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

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-479'>Evergrande Real Estate Group</a></li><li><a href='#lucror-entity-12151'>Garuda Indonesia (Persero)</a></li><li><a href='#lucror-entity-765'>Olam International</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.Evergrande Real Estate GroupGaruda Indonesia (Persero)Olam International

Morning Views Asia: Evergrande Real Estate Group, Garuda Indonesia (Persero), Olam International

In this month’s "In-Focus" section, we provide an update on Chinese developers’ JV exposure, including typical structures and the JV exposure of the companies under our coverage. 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 Chinese developers’ JV exposure, including typical structures and the JV exposure of the companies under our coverage.    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 Developers' JV Exposure - Lucror Analytics

The Asia HY Trade Book for the month of May 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 May 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 - May 2021 - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Oil & Gas sector, including oil price development and projections, along with the associated drivers.  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 Oil & Gas sector, including oil price development and projections, along with the associated drivers.    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 - Oil & Gas Update (2021) - Lucror Analytics

Alpha-Centric ESG Research

Kyle Rudden

What color is a tree? Ask a child, and the answer is green. To a child, green is green, and all green is "tree-green." Ask an artist the same question, and the answer is a chromatic spectrum of greens blending into brownish shades in the shadows, and yellow tints in the sun.If corporate climate pledges – especially the me-too net-zero variety so en vogue of late – were a tangible product they would come packaged in a glossy sustainability-green. You've seen it. That botanical green so impossibly organic there is something vaguely unsettling about it.Open the package, and you might find the climate pledge equivalent of a brick in an iPhone box.To be fair, most climate pledges are well-intentioned, but it takes just one dodgy press release from an oil supermajor for the world to go mad with greenwashing paranoia. Out-and-out greenwashing is relatively rare, however. There is a bigger issue, and a source of both risk and opportunity.Some issuers are making huge promises – genuine but likely clouded by irrational exuberance from "keeping up with the Joneses" – and setting themselves up for failure, where the cost of failure is of epic proportions. Conversely, some companies are doing it right, turning risk into opportunity.

What color is a tree? Ask a child, and the answer is green. To a child, green is green, and all green is "tree-green." Ask an artist the same question, and the answer is a chromatic spectrum of greens blending into brownish shades in the shadows, and yellow tints in the sun.If corporate climate pledges – especially the me-too net-zero variety so en vogue of late – were a tangible product they would come packaged in a glossy sustainability-green. You've seen it. That botanical green so impossibly organic there is something vaguely unsettling about it.Open the package, and you might find the climate pledge equivalent of a brick in an iPhone box.To be fair, most climate pledges are well-intentioned, but it takes just one dodgy press release from an oil supermajor for the world to go mad with greenwashing paranoia. Out-and-out greenwashing is relatively rare, however. There is a bigger issue, and a source of both risk and opportunity.Some issuers are making huge promises – genuine but likely clouded by irrational exuberance from "keeping up with the Joneses" – and setting themselves up for failure, where the cost of failure is of epic proportions. Conversely, some companies are doing it right, turning risk into opportunity.

Climate Pledges: Singapore and Japan Lead APAC Issuers in Quality of Climate Pledges

Singapore

Olam Group Ltd operates as a food and agri-business company. The Company supplies food ingredients, feed, fibre, and edible oil. Olam Group serves customers worldwide.

Through our purpose to ‘Re-imagine Global Agriculture and Food Systems’, Olam aims to address the many challenges involved in meeting the needs of a growing global population, while achieving positive impact for farming communities, our planet and all our stakeholders. 

Headquartered and listed in Singapore, Olam currently ranks among the top 30 largest primary listed companies in terms of market capitalisation on SGX-ST.

More information on Olam can be found at www.olamgroup.com. 
	 	 
Olam is located at 7 Straits View, Marina One East Tower #20-01, Singapore 018936. Telephone: +65 63394100, Facsimile: +65 63399755.

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Olam Group (OLG SP)

Morning Views Asia: Evergrande Real Estate Group, Garuda Indonesia (Persero), Olam International

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

Lucror Analytics

Asia HY Monthly - Chinese Developers' JV Exposure - Lucror Analytics

In this month’s "In-Focus" section, we provide an update on Chinese developers’ JV exposure, including typical structures and the JV exposure of...

Lucror Analytics

Asia HY Trade Book - May 2021 - Lucror Analytics

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

Lucror Analytics

Asia HY Monthly - Oil & Gas Update (2021) - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Oil & Gas sector, including oil price development and projections, along with...

Lucror Analytics

Climate Pledges: Singapore and Japan Lead APAC Issuers in Quality of Climate Pledges

Corporate climate pledges come many shades of green, and for some their colors start to run on closer inspection. But not in Singapore and Japan...

Kyle Rudden

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