Senior Credit Analyst, Lucror Analytics

Trung Nguyen

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 Convertibles Brief publication we comment on developments of the following high yield issuers: Lenovo</li>
<li>The iTraxx Main was broadly flat at 53 bps, while the iTraxx X-Over narrowed 1 bps to 255 bps. The US CDX HY widened 3 bps to 323 bps. European bourses were mostly flat to 0.7% lower, except for the DAX (+0.5%), FTSE MIB (+0.3%) and IBEX 35 (+0.1%). In the US, the S&amp;P 500 fell 0.1%, while the Nasdaq gained 0.1%.</li>
<li>In Asia this morning, the Nikkei is down 0.3%, while the Hang Seng is 0.4% lower. US equity futures are mostly trading higher. WTI and Brent are USD 58.4/bbl and USD 62.0/bbl, respectively.</li>
</ul>


In today's Convertibles Brief publication we comment on developments of the following high yield issuers: Lenovo
The iTraxx Main was broadly flat at 53 bps, while the iTraxx X-Over narrowed 1 bps to 255 bps. The US CDX HY widened 3 bps to 323 bps. European bourses were mostly flat to 0.7% lower, except for the DAX (+0.5%), FTSE MIB (+0.3%) and IBEX 35 (+0.1%). In the US, the S&amp;P 500 fell 0.1%, while the Nasdaq gained 0.1%.
In Asia this morning, the Nikkei is down 0.3%, while the Hang Seng is 0.4% lower. US equity futures are mostly trading higher. WTI and Brent are USD 58.4/bbl and USD 62.0/bbl, respectively.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Lenovo</li>
<li>UST yields rose 2-3 bps across the curve yesterday, as the release of hawkish-leaning October Fed meeting minutes cast doubts over a rate cut in December.</li>
<li>This was despite a solid auction of 20Y notes. Yields on USTs rose 2 bps each, to 3.59% for the 2Y and 4.14% for the 10Y. Equities halted a four-day slide, after Nvidia reported solid Q3/25-26 results and gave a strong revenue forecast. The S&amp;P 500 and Nasdaq climbed 0.4% and 0.6% to 6,642 and 22,564, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Lenovo
UST yields rose 2-3 bps across the curve yesterday, as the release of hawkish-leaning October Fed meeting minutes cast doubts over a rate cut in December.
This was despite a solid auction of 20Y notes. Yields on USTs rose 2 bps each, to 3.59% for the 2Y and 4.14% for the 10Y. Equities halted a four-day slide, after Nvidia reported solid Q3/25-26 results and gave a strong revenue forecast. The S&amp;P 500 and Nasdaq climbed 0.4% and 0.6% to 6,642 and 22,564, respectively.


Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Dec 12th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Xiaomi, Alibaba, ZTE, Ke, Petrochina.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 12th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Xiaomi, Alibaba, ZTE, Ke, Petrochina.


HK Short Interest Weekly: Xiaomi, Alibaba, ZTE, Ke, Petrochina

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 19th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China Mobile, Hua Hong Semiconductor, Petrochina, SMIC, HKEx.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 19th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China Mobile, Hua Hong Semiconductor, Petrochina, SMIC, HKEx.


HK Connect Flows Weekly (Dec 19th): Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China Mobile

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng Technology Index for the September 2025 rebalance.</li>
<li>Team Quiddity had one low conviction ADD/DEL pair "predicted" but there were no name changes announced. </li>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics (9660 HK)</a> is a big FAF upweight, as expected. There are other small changes and big capping/re-capping moves. We see US$3.9bn to trade.</li>
</ul>


On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng Technology Index for the September 2025 rebalance.
Team Quiddity had one low conviction ADD/DEL pair "predicted" but there were no name changes announced. 

Horizon Robotics (9660 HK) is a big FAF upweight, as expected. There are other small changes and big capping/re-capping moves. We see US$3.9bn to trade.


[Quiddity Index] Sep25 HSTECH Review Announced; No Name Changes, Big Flows

China

Lenovo Group Limited, through its subsidiaries, sells, and manufactures personal computers and handheld devices. The Company also provides Internet services and IT services, and contracting manufacturing business.

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Lenovo (992 HK)

Lucror Analytics - Convertibles Brief

In today's Convertibles Brief publication we comment on developments of the following high yield issuers: Lenovo The iTraxx Main was broadly flat...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Lenovo UST yields rose 2-3 bps across the...

Lucror Analytics

HK Short Interest Weekly: Xiaomi, Alibaba, ZTE, Ke, Petrochina

We analyzed the latest HK SFC report for aggregate short position as of Dec 12th and highlight short interest changes in Xiaomi, Alibaba, ZTE, Ke,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Dec 19th): Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China...

Ke Yan, CFA, FRM

[Quiddity Index] Sep25 HSTECH Review Announced; No Name Changes, Big Flows

The Hang Seng Technology Index review was announced on 22 August after the close. No name changes but nearly $3.9bn to trade with capping, re...

Travis Lundy

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