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-10454'>Glenmark Pharmaceuticals</a></li><li><a href='#lucror-entity-315'>Softbank Group</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.Glenmark PharmaceuticalsSoftbank Group

Morning Views Asia: Glenmark Pharmaceuticals, Softbank Group

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

*Insolvency Filing: Wirecard’s (WDR.GY) ongoing last minute negotiations with lenders (including the purported debt for equity swap and asset sales) fell apart, as the management board filed a surprise application for the opening of insolvency proceedings with the district court of Munich;*Risk Exposures Identified: The financial media has widely reported that the EUR 1.75 bn revolver has been almost fully drawn upon at approximately EUR 1.6 bn; and  *Sad Chapter Draws To A Close: Another sad chapter in European banking has now come to an abrupt close. Regulatory reform remains a political hot potato but there is zero evidence of resolve given the conflicted rating agencies, auditing business models, feckless regulators et al.

*Insolvency Filing: Wirecard’s (WDR.GY) ongoing last minute negotiations with lenders (including the purported debt for equity swap and asset sales) fell apart, as the management board filed a surprise application for the opening of insolvency proceedings with the district court of Munich;*Risk Exposures Identified: The financial media has widely reported that the EUR 1.75 bn revolver has been almost fully drawn upon at approximately EUR 1.6 bn; and  *Sad Chapter Draws To A Close: Another sad chapter in European banking has now come to an abrupt close. Regulatory reform remains a political hot potato but there is zero evidence of resolve given the conflicted rating agencies, auditing business models, feckless regulators et al.  

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-315'>Softbank Group</a></li><li><a href='#lucror-entity-20934'>Tata Steel Ltd</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.Softbank GroupTata Steel Ltd

Morning Views Asia: Softbank Group, Tata Steel Ltd

Telco/Internet specialist

Kirk Boodry

Redex Research

Softbank Group said today it had agreed with T Mobile on the sale of 65% of their stake in the company with proceeds of c. $21bn based on current prices whilst parent Deutsche Telekom has received call options to buy almost all of the rest potentially raising another $11bn. With this transaction,  Softbank has completed its $41bn asset sale plans with room to spare assuming DT exercises its rights to buy Softbank out.  Pricing has yet to be finalized but early indications are this is a modest discount to the $106.6 that TMUS closed at yesterday. Enthusiasm over the TMUS sale has helped Softbank shares to narrow the discount to 45% and that is unlikely to change very much in the coming weeks although ongoing share buybacks keep up more positive than not.

Softbank Group said today it had agreed with T Mobile on the sale of 65% of their stake in the company with proceeds of c. $21bn based on current prices whilst parent Deutsche Telekom has received call options to buy almost all of the rest potentially raising another $11bn. With this transaction,  Softbank has completed its $41bn asset sale plans with room to spare assuming DT exercises its rights to buy Softbank out.  Pricing has yet to be finalized but early indications are this is a modest discount to the $106.6 that TMUS closed at yesterday. Enthusiasm over the TMUS sale has helped Softbank shares to narrow the discount to 45% and that is unlikely to change very much in the coming weeks although ongoing share buybacks keep up more positive than not. 

Softbank Group Sale of TMUS Shares Looks like a Complete Exit and Finishes the Asset Sale Process

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-433'>Fosun International</a></li><li><a href='#lucror-entity-10454'>Glenmark Pharmaceuticals</a></li><li><a href='#lucror-entity-5582'>Modernland Realty</a></li><li><a href='#lucror-entity-315'>Softbank Group</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.Fosun InternationalGlenmark PharmaceuticalsModernland RealtySoftbank Group

Morning Views Asia: Fosun International, Glenmark Pharmaceuticals, Modernland Realty, Softbank Group

Japan

SoftBank Group Corp provides telecommunication services.  The Company also operates ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet connection, e-Commerce businesses, and Internet based advertising and auction businesses.

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Softbank Group (ADR) (SFTBY US)

Morning Views Asia: Glenmark Pharmaceuticals, Softbank Group

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

Lucror Analytics

Morning Views Asia: Softbank Group, Tata Steel Ltd

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

Lucror Analytics

Softbank Group Sale of TMUS Shares Looks like a Complete Exit and Finishes the Asset Sale Process

Softbank Group said today it had agreed with T Mobile on the sale of 65% of their stake in the company with proceeds of c. $21bn based on current...

Kirk Boodry

Morning Views Asia: Fosun International, Glenmark Pharmaceuticals, Modernland Realty, Softbank Group

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

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Morning Views Asia: Glenmark Pharmaceuticals, Softbank Group

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

Lucror Analytics

Wirecard – The Cookie Crumbles

*Insolvency Filing: Wirecard’s (WDR.GY) ongoing last minute negotiations with lenders (including the purported debt for equity swap and asset...

Thomas J. Monaco

Morning Views Asia: Softbank Group, Tata Steel Ltd

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

Lucror Analytics

Softbank Group Sale of TMUS Shares Looks like a Complete Exit and Finishes the Asset Sale Process

Softbank Group said today it had agreed with T Mobile on the sale of 65% of their stake in the company with proceeds of c. $21bn based on current...

Kirk Boodry

Morning Views Asia: Fosun International, Glenmark Pharmaceuticals, Modernland Realty, Softbank Group

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

Lucror Analytics