 3 bps to 4.32%, while that on the 10Y UST was up 1 bp at 4.41%.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Gajah Tunggal, ReNew Energy, Adani Green Energy, Bharti Airtel, UPL Limited
Treasuries fell yesterday, with yields up 1-3 bps across the curve following a soft auction of 20Y notes.
The yield on the 2Y UST rose 3 bps to 4.32%, while that on the 10Y UST was up 1 bp at 4.41%.


<ul>
<li>In the US, September personal spending came in above estimates at 0.5% m-o-m (0.4% e / 0.3% revised p), while personal income edged up 0.3% m-o-m (0.3% e / 0.2% p).</li>
<li>Separately, the September PCE price index edged down to 2.1% y-o-y (2.1% e / 2.3% revised p), and was up 0.2% m-o-m (0.2% e / 0.1% p).</li>
<li>The core PCE price index rose 2.7% y-o-y (2.6% e / 2.7% p) and 0.3% m-o-m (0.3% e / 0.2% revised p). </li>
</ul>


In the US, September personal spending came in above estimates at 0.5% m-o-m (0.4% e / 0.3% revised p), while personal income edged up 0.3% m-o-m (0.3% e / 0.2% p).
Separately, the September PCE price index edged down to 2.1% y-o-y (2.1% e / 2.3% revised p), and was up 0.2% m-o-m (0.2% e / 0.1% p).
The core PCE price index rose 2.7% y-o-y (2.6% e / 2.7% p) and 0.3% m-o-m (0.3% e / 0.2% revised p). 


<p>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.</p><ul><li><a href='#lucror-entity-26076'>China Vanke </a></li><li><a href='#lucror-entity-198'>Reliance Industries</a></li><li><a href='#lucror-entity-9423'>West China Cement</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 Vanke Reliance IndustriesWest China Cement

Morning Views Asia: China Vanke  , Reliance Industries, West China Cement

<p>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.</p><ul><li><a href='#lucror-entity-6061'>Adaro Energy</a></li><li><a href='#lucror-entity-26076'>China Vanke </a></li><li><a href='#lucror-entity-8954'>Greentown China</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.Adaro EnergyChina Vanke Greentown China

Morning Views Asia: Adaro Energy, China Vanke  , Greentown China

China

China Vanke Co., Ltd. operates real estate development businesses.  The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses.

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China Vanke (000002 CH)

Lucror Analytics - Morning Views Asia - November 26, 2024

Mr Bessent is expected to implement Mr Trump’s tax cuts, while reducing the budget deficit and boosting GDP growth through deregulation and other...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Gajah Tunggal, ReNew Energy,...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In the US, September personal spending came in above estimates at 0.5% m-o-m (0.4% e / 0.3% revised p), while personal income edged up 0.3% m-o-m...

Lucror Analytics

Morning Views Asia: China Vanke , Reliance Industries, West China Cement

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

Lucror Analytics

Morning Views Asia: Adaro Energy, China Vanke , Greentown China

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)