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 provide an update on recent events in Indonesia that we believe will have an impact on offshore investor confidence. Among these are negative developments at the governmental level regarding the policing of corruption. We also feature a case study on the recent bond default by Delta Merlin Dunia, which highlights the problems inherent in governance with Indonesian corporates, particularly private firms. We believe that at the regulatory and corporate level there is often a capricious approach to governance, which is encouraged by a benign judicial system. 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 provide an update on recent events in Indonesia that we believe will have an impact on offshore investor confidence. Among these are negative developments at the governmental level regarding the policing of corruption. We also feature a case study on the recent bond default by Delta Merlin Dunia, which highlights the problems inherent in governance with Indonesian corporates, particularly private firms. We believe that at the regulatory and corporate level there is often a capricious approach to governance, which is encouraged by a benign judicial system.   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 - Corporate Governance And Corruption In Indonesia - Lucror Analytics

The Asia HY Trade Recommendations report for October 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 October 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 - October 2019 - Lucror Analytics

In this month’s In-Focus, we provide an update on the Macau gaming sector, including our market outlook, concession renewals and a peer comparison of the four companies under our coverage. 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, we provide an update on the Macau gaming sector, including our market outlook, concession renewals and a peer comparison of the four companies under our coverage.    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 - Macau Gaming Update - Lucror Analytics

During September, Asian HY investor focus shifted back to the ongoing Sino-US trade war, and away from problems in Argentina and Turkey.
Late in the month, the Trump administration again threatened to broaden the trade dispute with China into a financial flow war. Bloomberg has reported that some backers of the tariff war are in favour of imposing capital controls to manage: [1] the increasing currency imbalance; and [2] restrict the access of Chinese companies to US capital markets. Concurrently, there are two separate bipartisan bills circulating in Congress that would: [1] limit the flow of foreign capital into the US; and [2] force foreign companies listed in the US to comply with US auditing standards.

During September, Asian HY investor focus shifted back to the ongoing Sino-US trade war, and away from problems in Argentina and Turkey.
Late in the month, the Trump administration again threatened to broaden the trade dispute with China into a financial flow war. Bloomberg has reported that some backers of the tariff war are in favour of imposing capital controls to manage: [1] the increasing currency imbalance; and [2] restrict the access of Chinese companies to US capital markets. Concurrently, there are two separate bipartisan bills circulating in Congress that would: [1] limit the flow of foreign capital into the US; and [2] force foreign companies listed in the US to comply with US auditing standards.

Asia HY Monthly – Macau Gaming Update (September 2019)

The Asia HY Trade Recommendations report for September 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 September 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 - September 2019 - Lucror Analytics

Hong Kong

Wynn Macau, Limited owns and operates Wynn Macau, a destination casino resort currently featuring hotel rooms and suites, a casino, casual and fine dining restaurants, retail space and leisure amenities.

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Wynn Macau Ltd (1128 HK)

Asia HY Monthly - Corporate Governance And Corruption In Indonesia - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on recent events in Indonesia that we believe will have an impact on offshore investor...

Lucror Analytics

Asia HY Trade Recommendations - October 2019 - Lucror Analytics

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

Lucror Analytics

Asia HY Monthly - Macau Gaming Update - Lucror Analytics

In this month’s In-Focus, we provide an update on the Macau gaming sector, including our market outlook, concession renewals and a peer...

Lucror Analytics

Asia HY Monthly – Macau Gaming Update (September 2019)

During September, Asian HY investor focus shifted back to the ongoing Sino-US trade war, and away from problems in Argentina and Turkey. Late in...

Lucror Analytics

Asia HY Trade Recommendations - September 2019 - Lucror Analytics

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

Lucror Analytics

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