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

This month, we look at the developments of 2019, and in the “In-Focus” section, we discuss the outlook for Asian HY in 2020. 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.

  This month, we look at the developments of 2019, and in the “In-Focus” section, we discuss the outlook for Asian HY in 2020.   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 - 2019 In Review And 2020 Outlook - Lucror Analytics

The Asia HY Trade Recommendations report for December includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Recommendations report for December includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - December 2019 - Lucror Analytics

In this month's “In-Focus”, we look at agency ratings for Asian issuers, analysing ratings transitions for all issuers in the Lucror Asia HY index between January 2014 and the present. 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”, we look at agency ratings for Asian issuers, analysing ratings transitions for all issuers in the Lucror Asia HY index between January 2014 and the present.   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 - Agency Ratings For Asian Issuers (2019) - Lucror Analytics

The Asia HY Trade Recommendations report for November includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index.

   The Asia HY Trade Recommendations report for November includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - November 2019 - Lucror Analytics

Trung Nguyen

Glenmark Pharmaceuticals’ Q2/19-20 results were encouraging, as both revenue growth and profitability improved relative to Q1. Even so, the H1 results trailed management's guidance for the whole year and the financial risk profile continued to weaken, albeit slightly. Liquidity is poor. The key risk to the business remains the prolonged and very steep price erosion for generic drugs in the US, the most profitable market. There could be pressure on Glenmark's ratings (BB- (negative) and BB (stable) from S&P and Fitch, respectively), as the company may have tripped S&P’s negative triggers.

  Glenmark Pharmaceuticals’ Q2/19-20 results were encouraging, as both revenue growth and profitability improved relative to Q1. Even so, the H1 results trailed management's guidance for the whole year and the financial risk profile continued to weaken, albeit slightly. Liquidity is poor.   The key risk to the business remains the prolonged and very steep price erosion for generic drugs in the US, the most profitable market.   There could be pressure on Glenmark's ratings (BB- (negative) and BB (stable) from S&P and Fitch, respectively), as the company may have tripped S&P’s negative triggers. 

Glenmark - Earnings Flash - Q2 FY 2019-20 Results - Lucror Analytics

India

Glenmark Pharmaceuticals Ltd., is a pharmaceutical company. The Company develops generic drugs for inflammation, metabolic disorders, and pain.

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Glenmark Pharmaceuticals (GNP IN)

Asia HY Monthly - 2019 In Review And 2020 Outlook - Lucror Analytics

This month, we look at the developments of 2019, and in the “In-Focus” section, we discuss the outlook for Asian HY in 2020. The Asia Monthly...

Lucror Analytics

Asia HY Trade Recommendations - December 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for December includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

Asia HY Monthly - Agency Ratings For Asian Issuers (2019) - Lucror Analytics

In this month's “In-Focus”, we look at agency ratings for Asian issuers, analysing ratings transitions for all issuers in the Lucror Asia HY index...

Lucror Analytics

Asia HY Trade Recommendations - November 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for November includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

Glenmark - Earnings Flash - Q2 FY 2019-20 Results - Lucror Analytics

Glenmark Pharmaceuticals’ Q2/19-20 results were encouraging, as both revenue growth and profitability improved relative to Q1. Even so, the H1...

Lucror Analytics

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