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 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

In our third 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 building materials & construction sector. While the pandemic could bring construction works to a halt and producers may be affected by supply chain disruptions, the lower oil prices may benefit some companies.

  In our third 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 building materials & construction sector.   While the pandemic could bring construction works to a halt and producers may be affected by supply chain disruptions, the lower oil prices may benefit some companies. 

COVID-19 / Oil Shock: Liquidity Analysis Of Europe Corporates - Part 3 (Building Materials & Construction) - Lucror Analytics

In our second 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 speciality finance sector. We believe this sector will be affected by the current crisis with a lag, due to two adverse trends: i) mounting concerns about unsecured consumer credit; and ii) knock-on effects from significantly reduced economic activity (e.g. lower real-wage growth and higher unemployment).

  In our second 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 speciality finance sector.   We believe this sector will be affected by the current crisis with a lag, due to two adverse trends: i) mounting concerns about unsecured consumer credit; and ii) knock-on effects from significantly reduced economic activity (e.g. lower real-wage growth and higher unemployment). 

COVID-19 / Oil Shock: Liquidity Analysis Of Europe Corporates - Part 2 (Speciality Finance) - Lucror Analytics

Europe has already been suffering anaemic growth in recent years, and the region will likely be severely affected by the COVID-19 pandemic. With the virus having spread like wildfire through the continent and various countries under lockdown, we are re-assessing the liquidity positions of companies in our European HY coverage universe amid the crisis. In our first report for this series, we analyse issuers in the gaming and oil & gas / refining sectors.

  Europe has already been suffering anaemic growth in recent years, and the region will likely be severely affected by the COVID-19 pandemic. With the virus having spread like wildfire through the continent and various countries under lockdown, we are re-assessing the liquidity positions of companies in our European HY coverage universe amid the crisis.   In our first report for this series, we analyse issuers in the gaming and oil & gas / refining sectors. 

COVID-19 / Oil Shock: Liquidity Analysis Of Europe Corporates - Part 1 (Gaming, Oil & Gas) - Lucror Analytics

While 2020 began on an optimistic note, sentiment has changed significantly with the outbreak of the COVID-19 coronavirus, which has spread rapidly across continents.آ  In our view, key concerns include: [1] potential demand impact on industries with significant human interaction; [2] potential impact on the economy if consumer sentiment deteriorates materially; [3] potential impact on labour force productivity; [4] potential impact on the supply chains of industries; and [5] potential impact on financial markets. We are cautious on companies which are highly levered, cyclical, have limited liquidity or significant debt maturities in the near term. In the report, we assess the impact of COVID-19 on: [1] Europe, China/Asia and the Americas; [2] supply chains; and [3] the sectors and companies under our coverage.

  While 2020 began on an optimistic note, sentiment has changed significantly with the outbreak of the COVID-19 coronavirus, which has spread rapidly across continents.آ    In our view, key concerns include: [1] potential demand impact on industries with significant human interaction; [2] potential impact on the economy if consumer sentiment deteriorates materially; [3] potential impact on labour force productivity; [4] potential impact on the supply chains of industries; and [5] potential impact on financial markets. We are cautious on companies which are highly levered, cyclical, have limited liquidity or significant debt maturities in the near term.   In the report, we assess the impact of COVID-19 on: [1] Europe, China/Asia and the Americas; [2] supply chains; and [3] the sectors and companies under our coverage. 

COVID-19: Impact On Global High Yield - Lucror Analytics

France

Vallourec provides tubular solutions. The Company offers tubes and other related components. Vallourec serves refineries, hydraulic cylinders, machine tools, automobiles, construction, and oil and gas industries worldwide.

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Vallourec SACA (VK FP)

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

COVID-19 / Oil Shock: Liquidity Analysis Of Europe Corporates - Part 3 (Building Materials & Construction) - Lucror Analytics

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

Lucror Analytics

COVID-19 / Oil Shock: Liquidity Analysis Of Europe Corporates - Part 2 (Speciality Finance) - Lucror Analytics

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

Lucror Analytics

COVID-19 / Oil Shock: Liquidity Analysis Of Europe Corporates - Part 1 (Gaming, Oil & Gas) - Lucror Analytics

Europe has already been suffering anaemic growth in recent years, and the region will likely be severely affected by the COVID-19 pandemic. With...

Lucror Analytics

COVID-19: Impact On Global High Yield - Lucror Analytics

While 2020 began on an optimistic note, sentiment has changed significantly with the outbreak of the COVID-19 coronavirus, which has spread...

Lucror Analytics

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