European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>The German Government is planning to reduce its stake in private companies (100+), which is reviving the talk of a merger between Commerzbank (15.75% owned by Germany) and Deutsche Bank.</li>
<li>In case of a (logical) all-share merger, the German Government would just exchange a 15.75% stake in Commerzbank for a smaller one in the New Deutsche Bank (estimated ~5.75%).</li>
<li>The most likely outcome is an accelerated book build among institutional investors (as the British Government has done with Natwest, formerly RBS, in the past), in my view.</li>
</ul>


The German Government is planning to reduce its stake in private companies (100+), which is reviving the talk of a merger between Commerzbank (15.75% owned by Germany) and Deutsche Bank.
In case of a (logical) all-share merger, the German Government would just exchange a 15.75% stake in Commerzbank for a smaller one in the New Deutsche Bank (estimated ~5.75%).
The most likely outcome is an accelerated book build among institutional investors (as the British Government has done with Natwest, formerly RBS, in the past), in my view.


Deutsche Bank/Commerzbank: Quick Take on Merger Talks

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELETEs for the DAX, MDAX, and SDAX Indices.</li>
<li>In the March 2023 review, I do not see any changes for the DAX index although a couple names are close to the border.</li>
<li>As it stands, I currently expect two more changes between MDAX and SDAX and one more ADD/DEL for the SDAX index based on the latest available data.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELETEs for the DAX, MDAX, and SDAX Indices.
In the March 2023 review, I do not see any changes for the DAX index although a couple names are close to the border.
As it stands, I currently expect two more changes between MDAX and SDAX and one more ADD/DEL for the SDAX index based on the latest available data.


Quiddity Leaderboard for DAX Mar 23: Linde DEL Triggers US$2.7bn Reverse Funding Flows

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELETEs for the DAX, MDAX, and SDAX Indices.</li>
<li>
<a href="https://www.smartkarma.com/entities/vantage-towers-ag" target="_blank" data-smartkarma-citation="entities:35602:1" rel="noopener">Vantage Towers (VTWR GR)</a> is currently undergoing a Tender Offer and this <em>could</em> have interesting index consequences over the next few weeks.</li>
<li>As it stands, there seems to be one change between MDAX and SDAX and there are multiple names hovering close to the border for DAX, MDAX, and SDAX.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELETEs for the DAX, MDAX, and SDAX Indices.

Vantage Towers (VTWR GR) is currently undergoing a Tender Offer and this could have interesting index consequences over the next few weeks.
As it stands, there seems to be one change between MDAX and SDAX and there are multiple names hovering close to the border for DAX, MDAX, and SDAX.


DAX/​​​​​​MDAX/​​​​​​SDAX Quiddity Leaderboard Mar 23: Vantage Tower and Other Interesting Names

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELETEs for the DAX, MDAX, and SDAX Indices.</li>
<li>Roughly half of the 20-trading day reference period for the December 2022 Rebalance is now complete.</li>
<li>Among the names identified as potential index changes, <a href="https://www.smartkarma.com/entities/washtec-ag" target="_blank" data-smartkarma-citation="entities:36483:1" rel="noopener">Washtec (WSU GR)</a> appears to be a very high impact name with around 50+ days of volume to buy.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELETEs for the DAX, MDAX, and SDAX Indices.
Roughly half of the 20-trading day reference period for the December 2022 Rebalance is now complete.
Among the names identified as potential index changes, Washtec (WSU GR) appears to be a very high impact name with around 50+ days of volume to buy.


DAX/​​​​​MDAX/​​​​​SDAX Quiddity Leaderboard Dec 22: Washtec Is a High-Impact Name

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELETEs for the DAX, MDAX, and SDAX Indices.</li>
<li>Based on current rankings, <a href="https://www.smartkarma.com/entities/commerzbank-ag" target="_blank" data-smartkarma-citation="entities:21596:1" rel="noopener">Commerzbank AG (CBK GR)</a> could move from MDAX to DAX and <a href="https://www.smartkarma.com/entities/puma-se" target="_blank" data-smartkarma-citation="entities:21697:1" rel="noopener">Puma SE (PUM GR)</a> could move from DAX to MDAX.</li>
<li>I also expect multiple changes for the MDAX and SDAX indices including the impact of the recently-listed <a href="https://www.smartkarma.com/entities/dr-ing-h-c-f-porsche-aktiengesellschaft" target="_blank" data-smartkarma-citation="entities:36343:1" rel="noopener">Porsche AG (P911 GR)</a>. </li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELETEs for the DAX, MDAX, and SDAX Indices.
Based on current rankings, Commerzbank AG (CBK GR) could move from MDAX to DAX and Puma SE (PUM GR) could move from DAX to MDAX.
I also expect multiple changes for the MDAX and SDAX indices including the impact of the recently-listed Porsche AG (P911 GR). 


DAX/​​​​MDAX/​​​​SDAX Quiddity Leaderboard Dec 22: Porsche AG Gets a Headstart!

Germany

Commerzbank AG attracts deposits and offers retail and commercial banking services.  The Bank offers mortgage loans, securities brokerage and asset management services, private banking, foreign exchange, and treasury services worldwide.

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Commerzbank AG (CBK GR)

Deutsche Bank/Commerzbank: Quick Take on Merger Talks

German Government plans to reduce stake in private companies, which has helped revive merger talks between Commerzbank and Deutsche Bank.

Jesus Rodriguez Aguilar

Quiddity Leaderboard for DAX Mar 23: Linde DEL Triggers US$2.7bn Reverse Funding Flows

The largest DAX member Linde AG (LIN GR) is expected to get deleted in February 2023 triggering extraordinary index changes and US$2.7bn in reverse...

Janaghan Jeyakumar, CFA

DAX/MDAX/SDAX Quiddity Leaderboard Mar 23: Vantage Tower and Other Interesting Names

Commerzbank, Delivery Hero, Sma Solar Technology, Jenoptik, and Deutsche Beteiligungs require single-digit gains against the other names to trigger...

Janaghan Jeyakumar, CFA

DAX/MDAX/SDAX Quiddity Leaderboard Dec 22: Washtec Is a High-Impact Name

There could be 50+ days of volume to buy in Washtec which is a potential SDAX ADD in December 2022. Roughly half of the reference period is now...

Janaghan Jeyakumar, CFA

DAX/MDAX/SDAX Quiddity Leaderboard Dec 22: Porsche AG Gets a Headstart!

Recently listed Porsche AG could get added to the MDAX index or the DAX index in the December 2022 index review. The stock has gained some momentum...

Janaghan Jeyakumar, CFA

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52-week Range

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Deutsche Bank/Commerzbank: Quick Take on Merger Talks

​German Government plans to reduce stake in private companies, which has helped revive merger talks between Commerzbank and Deutsche Bank.

Jesus Rodriguez Aguilar

Quiddity Leaderboard for DAX Mar 23: Linde DEL Triggers US$2.7bn Reverse Funding Flows

The largest DAX member Linde AG (LIN GR) is expected to get deleted in February 2023 triggering extraordinary index changes and US$2.7bn in reverse...

Janaghan Jeyakumar, CFA

DAX/​​​​​​MDAX/​​​​​​SDAX Quiddity Leaderboard Mar 23: Vantage Tower and Other Interesting Names

Commerzbank, Delivery Hero, Sma Solar Technology, Jenoptik, and Deutsche Beteiligungs require single-digit gains against the other names to trigger...

Janaghan Jeyakumar, CFA

DAX/​​​​​MDAX/​​​​​SDAX Quiddity Leaderboard Dec 22: Washtec Is a High-Impact Name

There could be 50+ days of volume to buy in Washtec which is a potential SDAX ADD in December 2022. Roughly half of the reference period is now...

Janaghan Jeyakumar, CFA

DAX/​​​​MDAX/​​​​SDAX Quiddity Leaderboard Dec 22: Porsche AG Gets a Headstart!

Recently listed Porsche AG could get added to the MDAX index or the DAX index in the December 2022 index review. The stock has gained some momentum...

Janaghan Jeyakumar, CFA

German Government plans to reduce stake in private companies, which has helped revive merger talks between Commerzbank and Deutsche Bank.

DAX/MDAX/SDAX Quiddity Leaderboard Mar 23: Vantage Tower and Other Interesting Names

DAX/MDAX/SDAX Quiddity Leaderboard Dec 22: Washtec Is a High-Impact Name

DAX/MDAX/SDAX Quiddity Leaderboard Dec 22: Porsche AG Gets a Headstart!