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 July, uncertainty for emerging markets was compounded by increasing uncertainty associated with: [1] the trade Sino-US trade war; [2] extension of China deleveraging with slowing growth; [3] confusion at the Fed – see below – regarding the health of the economy and the direction of rates; and, to a lesser degree, [4] the increasing likelihood of a hard Brexit.During its July meeting, the FOMC voted to lower the target range for the Fed funds rate to 2-2.25% "in light of the implications of global developments for the economic outlook as well as muted inflation pressures". Members Esther George and Eric Rosengren voted against the cut, in a rare show of dissent on the committee. Markets were somewhat confused by Fed Chairman Jerome Powell's remarks at the press conference, where he seemingly pivoted from the move being a one-off mid-cycle policy adjustment to admitting that more rate cuts could be expected.

In July, uncertainty for emerging markets was compounded by increasing uncertainty associated with: [1] the trade Sino-US trade war; [2] extension of China deleveraging with slowing growth; [3] confusion at the Fed – see below – regarding the health of the economy and the direction of rates; and, to a lesser degree, [4] the increasing likelihood of a hard Brexit.During its July meeting, the FOMC voted to lower the target range for the Fed funds rate to 2-2.25% "in light of the implications of global developments for the economic outlook as well as muted inflation pressures". Members Esther George and Eric Rosengren voted against the cut, in a rare show of dissent on the committee. Markets were somewhat confused by Fed Chairman Jerome Powell's remarks at the press conference, where he seemingly pivoted from the move being a one-off mid-cycle policy adjustment to admitting that more rate cuts could be expected. 

Asia HY Monthly – Indonesian Property Update (July 2019)

The Asia HY Trade Recommendations report for July 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 July 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 - July 2019 - Lucror Analytics

In this month’s “In-Focus” section, we discuss the vulnerability of Asian credits to external shocks, with the threat this year being the potential fallout from a protracted Sino-US trade war. 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 discuss the vulnerability of Asian credits to external shocks, with the threat this year being the potential fallout from a protracted Sino-US trade war.    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 - Vulnerability Of Asian Credit Market To External Shocks (2019) - Lucror Analytics

The Asia HY Trade Recommendations report for June 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 June 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 - June 2019 - Lucror Analytics

In this month’s “In-Focus” section, we discuss LARA and Credit Bias developments over the past few years for companies under our coverage, including related trends for and between Asia, LatAm and Europe. 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 discuss LARA and Credit Bias developments over the past few years for companies under our coverage, including related trends for and between Asia, LatAm and Europe.    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 - LARA And Credit Bias Study - Lucror Analytics

Indonesia

PT Modernland Realty Tbk develops and sells real estates as well as operates a golf course and a country club. The Company's real estate projects include Taman Modern, Kota Modern, Bukit Modern, and Padang Golf Modern.

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Modernland Realty (MDLN IJ)

Asia HY Monthly – Indonesian Property Update (July 2019)

In July, uncertainty for emerging markets was compounded by increasing uncertainty associated with: [1] the trade Sino-US trade war; [2] extension...

Lucror Analytics

Asia HY Trade Recommendations - July 2019 - Lucror Analytics

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

Lucror Analytics

Asia HY Monthly - Vulnerability Of Asian Credit Market To External Shocks (2019) - Lucror Analytics

In this month’s “In-Focus” section, we discuss the vulnerability of Asian credits to external shocks, with the threat this year being the...

Lucror Analytics

Asia HY Trade Recommendations - June 2019 - Lucror Analytics

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

Lucror Analytics

Asia HY Monthly - LARA And Credit Bias Study - Lucror Analytics

In this month’s “In-Focus” section, we discuss LARA and Credit Bias developments over the past few years for companies under our coverage,...

Lucror Analytics

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