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

With the Q2/20 earnings season completed and Q3 season underway, the impact of COVID-19 on the credit profiles of issuers under our coverage is becoming more visible. Several companies have already achieved solid recoveries in Q3, as reflected by their results. However, new government-imposed lockdowns will have a substantial impact on the Q4 numbers.  We believe it is useful to analyse how COVID-19 has impacted companies at the height of the pandemic in Q2/20. As such, we provide an overview of the development of credit stats and liquidity, followed by brief round-ups of the developments and outlooks in the industries and various companies that we cover.

  With the Q2/20 earnings season completed and Q3 season underway, the impact of COVID-19 on the credit profiles of issuers under our coverage is becoming more visible. Several companies have already achieved solid recoveries in Q3, as reflected by their results. However, new government-imposed lockdowns will have a substantial impact on the Q4 numbers.    We believe it is useful to analyse how COVID-19 has impacted companies at the height of the pandemic in Q2/20. As such, we provide an overview of the development of credit stats and liquidity, followed by brief round-ups of the developments and outlooks in the industries and various companies that we cover. 

Europe HY – Q2/20 Results Review And Credit Metrics Amid COVID-19 - Lucror Analytics

The Europe HY Trade Book for October 2020 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

  The Europe HY Trade Book for October 2020 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - October 2020 - Lucror Analytics

The Europe HY Trade Book for September 2020 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

  The Europe HY Trade Book for September 2020 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - September 2020 - Lucror Analytics

The Europe HY Trade Book for August 2020 includes a summary of high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

  The Europe HY Trade Book for August 2020 includes a summary of high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - August 2020 - Lucror Analytics

In our fifth report on the liquidity positions of companies in our European HY coverage universe amid the COVID-19 pandemic and oil shock, we analyse issuers in the shipping & logistics and metals & mining sectors.  The impact on the shipping & logistics sector varies from moderate to severe. Names that have operations tied to air travel are, unsurprisingly, more materially affected, as are those providing passenger services. Meanwhile, tankers are benefiting for now, and container shipping is showing considerable resilience. For metals & mining, we expect the impact of COVID-19 to be substantial, with lockdown measures to affect production and the supply chain, while deteriorating macro conditions weaken underlying demand. Positively, this might be mitigated by reduced material and energy costs, as well as favourable working capital development.

  In our fifth report on the liquidity positions of companies in our European HY coverage universe amid the COVID-19 pandemic and oil shock, we analyse issuers in the shipping & logistics and metals & mining sectors.    The impact on the shipping & logistics sector varies from moderate to severe. Names that have operations tied to air travel are, unsurprisingly, more materially affected, as are those providing passenger services. Meanwhile, tankers are benefiting for now, and container shipping is showing considerable resilience. For metals & mining, we expect the impact of COVID-19 to be substantial, with lockdown measures to affect production and the supply chain, while deteriorating macro conditions weaken underlying demand. Positively, this might be mitigated by reduced material and energy costs, as well as favourable working capital development. 

COVID-19 / Oil Shock: Liquidity Analysis Of Europe Corporates - Part 5 (Shipping & Logistics, Metals & Mining) - Lucror Analytics

Finland

Outokumpu Oyj manufactures stainless steel.  The Company produces coil, sheet and plate; quarto plate; slab, bloom, billet, rod and bar; rebar; pipes and fittings; and thin strips.  Outokumpu operates plants in Finland, Sweden, the United Kingdom and the United States.

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Outokumpu OYJ (OUT1V FH)

Europe HY – Q2/20 Results Review And Credit Metrics Amid COVID-19 - Lucror Analytics

With the Q2/20 earnings season completed and Q3 season underway, the impact of COVID-19 on the credit profiles of issuers under our coverage is...

Lucror Analytics

Europe HY Trade Book - October 2020 - Lucror Analytics

The Europe HY Trade Book for October 2020 includes high-conviction trade ideas drawn from our European HY coverage universe, along with...

Lucror Analytics

Europe HY Trade Book - September 2020 - Lucror Analytics

The Europe HY Trade Book for September 2020 includes high-conviction trade ideas drawn from our European HY coverage universe, along with...

Lucror Analytics

Europe HY Trade Book - August 2020 - Lucror Analytics

The Europe HY Trade Book for August 2020 includes a summary of high-conviction trade ideas drawn from our European HY coverage universe, along...

Lucror Analytics

COVID-19 / Oil Shock: Liquidity Analysis Of Europe Corporates - Part 5 (Shipping & Logistics, Metals & Mining) - Lucror Analytics

In our fifth report on the liquidity positions of companies in our European HY coverage universe amid the COVID-19 pandemic and oil shock, we...

Lucror Analytics

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