Financials

• If KRX adopts NXT’s pre- and after-hours fully, liquidity spreads out, weakening gap open plays and shifting focus to large-cap, event-driven LP-driven flows.
• With T+1 settlement coming, traders expect settlement pressure to fuel price dislocations—especially in ETF rebalancing and foreign-heavy stocks, where flow and FX risks may drive fresh discounts and volatility.
• Though launched pre-new admin, FSC’s plans align with the government’s push to boost KOSPI liquidity, making cancellations unlikely. Expect fast rollout—time to prep trading setups now.

• The JPY Yen has depreciated 25% against USD for the last 5 years, this has made Japan an extremely attractive destination for foreigners
• The Japan’s hotel sector is known by its low supply, partly due to higher development cost and labour shortage.  We think REVPAR and ADR will continue to be strong
• We like Japan Hotel REIT and Invincible for their hotel exposure.  We think investors should closely monitor the Yen movement as well as BOJ policy

• The Bank of Japan left the short-term interest rate unchanged, but the governor stated that the tapering of JGB buying will continue, albeit with an eye on market stability
• This implies that the JGB yield curve is likely to continue steepening going forward, which is constructive for Japanese banks; in addition, market lending rates to April continue to rise
• We reassert buys on Resona, Mizuho, Shizuoka and Kyoto aided by our proprietary scorecard, and based on two core attributes; gearing to higher interest rates and cross-holdings to market capitalization

• The Region Group (RGN AU) vs. Waypoint REIT (WPR AU) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• The relative value opportunity can be implemented as a long-short pair trade or as relative over-/underweights in a long only context.  
• This Insight provides a target return, discusses trade setup, liquidity and risk management strategies.

• Context: This article provides an update on a previously identified pair trading opportunity between Kotak Mahindra Bank (KMB IN) and Bajaj Finance (BAF IN), based on statistical mean reversion analysis.
• Key Insights: The trade has now reached its exit signal as the price ratio reverted to its one-standard deviation band, yielding a +4.7% return.
• Why Read It: For investors interested in quantitative trading strategies, this article demonstrates how statistical arbitrage can generate short-term alpha and highlights actionable similar opportunities in the current market.

• MBAV’s sponsor interest was acquired by Tether co-founder Reeve Collins and private equity veteran Chinh Chu at $0.90/unit.
• MBAV’s trust account is valued at approximately $10.45/share, with current trading price at $12.65/share.
• Cantor Fitzgerald, underwriter of MBAV’s IPO, acquired $37.5m stake and will sell private placement warrants to new sponsor.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Seazen Group
• The US market was closed for Juneteenth yesterday.
• US President Donald Trump has indicated that he will decide whether to attack Iran within the next two weeks, according to White House Press Secretary Karoline Leavitt.

• Updated 10th June: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announced that its proposed IPO onto the Main Market, which was expected to occur in late June, will be briefly delayed.
• A routine thematic compliance inspection commenced earlier this year in the BVI, which was disclosed in the Company’s Registration Document, requires additional time to enable finalisation ahead of the IPO.
• The inspection process is close to completion and the Company anticipates only a short delay to the IPO timetable. 

• ProCap Acquisition (PCAPU) IPO’d with a $250 million size at $10/share, currently trading at $11.85/unit.
• PCAPU is backed by Anthony Pompliano, with a focus on leveraging media presence for target visibility.
• The SPAC is oversubscribed, with $1.8 billion demand, and trades closer to trust value, offering downside protection.

• Columbus Circle Capital Corp I (CCCM) is a SPAC that IPO’d recently, raising $250m with a $10/share price.
• CCCM is rumored to raise $750m to buy Bitcoin, potentially led by crypto influencer Anthony Pompliano as CEO.
• The SPAC is backed by the Cohen family, with a 25% sponsor stake, focusing on AI and digital infrastructure.

• Today after the close, Seven Bank Ltd (8410 JP) announced a MASSIVE ToSTNeT-3 transaction to buy back up to 200,000,000 shares (17.0% of shares out) for ¥52.4bn. Tomorrow AM. 
• There is a complex iterative calculation on the part of Seven Eleven Japan to figure out how many shares they should put into the buyback.
• I see a minimum buyback of 10.8%. 17% would be great. But there is a potential issue on the back end of which investors should be aware.

• We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.
• We established metrics focusing on high ROCE, sustainable growth of 10-15% year-over-year, robust balance sheets, and prudent capital allocation, essential elements for identifying potential multi-bagger opportunities.
• We update our readers on developments in Asian Terminals (ATI PM) and Philippine Stock Exchange (PSE PM) 

• Nippon Building Fund (8951 JP) is looking to raise around US$122m in its Primary Offering, to fund the acquisition of Frontier Musashikosugi N Building and S Building.
• Unusually for Japan, the acquisition was announced at the end of last month, while the raising has only been announced today.
• In this note, we talk about the deal dynamics and run the deal through our ECM framework.

• Starting September 1, 2025, BSE will shift its weekly expiry to Thursday, while NSE’s weekly expiry will move to Tuesday, reducing overlap between the two major exchanges. 
• The move aims to streamline operations, reduce volatility, and increase uniformity across exchanges, aligning with global standards and institutional preferences. 
• BSE’s shift to Thursday expiry could benefit its market share, but NSE’s Tuesday expiry may help it regain some of the ground lost in recent months, intensifying competition.

• Berto Acquisition (TACO) is a SPAC that IPO’d in April 2025, led by Harry You, with a $300m IPO size.
• The SPAC’s current price is $10.53, slightly above its ~$10 trust value, indicating minimal cost for upside potential.
• TACO’s IPO was upsized from $250m to $261m, excluding the underwriter’s over-allotment, which is uncommon.

• Knowledge Realty Trust (258259D IN) is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier estimated deal size of about US$712m.
• Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India’s office supply and gross absorption between FY16-9M24, as per the CBRE report.
• In this note, we talk about the not-so-positive aspects of the deal.

• What you need to know: • Kobo announced drill results from the ongoing 2025 exploration campaign at its Kossou Gold Project in Côte d’Ivoire.
• • Seven holes were reported from the Jagger Zone which returned multiple high grade gold intercepts, including three holes over broad intervals of 20m+ (1.41 g/t Au over 20.0m & 1.14 g/t Au over 21.5m).
• • The 2025 program will consist of between 20,000-30,000m of drilling.

• Japan PM Ishiba says disagreements remain with US on tariff talk. This is probably the main catalyst that could slow down the current Nikkei 225 (NKY INDEX) rally.
• Our WEEKLY Nikkei 225 model signals a mildly overbought status, the index could go higher, but will face harder resistance in 1-2 weeks from now.
• We don’t see the Nikkei pulling back this week, we think it will close this week up.

• Since mid-May, share price spreads have generally tightened across the European liquid universe of ordinary and preferred shares, with 10 tightening and 9 widening. 
• The premium of non-voting, less liquid Handelsbanken B shares vs. A has tightened to 50.8%; the discount of Grifols B has widened (Brookfield’s approach remains tentative and non-committal.). 
• Recommended trades long preferred/short ords: Atlas Copco, Grifols, MFE Media-for-Europe. Recommended trades long ordinary / short preferred shares: Handelsbanken, Henkel, SSAB Svenska Stal.

• Knowledge Realty Trust (258259D IN) is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier estimated deal size of about US$712m.
• Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India’s office supply and gross absorption between FY16-9M24, as per the CBRE report.
• In this note, we talk about the firm’s historical performance.

• Bajaj Finance Ltd (“BAF”) reported a healthy Q4FY25, thus closing the full-year FY25 on a strong note.  AUM ended FY25 at INR 416,661cr, a growth of 26% YoY.
• Customer franchise had crossed 100mm and is now close to 102mm. Notably, Bajaj Finserv App now has 70mm+ customers. FinAI transformation is also progressing well.
• While FY25 had some challenges due to higher credit cost and NIM compression, BAF is all set to post a strong FY26 led by stable asset quality and NIM.

• Geojit is targeting INR 20,000 crore in PMS AUM within three years from INR 1200 Crore, backed by new leadership, expanded RM hiring, and deep NRI-retail presence.
• This signals a shift from cyclical broking to stable, high-margin wealth management boosting recurring income and long-term profitability.
• Geojit is evolving into a full-stack wealth platform, making it a re-rating candidate if it delivers on PMS scale-up and sustains income diversification.

• Alongside the technological development in our era in almost every aspect of our daily lives, one could argue that it would be inevitable such digital emergence to make also its appearance on financial services as is the case with digital coins.
• More specifically, Bitcoin and Ethereum, which both capture on a significant scale the meaning of digitalized finance not only on monetary value but also on a historical perspective through their developmental process since their initial issue, could be considered the epitome of financial-technological innovation.
• Both respectively, should be analyzed on a financial basis through the course of their history to achieve a deepest comprehension of their functionality and usage by examining the main factors contributing to Bitcoin and Ethereum’s rise and general fluctuation over the past.

• Slide Holdings Insurance, Inc. (SLDE) priced 24.0mm shares (upsized from 20.0mm) at $17.00  and opened at $21.00 for a gain of 23.5% at first trade.
• The deal finished north of 12-times oversubscribed. The deal saw the top ten accounts receive 65% of the deal and the top 20 accounts took home 80% of the transaction. 
• With a strong, clean and well-capitalized balance sheet and tailwinds from the sector, it was no “surprise” to see a four-point premium at open.

Ahead of its AGM, S&U has issued a trading update and management continues to strike an optimistic tone. The motor finance business, Advantage, has started to recover from the challenges of the past two years, with lending volumes increasing once again and collections showing good improvement. Aspen, the property lender, continues to grow strongly, generating a record profit for Q126. We view the continued recovery positively and, based on the current trajectory, believe S&U will hit our FY26 forecasts. The outcome of the upcoming Supreme Court judgement concerning motor finance commission, expected in the next few weeks, is difficult to predict, but S&U remains optimistic of a pragmatic decision that will bring welcome clarity to the sector, and to investors.

• HDB Financial Services Ltd (0117739D IN) is looking to list on the exchanges by selling up to INR125bn (US$1.46bn) of stock at a valuation of around INR 620bn (US$7.2bn).
• The stock will not get Fast Entry to either of the global indices. The earliest inclusion in a global index should take place in December.
• HDB Financial Services Ltd‘s peers have traded well over the last 6 months and that could spill over into demand for the stock. Grey market premium is pretty high.

• Neinor’s offer is strategically sound but priced below NAV, raising legal and minority resistance risks.
• Castlelake’s 79% commitment secures majority control, but a squeeze-out or delisting still requires a higher bid.
• A revised offer near €26.50 would align interests and improve execution certainty at minimal cost to Neinor.

• Sabadell is exploring a sale of TSB amid BBVA’s hostile bid, with offers in the €2.0–2.35B range.
• A sale at those levels would imply a small capital loss, not a gain, in my view.
• Strategic value remains: a divestment could disrupt BBVA’s plans, raise cash, or fund returns.

• As projected by us, LIC Housing Finance (“LICHF”) ended FY25 with a strong PAT of INR 5400cr+ (up 14%+ YoY), led by normalized credit cost of around 0.1%.
• Q4FY25 PAT at INR 1374cr grew strong at 25%+ YoY. FY25 AUM grew 7.1% despite certain technical challenges. Total disbursements in FY25 grew at 9% YoY. 
• NIM ended FY25 at 2.73%, in line with the expectation. Led by technical write-offs and sale of certain NPAs to ARCs, Stage 3 assets improved to 2.47% vs 3.31% YoY.

• 9th May: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announces that it has confirmed its intention to IPO onto the Main Market.
• The Company developed and operates a proprietary online and mobile CFD trading platform, allowing primarily retail clients to trade CFDs across 870+ financial instruments, including currencies, commodities, indices, stocks, cryptocurrencies and exchange traded funds.
• For the year ended 31 December 2024, trading income was $50.1m, adjusted EBITDA of $9.7m and adjusted profit before tax of $7.6m. 

• Shin Kong Financial Holding (2888 TT) and Taishin Financial Holding (2887 TT) are scheduled to merge in less than 6 weeks. 
• The recent TWD strength has meant sharp losses for Shin Kong Life, but the merger agreement the FSC agreed has Taishin explicitly supporting Shin Kong Life. 
• There are near-term flows and technical limitations which make this situation interesting again. Grab your shorts! It could be a bumpy ride!

• AP Liberty (Apollo) is looking to raise US$170m from selling out its stake in Challenger Ltd (CGF AU) .
• This selldown comes on the heels of a previous selldown in September 2024 ; Apollo is conducting a clean-up sale now.
• In this note, we run the deal through our ECM framework and comment on deal dynamics.

• While FWD has achieved strong growth in certain key markets, its overall new business growth rate didn’t differ significantly from the peers, AIA and Prudential.
• Compared to the peers, it offers more exposure to Thailand/Cambodia, in terms of APE and VNB mix. But, the peers still have better scale in these markets.
• We struggle to develop the thesis unless FWD’s valuation is really attractive. It’s also not expecting to pay any dividends in the near future while both peers do.

• The KOSPI 200 INDEX has been rising > 30% since its 303-low in early April 2025: a vertical rally after Lee Jae-myung’s won the Presidential Elections in South Korea.
• Our most extreme profit target set in our latest insight was 392. The KOSPI 200 reached 394 on June 16th. It is now ultra-overbought. 
• Our short-term WEEKLY tactical view is the following: the index could go maybe a bit higher or it could pullback soon (more likely). Not bearish, will be a buy opportunity.

• According to our sources, the deal is well-oversubscribed with good diversification from long-only accounts.
• Looking at the financial metrics of this company, they wrote premiums of $1.33b in 2024 which was a 52.5% increase from 2023. 
• The success of the insurance sector as a whole including the strong performance of Ategrity Specialty Holdings (ASIC US)  last week will only further enhance the optics of this IPO.

• Indutrade AB’s recent quarterly earnings present a nuanced picture of its current operational and financial health.
• The company reported a 5% organic growth in order intake amidst an uncertain market environment.
• This was primarily driven by strong demand in sectors such as pharmaceuticals, the broader process industry, and energy.

Partners Group Private Equity Ltd’s (PEY’s) NAV total return (TR) improved after a weaker period to 11.4% in FY24 in euro terms. It was bolstered by the successful exit of SRS Distribution (sold to Home Depot), three IPOs and solid business traction of holdings such as International Schools Partnerships (ISP) and DiversiTech. PEY’s NAV fell by 6.5% in the first four months of 2025, mostly due to fx and the de-rating of listed holdings (KinderCare Learning Companies in particular). PEY’s board made good progress in its agenda to enhance shareholder value. In FY24, it rolled out a well-structured capital allocation framework, which, on top of regular dividends, allows it to use part of PEY’s free cash flow for buybacks. The board also renegotiated PEY’s fee structure with a favourable change to the base for calculating its management and performance fee. New members joined the board and PEY scaled up its engagement with shareholders.

• A weekly roundup of key option and price metrics for Hong Kong single stocks.
• Gains were broad-based again, though participation was slightly lower than the prior week.
• We discuss the increase in Put open interest which has been trending higher over the past month.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Tata Motors
• US Treasury yields rose 3-5 bps across the curve on Friday, as the surge in oil prices amid the Iran-Israel conflict stoked renewed inflation concerns. The yield on the 2Y UST rose 4 bps to 3.95%, while the yield on the 10Y UST climbed 4 bps to 4.40%.
• Equities retreated, with tech- and travel-related stocks declining, while energy producers and defence stocks rose. The S&P 500 fell 1.1% to 5,977, while the Nasdaq Composite declined 1.3% to 19,407.

• Be inspired by sophisticated, live, multi-leg options strategies on HKEX (388 HK), executed over the period from 9 to 13 June.
• Highlights: Discover a range of noteworthy strategies, for example a self-financing Diagonal Put Spread using weekly options, or a Diagonal Call Spread generating 3.9% upfront yield.
• Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,

• WSJ reported that Amazon and other major multinational in the US are actively considering on potentially issuing their own stablecoins. This could negatively impact card issuers such as Samsung Card. 
• Once stablecoins are legally approved in South Korea and some of the major merchants in Korea start to use stablecoins, the current revenue streams of Samsung Card could get disrupted.
• Although the exact levels of revenue disruption still remain uncertain, many investors do not like uncertainty which means that some investors could start to reduce their holdings on Samsung Card. 

• This insight offers a quick look at the probability of reversal for a number of stocks and indices in the Asia/Pacific Region, plus Gold (GOLD COMDTY) and Crude Oil (CL1) 
• Both Gold (GOLD COMDTY) and Crude Oil (CL1 COM COMDTY) appear overbought, but as discussed in a recent insight, Crude Oil can certainly go higher.
• S&P/ASX 200 (AS51 INDEX) and Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY) are also very overbought, detailed outlooks have been recently discussed here (ASX200) and here (KOSPI200).

• BAF Viet Nam Agriculture JSC (BAF VN) will be added to the MarketVector Vietnam Local Index at the close on 20 June.
• Estimated one-way turnover is 9% and that results in a round-trip trade of US$74m. There are 5 stocks with more than 1x ADV to trade from passives.
• Vingroup Jsc (VIC VN) and Vinhomes (VHM VN) stock prices have soared over the last few months and capping results in selling at this rebalance.

• FnGuide has been able to capitalize on its excellent brand name in the financial industry (especially for research used in equity trading) to profitably expand into the index development business.
• Although the index business accounted for 25% of its sales in 2024, it has been the fastest growing business in the past six years. 
• Valuations are reasonable and it is trading at 27% below four year historical EV/EBITDA basis. We like FnGuide as a long-term investment story. 

• Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
• Highlight: Two pair trade opportunities in the Indian financial sector persist, with price ratios exceeding two standard deviations from their historical means.
• Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

• Hann Holdings, Inc. is looking to raise about US$232mn in its upcoming Philippines IPO. The deal will be run by BDO, CLSA, China Bank, PNB Cap, and Asia United Bank.
• It operates the leading integrated gaming, hospitality, and luxury resort business in Clark, Philippines, with the highest market share (47.3%) in Clark’s land-based casino market.
• It owns and operates two of the only three five-star hotels in Central Luzon: Clark Marriott Hotel and Swissôtel Clark Philippines.

• Significant Growth & Untapped Potential: While global crypto ETF AUM has reached $168.3B, this represents a small fraction of the $14.8T global ETF market and the $128T total global AUM, indicating a vast addressable market and substantial room for future expansion. We project the global crypto ETF AUM to potentially exceed $1T in five years, over 6x the current level.
• US Dominance in AUM, Europe in Variety: The US leads globally with $144.3B in crypto ETF AUM (85.7% market share), largely driven by the successful launch of spot Bitcoin ETFs. Europe, while smaller in AUM ($15.3B), offers a wider array of altcoin ETFs. Canada and Hong Kong have also emerged as important regional hubs.

• Quantitative Spotlight on US Market Dynamics: Daily net flows into spot ETFs show a positive but modest correlation with Bitcoin price changes (0.34) and a very weak correlation for Ethereum (0.13). Coupled with low R-squared values, this indicates that spot ETF flows, while impacting underlying crypto price, are just one of many factors

• Jefferson Cap is offering 10.0mm shares at $15.00-$17.00 equating to a market cap of $972m-$1.1b and will debut on June 26th.
• The company is backed by J.C. Flowers and the majority of this IPO, 9.375mm shares, is secondary with J.C. Flowers offering 7.76mm shares and Canaccede offering 1.6mm.
• Debt buying companies have a vastly different profile than a Chime, CoreWeave or Voyager or Circle which has major, scalable tailwinds.

• Be inspired by sophisticated, live, multi-leg options strategies on Ping An Insurance (2318 HK), executed over the period from 6 to 12 June on the Hong Kong exchange.
• Highlights: Many strategies creatively utilize weekly expiries, sometimes employing options with as little as one or two days to maturity to generate upfront yield or financing.
• Why read: Detailed examples and break-down of complex option strategies provide actionable insights that could inspire similar strategies,

• US treasuries climbed yesterday, on the back of soft PPI data as well as a solid auction of 30Y notes.
• The UST curve bull flattened, with the yield on the 2Y UST declining 4 bps to 3.91%, while that on the 10Y UST was down 6 bps at 4.36%.
• Equities rose, with the S&P 500 and Nasdaq up 0.4% and 0.2%, respectively.

• Sui commands an ~US$11 bn market cap (FDV US$34 bn) barely two years after launch, yet real‑world usage is still embryonic. 
• Claimed throughput of 297 k TPS contrasts with currently observed ~48 TPS (peak 335). 
• A restrictive validator set, modest staking yields, looming token unlocks, and limited developer traction undermine the decentralisation and growth narrative.

• Chime Financial, Inc. (CHYM) priced a full-size deal of 32.0mm shares at $27.00 ($1 Above the $24-$26 range) and opened at $43.00 for a gain of 59.2% at first trade.
• The debut is a major win for IPO investors but a disappointment for aftermarket traders as the stock closed nearly six points below the open.
• Chime’s order book finished north of 20-times oversubscribed with the top ten accounts taking 60% of the deal and the top 20 being allocated 85% of the transaction. 

Molten Ventures confirmed the key highlights from its FY25 trading statement published in April, including a positive uptick in portfolio valuations and, in turn, a 4% NAV per share total return in H225 (1.4% in FY25 to end-March 2025), strong cash realisations of c £135m in FY25 (ahead of the original guidance of £100m) and a robust cash balance of £89m at end-March 2025. Molten has collected a further £30m in proceeds so far in FY26 from the exits of Lyst and Freetrade. The company earmarked £30m of its FY25 proceeds for share buybacks amid a continued wide discount to NAV (c 53% at present), of which £24m has been executed to date.

• PRS trades near offer price; market expects completion, but IRR is low unless pullback entry.
• Revised offer or interloper could unlock material upside versus deep NAV discount.
• Scheme route likely adds time, but brings execution certainty—watch for end-June updates.

• Safestore (LSE: SAFE) is a UK-based leading self-storage company with 209 stores across the UK, France, Netherlands, Belgium and Spain.

Target Healthcare REIT operates in a structurally supported market with a growing elderly population and the need to improve the existing estate, driving demand for modern, high-quality residential facilities. This demographic-backed demand underpins the company’s core proposition of generating long-term, sustainable, income-driven returns. Its focus on asset quality is central to this and strongly enhances the social impact that the company generates. With 100% of the homes EPC rated A or B, they are compliant with minimum energy efficiency standards anticipated to apply from 2030, while effectively all rents are inflation-linked (typically capped and collared between 2% and 4% pa) with a weighted average unexpired lease term (WAULT) of 25.8 years. High-quality assets and inflation protection provide good income visibility and resilience.

• There are 5 constituent changes for the CSI Hong Kong Connect Internet Index in June. Plus there are capping changes for some stocks.
• A lot of the adds have moved significantly in the last couple of days, so the impact over the next couple of days will be smaller.
• There could be opportunities to trade the reversion strategy. Getting borrow may not be easy on some names.

• We are turning bearish on Hang Lung Properties.   Given China’s economic slowdown, we think luxury spending in China will take longer than expected
• In addition, the property slowdown and housing prices decline will lead to a negative wealth effect, which will further impact luxury consumption
• If RMB is to strengthen, more Chinese will travel to spend overseas.  HLP P/B valuation is almost historical low, but can stay cheap as a “value trap”

• S&P/ASX 200 posts a rare rally, joining an elite list of historical moves.
• Implied volatility has collapsed to multi-year lows despite the surge in price.
• We discuss a defined, cost-efficient structure that allows positioning with asymmetry and edge.

• Ategrity Specialty Holdings LLC (ASIC) priced a full-size deal of 6.67mm shares at $17.00 ($1 above the range) and opened at $23.65 for a gain of 39.1% at first trade.
• The underwriters felt good about this IPO enough that they elected to accelerate the timing of this deal by a single day.
• This insurance company was a pure-play E&S with higher regards given to this niche area by sector-dedicated investors.

• US treasury movements were muted yesterday, with the curve flattening marginally ahead of today’s CPI data release.
• The yield on the 2Y UST rose 2 bps to 4.02%, while the yield on the 10Y UST was unchanged at 4.47%.
• Equities climbed for the third straight day, supported by optimism over US-China trade talks.

• Seazen Group (formerly known as Future Land) is among the most established property developers in China’s Yangtze River Delta region, targeting first-time home buyers and upgraders.
• The company has broad exposure in many Chinese cities, particularly lower-tier ones.
• In addition, it has a portfolio of more than 150 investment properties, including the Wuyue-branded shopping malls.