Daily Brief Financials: Celsius Network, China SCE, Progressive Corp, SGX and more

• Last week, bankrupt crypto lender Celsius gained court approval to convert its altcoin holdings into more liquid BTC and ETH as part of its restructuring plan.
• The company has reportedly moved some of its holdings to market maker Wintermute and stablecoin issuer Paxos.
• As of end-March, Celsius held more than $2B in BTC, ETH and stETH and a mixed bag of liquid and illiquid altcoins, including $240mn of its own CEL token.

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.

• China SCE
• Hopson Development
• Reliance Industries
• Sino-Ocean Service
• Vedanta Resources

• Progressive Corp delivered a mixed set of results in its most recent result, with revenues above Wall Street expectations but below-par earnings.
• The growth in new applications represents an increase in quotes from the current shopping in the marketplace as well as an increase in the convention.
• This resulted in increasing reserves as well as reach with increases in rate.

• The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.
• It is the right approach for Singapore – a voluntary best-practices framework furthering one of the world’s most credible “green” economies, not a regulatory force-fix of something broken.
• No surprise ratings methodology changes. No en masse upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.