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 this month’s “In-Focus” section, we consider China’s new Three Red Lines leverage guidelines for developers, which have been rolled out on a limited basis. We also look at the context for the policy’s introduction and its implications on credit access for industry players at large.  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 consider China’s new Three Red Lines leverage guidelines for developers, which have been rolled out on a limited basis. We also look at the context for the policy’s introduction and its implications on credit access for industry players at large.    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 - China's Three Red Lines - Lucror Analytics

The Asia HY Trade Book for the month of September 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 September 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 - September 2020 - Lucror Analytics

Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Founder & CEO Bond Angle, LLC

Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

High yield market investment research

<a href="https://www.smartkarma.com/entities/the-we-company" target="_blank" data-smartkarma-citation="entities:28061:1" rel="noopener">The We Company (WeWork) (WE US)</a> sold its majority stake in its China business to <a href="https://www.ft.com/content/153f2775-72cc-451e-b7a3-03978c69f97b" target="_blank" rel="noopener">Trustbridge Partners</a> for $200 million, a price far below the $5 billion where the unit had been valued in 2018.But in 2018, WeWork was still being pitched by its bankers to investors as worth as much as $100 billion, substantially higher versus my $5-7 billion estimate. Less than a year later WeWork's IPO collapsed and it sunk into insolvency as I had projected (see <a href="https://www.smartkarma.com/insights/gravity-works-as-wework-doesn-t-now-plan-b" target="_blank" data-smartkarma-citation="insights:32107" rel="noopener">Gravity Works As WeWork Doesn't; Now Plan B</a> on 9/17/20). We know how that worked out. Times and fortunes have changed for the worse since then, and now WeWork is lucky to get a meaningful price for any of its still struggling assets, as we can see in the following quick review.Read on as Bond Angle discussion continues...

The We Company (WeWork) (WE US) sold its majority stake in its China business to Trustbridge Partners for $200 million, a price far below the $5 billion where the unit had been valued in 2018.But in 2018, WeWork was still being pitched by its bankers to investors as worth as much as $100 billion, substantially higher versus my $5-7 billion estimate. Less than a year later WeWork's IPO collapsed and it sunk into insolvency as I had projected (see Gravity Works As WeWork Doesn't; Now Plan B on 9/17/20). We know how that worked out. Times and fortunes have changed for the worse since then, and now WeWork is lucky to get a meaningful price for any of its still struggling assets, as we can see in the following quick review.Read on as Bond Angle discussion continues...

Breaking: WeWork Nets $200 Million for China Business

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE:Toshiba, Wilmar, Vedanta, Haier, Softbank, Genting, 51job, Appraisal Rights

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

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)

Asia HY Monthly - China's Three Red Lines - Lucror Analytics

In this month’s “In-Focus” section, we consider China’s new Three Red Lines leverage guidelines for developers, which have been rolled out on a...

Lucror Analytics

Asia HY Trade Book - September 2020 - Lucror Analytics

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

Lucror Analytics

Breaking: WeWork Nets $200 Million for China Business

The We Company (WeWork) (WE US) is lucky to get $200 million for its China business, in my view, even though it had been valued at $5 billion back...

Vicki Bryan

Last Week in Event SPACE:Toshiba, Wilmar, Vedanta, Haier, Softbank, Genting, 51job, Appraisal Rights

Last Week in Event SPACE ... Plus, other events, CCASS movements and Mood Spins. (This insight covers specific insights & comments...

David Blennerhassett

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

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