Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Beginning December 2024, a consortium comprising CPP, ADIA, Sumant Sinha, and Masdar, thrice bid for <a href="https://www.smartkarma.com/entities/renew-energy-global-plc-class-a" target="_blank" data-smartkarma-citation="entities:37038:1" rel="noopener">ReNew Energy Global (RNW US)</a>, before mysteriously walking away in December 2025.</li>
<li>On the 29th May, CPP and Sumant Sinha, collectively holding ~50%, returned with a US$6.75/share NBIO, then bumping to US$7.02/share. The prior consortium had bid up to US$8.15/share.</li>
<li>Terms appeared underwhelming. (Not?) Surprisingly Renew Energy opted to enter into a "definitive transaction agreement". Form 6-K has been issued. The IFA says fair. No EGM date currently tabled.</li>
</ul>


Beginning December 2024, a consortium comprising CPP, ADIA, Sumant Sinha, and Masdar, thrice bid for ReNew Energy Global (RNW US), before mysteriously walking away in December 2025.
On the 29th May, CPP and Sumant Sinha, collectively holding ~50%, returned with a US$6.75/share NBIO, then bumping to US$7.02/share. The prior consortium had bid up to US$8.15/share.
Terms appeared underwhelming. (Not?) Surprisingly Renew Energy opted to enter into a "definitive transaction agreement". Form 6-K has been issued. The IFA says fair. No EGM date currently tabled.


ReNew Energy (RNW US): Tight Spread As IFA, Key Shareholders, And SC Support Terms

<ul>
<li>I tally 32 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>No new deals were discussed on Smartkarma this week; however terms were firmed for <a href="https://www.smartkarma.com/entities/ooh-media-ltd" target="_blank" data-smartkarma-citation="entities:8662:1" rel="noopener">oOh!Media (OML AU)</a> and <a href="https://www.smartkarma.com/entities/renew-energy-global-plc" target="_blank" data-smartkarma-citation="entities:37038:1" rel="noopener">ReNew Energy Global (RNW US)</a>; and <a href="https://www.smartkarma.com/entities/golfzon-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:16376:1" rel="noopener">Golfzon (121440 KS)</a>'s MBO was reloaded.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/fleetpartners-group-ltd" target="_blank" data-smartkarma-citation="entities:339:1" rel="noopener">FleetPartners Group (FPR AU)</a>, <a href="https://www.smartkarma.com/entities/cygnus-metals-limited" target="_blank" data-smartkarma-citation="entities:30504:1" rel="noopener">Cygnus Metals (CY5 AU)</a>, <a href="https://www.smartkarma.com/entities/accent-group-ltd" target="_blank" data-smartkarma-citation="entities:14283:1" rel="noopener">Accent Group (AX1 AU)</a>, <a href="https://www.smartkarma.com/entities/z-fin-limited" target="_blank" data-smartkarma-citation="entities:9999:1" rel="noopener">Z Fin (1168 HK)</a>, and <a href="https://www.smartkarma.com/entities/changhong-jiahua-holdings-ltd" target="_blank" data-smartkarma-citation="entities:5849:1" rel="noopener">Changhong Jiahua (3991 HK)</a>.</li>
</ul>


I tally 32 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
No new deals were discussed on Smartkarma this week; however terms were firmed for oOh!Media (OML AU) and ReNew Energy Global (RNW US); and Golfzon (121440 KS)'s MBO was reloaded.
Key updates/news also took place on: FleetPartners Group (FPR AU), Cygnus Metals (CY5 AU), Accent Group (AX1 AU), Z Fin (1168 HK), and Changhong Jiahua (3991 HK).


Asia-Pac Weekly Wrap: FleetPartners, OOh!Media; GOLFZON, Cygnus Metals, Accent Grp, ReNew Energy

<ul>
<li>I tally 32  - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Two new deals were was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/fleetpartners-group-ltd" target="_blank" data-smartkarma-citation="entities:339:1" rel="noopener">FleetPartners Group (FPR AU)</a> and <a href="https://www.smartkarma.com/entities/maxnerva-technology-services-limited" target="_blank" data-smartkarma-citation="entities:17502:1" rel="noopener">Maxnerva Technology Services (1037 HK)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a>, <a href="https://www.smartkarma.com/entities/golfzon-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:16376:1" rel="noopener">Golfzon Holdings (121440 KS)</a>, <a href="https://www.smartkarma.com/entities/polyplex-thailand-public-co-ltd" target="_blank" data-smartkarma-citation="entities:6586:1" rel="noopener">Polyplex (Thailand) (PTL TB)</a>, <a href="https://www.smartkarma.com/entities/renew-energy-global-plc" target="_blank" data-smartkarma-citation="entities:37038:1" rel="noopener">ReNew Energy Global (RNW US)</a>, and <a href="https://www.smartkarma.com/entities/china-shengmu-organic-milk-ltd" target="_blank" data-smartkarma-citation="entities:12714:1" rel="noopener">China Shengmu Organic Milk (1432 HK)</a>.</li>
</ul>


I tally 32  - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Two new deals were was discussed on Smartkarma this week: FleetPartners Group (FPR AU) and Maxnerva Technology Services (1037 HK).
Key updates/news also took place on: Steadfast (SDF AU), Golfzon Holdings (121440 KS), Polyplex (Thailand) (PTL TB), ReNew Energy Global (RNW US), and China Shengmu Organic Milk (1432 HK).


Asia-Pac Weekly Wrap: FleetPartners, Maxnerva, Steadfast, Golfzon, Polyplex, ReNew Energy, Shengmu

<ul>
<li>On the 10th December 2024, <a href="https://www.smartkarma.com/entities/renew-energy-global-plc" target="_blank" data-smartkarma-citation="entities:37038:1" rel="noopener">ReNew Energy Global (RNW US)</a>, an Indian renewable energy play, announced a US$7.07/share NBIO from a consortium comprising CPP, ADIA, Sumant Sinha, and Masdar.</li>
<li>The consortium, with ~64%, bumped indicative terms to US$8/share. Then to US$8.15/share. Minorities/disinterested shareholders were largely supportive. Then Masdar mysteriously walked on the 15th December 2025, and the deal folded.</li>
<li>On the 29th May, CPP and Sumant Sinha, collectively holding ~50%, returned with a US$6.75/share NBIO, then bumped to US$7.02/share. Trading seriously wide at ~15% (gross spread). Once bitten ...</li>
</ul>


On the 10th December 2024, ReNew Energy Global (RNW US), an Indian renewable energy play, announced a US$7.07/share NBIO from a consortium comprising CPP, ADIA, Sumant Sinha, and Masdar.
The consortium, with ~64%, bumped indicative terms to US$8/share. Then to US$8.15/share. Minorities/disinterested shareholders were largely supportive. Then Masdar mysteriously walked on the 15th December 2025, and the deal folded.
On the 29th May, CPP and Sumant Sinha, collectively holding ~50%, returned with a US$6.75/share NBIO, then bumped to US$7.02/share. Trading seriously wide at ~15% (gross spread). Once bitten ...


ReNew Energy Global (RNW US): On CPP's Underwhelming Re-Bid

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

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

<ul>
<li>UST yields fell 4-6 bps across the curve yesterday, undoing part of last week’s yield increase amid easing oil prices.</li>
<li>The yield on the 2Y UST declined 5 bps to 3.67%, while that on the 10Y UST was down 6 bps to 4.22%.</li>
<li>Equities rose, with the S&amp;P 500 and Nasdaq up 1.0% and 1.2%, respectively. </li>
</ul>


UST yields fell 4-6 bps across the curve yesterday, undoing part of last week’s yield increase amid easing oil prices.
The yield on the 2Y UST declined 5 bps to 3.67%, while that on the 10Y UST was down 6 bps to 4.22%.
Equities rose, with the S&amp;P 500 and Nasdaq up 1.0% and 1.2%, respectively. 


India

ReNew Energy Global is a decarbonization solutions company and a leading independent power producer, primarily focused on utility-scale wind, solar, and hydro energy projects in India. The company also provides clean energy solutions through digitalization, storage, carbon market services, and manufacturing of solar panels and modules. It was founded in 2011 and is headquartered in Gurugram, India.

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ReNew Energy Global (RNW US)

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