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 examine the likely rise in bond-exchange transactions for Chinese property players, considering the wall of maturities over the next two months and the poor state of the industry. 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 examine the likely rise in bond-exchange transactions for Chinese property players, considering the wall of maturities over the next two months and the poor state of the industry.   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 - Restructuring Stressed Chinese Property Developers - Lucror Analytics

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

<ul>
<li>In a move to shore up liquidity, but not to repay debt, Evergrande has sold stakes and "right to debt" in four development projects to SOEs at “fire sale” prices;</li>
<li>Only USD 47.2 bn in liabilities to go Chairman Hui, but didn’t you say less than two weeks ago “no fire sales”?; and    </li>
<li>
Municipalities, investors, and CINDA are picking off Evergrande assets on the cheap as well.    </li>
</ul>


In a move to shore up liquidity, but not to repay debt, Evergrande has sold stakes and "right to debt" in four development projects to SOEs at “fire sale” prices;
Only USD 47.2 bn in liabilities to go Chairman Hui, but didn’t you say less than two weeks ago “no fire sales”?; and    

Municipalities, investors, and CINDA are picking off Evergrande assets on the cheap as well.    


China Evergrande Group – Drop In The Bucket

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-14896'>Jingrui Holdings</a></li><li><a href='#lucror-entity-13359'>Lenovo</a></li><li><a href='#lucror-entity-26178'>Zhenro Properties</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.Jingrui HoldingsLenovoZhenro Properties

Morning Views Asia: Jingrui Holdings, Lenovo, Zhenro Properties

<ul>
<li>The shares of Evergrande aren’t worth the paper their printed on;  </li>
<li>Shanghai Construction receives a positive court outcome at expense of Evergrande; and</li>
<li>The likelihood that Evergrande has enough liquidity and will not have a fire sale of assets is nil – we can add Evergrande to the list of the walking dead. </li>
</ul>


The shares of Evergrande aren’t worth the paper their printed on;  
Shanghai Construction receives a positive court outcome at expense of Evergrande; and
The likelihood that Evergrande has enough liquidity and will not have a fire sale of assets is nil – we can add Evergrande to the list of the walking dead. 


China Evergrande Group – Be A Hero, Take It To Zero

The Chinese Property Weekly focuses on providing updates in the Chinese real-estate sector, including recent regulatory and company developments, top and bottom performers, rating actions, as well as a list of bond maturities in the next 30 days.

  The Chinese Property Weekly focuses on providing updates in the Chinese real-estate sector, including recent regulatory and company developments, top and bottom performers, rating actions, as well as a list of bond maturities in the next 30 days. 

Chinese Property Weekly - Lucror Analytics

Hong Kong

Shimao Property Holdings Limited develops real estate projects in China.

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Shimao Property Holdings (813 HK)

Asia HY Monthly - Restructuring Stressed Chinese Property Developers - Lucror Analytics

This month, we examine the likely rise in bond-exchange transactions for Chinese property players, considering the wall of maturities over the...

Lucror Analytics

China Evergrande Group – Drop In The Bucket

EVERGRANDE: In a move to shore up liquidity but not repay debt, Evergrande has sold stakes in four development projects to SOEs at “fire sale”...

Thomas J. Monaco

Morning Views Asia: Jingrui Holdings, Lenovo, Zhenro Properties

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

Lucror Analytics

China Evergrande Group – Be A Hero, Take It To Zero

EVERGRANDE: The shares of Evergrande aren’t worth the paper printed on. Shanghai Construction receives a positive court outcome against Evergrande....

Thomas J. Monaco

Chinese Property Weekly - Lucror Analytics

The Chinese Property Weekly focuses on providing updates in the Chinese real-estate sector, including recent regulatory and company developments,...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)