Daily Brief Credit: Elon Musk Can’t Be Trusted. He Also Can’t Be Stopped and more

• Tesla Q1 must be tracking even worse than I expected based on the uptick in Elon Musk’s erratic behavior—his tell when bad news spirals out of control.
• Wacko conspiracies, Putin propaganda, National security threat! At least he has his self-flattering alter ego Adrian Dittmann to boost his spirits. 
• Musk’s companies continue to rack up safety violations, government investigations, and lawsuits, while he loses his massive pay package and tries to dodge the SEC investigation into his Twitter acquisition.

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.

• Adani Green Energy

Yanlord’s FY 2023 results were robust in our view. The company reported solid top-line growth, albeit the margin contracted from a high base as projects were delivered outside of Shanghai. Still, cash flows were healthy, which supported meaningful debt reduction.

Yanlord’s near-term debt repayment risks have eased materially, after the company fully redeemed the YLLGSP 6.78 ’24s at maturity yesterday and successfully refinanced the USD syndication loan due in February 2024. The company’s next bond maturity will be in May 2026, when the USD 500 mn YLLGSP 5.125 ’26s come due.