Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Founder & CEO Bond Angle, LLC

Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

High yield market investment research

Credit

Bloomberg reported that <a href="https://www.smartkarma.com/entities/nikola-corp" target="_blank" data-smartkarma-citation="entities:29029:1" rel="noopener">Nikola Corp (NKLA US)</a> ex CEO Trevor Milton has <a href="https://www.bloomberg.com/news/articles/2021-08-06/nikola-s-milton-turns-to-lawyers-who-defended-tesla-s-musk?sref=Q1XEaVVD" target="_blank" rel="noopener">hired the s</a><a href="https://www.bloomberg.com/news/articles/2021-08-06/nikola-s-milton-turns-to-lawyers-who-defended-tesla-s-musk?sref=Q1XEaVVD" target="_blank" rel="noopener">ame lawyers</a> who defended <a href="https://www.smartkarma.com/entities/tesla-motors-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a> CEO Elon Musk in his securities fraud conviction in 2018.He might also consider Jay Clayton.Few lawyers have been more helpful to Elon Musk than ex SEC chair Jay Clayton, given his astonishing leniency with Elon over his fake buyout of Tesla which cost investors $20 billion in evaporated market cap.

Bloomberg reported that Nikola Corp (NKLA US) ex CEO Trevor Milton has hired the same lawyers who defended Tesla Motors (TSLA US) CEO Elon Musk in his securities fraud conviction in 2018.He might also consider Jay Clayton.Few lawyers have been more helpful to Elon Musk than ex SEC chair Jay Clayton, given his astonishing leniency with Elon over his fake buyout of Tesla which cost investors $20 billion in evaporated market cap.

Nikola's Milton Just Hired Elon's Lawyers

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Private Capital Markets

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In this insight, we provide further details of Yanolja which has become the second largest investment for Softbank in Korea, after Coupang. In July 2021, Softbank Group Corp's Vision Fund II agreed to invest $1.7 billion in <a href="https://www.bloomberg.com/news/articles/2021-07-15/softbank-invests-1-7-billion-in-korea-s-yanolja-ahead-of-ipo" target="_blank" rel="noopener">Yanolja, </a>which is getting ready for an IPO in 2H 2021/2022.
Established in 2005, Yanolja is considered to be the second largest property management software provider in the world after Oracle. Yanolja plans to use the investment to expand overseas and further invest in improving its technologies. Softbank's investment in Yanolja valued the company at about <a href="https://www.edaily.co.kr/news/read?newsId=01095526629143384&amp;mediaCodeNo=257&amp;OutLnkChk=Y" target="_blank" rel="noopener">9 trillion won</a> ($8 billion). Currently, Yanolja has about 1,500 employees, including about 1,000 employees in Korea and 500 employees overseas. 
<a href="http://www.theinvestor.co.kr/view.php?ud=20190612000473" target="_blank" rel="noopener">Yanolja</a> became a unicorn in June 2019 when it received a $180 million Series D round investment valuing the company at more than $1 billion. It is astounding how this company's valuation has jumped nearly 8x in the past two years. In addition to Softbank, other investors in Yanolja include GIC, Booking Holdings, Skylake Investments, <a href="https://www.smartkarma.com/entities/sbi-investment-korea-co-ltd" target="_blank" data-smartkarma-citation="entities:17244:1" rel="noopener">Sbi Investment Korea (019550 KS)</a>, and Aju IB Investments.
Softbank's recent investment in Yanolja would suggest a P/S multiple of 31x, which is very high. In November 2020, Yanolja selected <a href="https://www.bloomberg.com/quote/006800:KS" target="_blank" rel="noopener">Mirae Asset Daewoo Co.</a> as a lead arranger along with <a href="https://www.bloomberg.com/quote/016360:KS" target="_blank" rel="noopener">Samsung Securities Co.</a> as a co-underwriter. The company has yet to determine whether it would list in the U.S. or in Korea.
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In this insight, we provide further details of Yanolja which has become the second largest investment for Softbank in Korea, after Coupang. In July 2021, Softbank Group Corp's Vision Fund II agreed to invest $1.7 billion in Yanolja, which is getting ready for an IPO in 2H 2021/2022.
Established in 2005, Yanolja is considered to be the second largest property management software provider in the world after Oracle. Yanolja plans to use the investment to expand overseas and further invest in improving its technologies. Softbank's investment in Yanolja valued the company at about 9 trillion won ($8 billion). Currently, Yanolja has about 1,500 employees, including about 1,000 employees in Korea and 500 employees overseas. 
Yanolja became a unicorn in June 2019 when it received a $180 million Series D round investment valuing the company at more than $1 billion. It is astounding how this company's valuation has jumped nearly 8x in the past two years. In addition to Softbank, other investors in Yanolja include GIC, Booking Holdings, Skylake Investments, Sbi Investment Korea (019550 KS), and Aju IB Investments.
Softbank's recent investment in Yanolja would suggest a P/S multiple of 31x, which is very high. In November 2020, Yanolja selected Mirae Asset Daewoo Co. as a lead arranger along with Samsung Securities Co. as a co-underwriter. The company has yet to determine whether it would list in the U.S. or in Korea.


Why Did Softbank Invest $1.7 Billion in Yanolja in Korea?

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.

In this month’s "In-Focus" section, we discuss Chinese developers’ urban redevelopment businesses, including local governments' role in urban renewal projects and the various redevelopment models, as well as the impact of such projects on companies' financials. We also give an overview of recent bond defaults. 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 discuss Chinese developers’ urban redevelopment businesses, including local governments' role in urban renewal projects and the various redevelopment models, as well as the impact of such projects on companies' financials. We also give an overview of recent bond defaults.   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 - Chinese Developers’ Urban Redevelopment Businesses - Lucror Analytics

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

Nvidia shares are up 61% since it announced the acquisition of ARM.  That is great news for <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> , which has seen the pro rata value of its potential NVDA shares soar $11bn (87% economic stake) with almost half that gain coming in the last three months. That stands in stark contrast to the SBG share price (-37% since 10 May) or the value of key assets like Alibaba (-12%) or Vision Fund (-2%). In fact, the absolute return for SBG shareholders is now better than what Coupang produced whilst the unrealized gains alone are worth more than Vision Fund’s China ADR portfolio. The downside is Softbank could lose that if regulatory approvals stumble and as China is the likely flashpoint for that, recent worries on China exposure could get even worse.

Nvidia shares are up 61% since it announced the acquisition of ARM.  That is great news for Softbank Group (9984 JP) , which has seen the pro rata value of its potential NVDA shares soar $11bn (87% economic stake) with almost half that gain coming in the last three months. That stands in stark contrast to the SBG share price (-37% since 10 May) or the value of key assets like Alibaba (-12%) or Vision Fund (-2%). In fact, the absolute return for SBG shareholders is now better than what Coupang produced whilst the unrealized gains alone are worth more than Vision Fund’s China ADR portfolio. The downside is Softbank could lose that if regulatory approvals stumble and as China is the likely flashpoint for that, recent worries on China exposure could get even worse.

Softbank Group - ARM Optionality and Exposure Are on the Rise

The Asia HY Trade Book for the month of July includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Book for the month of July includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Book - July 2021 - Lucror Analytics

Japan

SoftBank Group Corp provides telecommunication services.  The Company also operates ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet connection, e-Commerce businesses, and Internet based advertising and auction businesses.

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Softbank Group (ADR) (SFTBY US)

Nikola's Milton Just Hired Elon's Lawyers

Nikola's Trevor Milton has hired the same lawyers who defended Elon Musk in his securities fraud conviction in 2018. He might also consider ex SEC...

Vicki Bryan

Why Did Softbank Invest $1.7 Billion in Yanolja in Korea?

We provide further details of Yanolja which has become the second largest investment for Softbank in Korea. In July 2021, Softbank Group Corp's...

Douglas Kim

Asia HY Monthly - Chinese Developers’ Urban Redevelopment Businesses - Lucror Analytics

In this month’s "In-Focus" section, we discuss Chinese developers’ urban redevelopment businesses, including local governments' role in urban...

Lucror Analytics

Softbank Group - ARM Optionality and Exposure Are on the Rise

NVDA is +61% since it announced the ARM acquisition. That's great for Softbank, which has seen pro rata value soar $11bn. But it also means...

Kirk Boodry

Asia HY Trade Book - July 2021 - Lucror Analytics

The Asia HY Trade Book for the month of July includes a summary of our recommendations, as well as our high-conviction ideas. The report also...

Lucror Analytics

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