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 discuss LARA and Credit Bias developments over the past few years for companies under our coverage, including related trends for and between Asia, LatAm and Europe. 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 discuss LARA and Credit Bias developments over the past few years for companies under our coverage, including related trends for and between Asia, LatAm and Europe.    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 - LARA And Credit Bias Study - Lucror Analytics

The Asia HY Trade Recommendations report for May includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index.

   The Asia HY Trade Recommendations report for May includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - May 2019 - Lucror Analytics

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.

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. 

Lucror Analytics - Morning Views Asia - 22 May 2019

Trung Nguyen

Vedanta Resources’ FY 2018-19 results were in line with expectations, considering: [1] that key subsidiary Vedanta Limited already released its results earlier; [2] the closure of the Tuticorin mine; and [3] the soft commodity prices in H2/18-19. Vedanta continued to benefit from its diversification, with oil and base metals moving in opposite directions. Positively, the increase in debt due to the Electrosteel Steels acquisition was negligible. Moreover, the steel-maker has improved its profitability significantly under Vedanta. Still, the financial risk profile deteriorated significantly, mainly due to lower earnings as expected. We expect negative rating pressure due to volatility in commodity prices and corporate governance concerns, specifically the risk of cash moving out of Vedanta.

   Vedanta Resources’ FY 2018-19 results were in line with expectations, considering: [1] that key subsidiary Vedanta Limited already released its results earlier; [2] the closure of the Tuticorin mine; and [3] the soft commodity prices in H2/18-19. Vedanta continued to benefit from its diversification, with oil and base metals moving in opposite directions. Positively, the increase in debt due to the Electrosteel Steels acquisition was negligible. Moreover, the steel-maker has improved its profitability significantly under Vedanta. Still, the financial risk profile deteriorated significantly, mainly due to lower earnings as expected.    We expect negative rating pressure due to volatility in commodity prices and corporate governance concerns, specifically the risk of cash moving out of Vedanta. 

Vedanta Resources - Earnings Flash - FY 2018-19 Results - Lucror Analytics

Lucror Analytics - Morning Views Asia - 21 May 2019

India

Vedanta Resources Limited operates as a diversified natural resource company. The Company extracts and process zinc, lead, aluminum, iron ore, copper, and silver, as well as focuses on oil and natural gas. Vedanta Resources serves clients worldwide.

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Vedanta Resources (VED LN)

Asia HY Monthly - LARA And Credit Bias Study - Lucror Analytics

In this month’s “In-Focus” section, we discuss LARA and Credit Bias developments over the past few years for companies under our coverage,...

Lucror Analytics

Asia HY Trade Recommendations - May 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for May includes a summary of our recommendations, as well as our high-conviction ideas. We also provide...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 22 May 2019

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

Lucror Analytics

Vedanta Resources - Earnings Flash - FY 2018-19 Results - Lucror Analytics

Vedanta Resources’ FY 2018-19 results were in line with expectations, considering: [1] that key subsidiary Vedanta Limited already released its...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 21 May 2019

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

Lucror Analytics

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