Financials

• The FTC uses acquisition cost, not market value, so Samsung C&T’s existing 5.05% Samsung Elec stake is booked at KRW 400B
• Samsung Life only needs to sell ~5.5% of Samsung Elec, not the full 8.51%, leaving Samsung C&T with a ~KRW 10T buffer before hitting the 50% holdco threshold.
• The holdco risk is overblown—unlikely without rule changes. The Bio spin-off looks like prep for Samsung C&T to buy Samsung Elec stake, driving re-rating upside for C&T and Life.

• The Nikkei 225 (NKY INDEX) is currently rallying after a modest pullback last week.
• The index went above our model resistance level at 38347 (50% prob. of reversal). It’s modestly overbought and could go higher.
• News can perturbate the trajectory of the index but at the moment the Nikkei seems directed towards higher prices: 39216 is our profit target for this rally, before Jun 27th.

• CPKF’s first quarter net earnings, excluding a one-time charge from repositioning its investment securities portfolio of $8.0 million aftertax, or $1.69 per diluted share, increased $0.8 million, or 29%, to $3.55 million year over year, while 2025’s first quarter diluted EPS rose $0.17, or 29%, to $0.75.
• Including this one-time charge, CPKF reported a net loss of $4.45 million, or a diluted loss per share of $0.94.
• This was better than our estimate, which had called for flat net earnings (off by $0.8 million), as well as flat diluted EPS (off by $0.17).We are increasing our diluted EPS estimate for 2025 by $0.20 from $2.50 to $2.70, representing a 12% gain over 2024’s actual EPS of $2.42.

• There are no constituent changes for the S&P 500 INDEX (SPX INDEX) in June but there are capping changes for the Select Sector indices and the Equal Weight Index.
• The round-trip trade is US$17.4bn with a big chunk from the Equal Weight Index, Communication Services Select Sector SPDR Fund (XLC US) and Energy Select Sector SPDR Fund (XLE US). 
• The largest flows are expected in Exxon Mobil, Alphabet, Chevron Corp, Visa, Blackstone, Live Nation Entertainment, Meta, Broadcom, TKO Group Holdings, Dell Technologies and Omnicom Group.

• Gross SOUTHBOUND volumes back above US$13bn a day this past 4-day week. Net buying back below US$500mm/day.
• Among the top buys as a percentage of volume, FINANCIALS, ENERGY, TELECOMS stand out, dramatically. Among top sells, it is INFO TECH again. 8 weeks in a row negative.
• The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.

• With Japan’s policy rate at 0.5% and the last hike in January 2025, markets are closely watching the BoJ’s next move on June 17.
• Historical data shows limited market impact from anticipated rate decisions—but rare surprises, like the July 2025 hike, have triggered outsized index reactions.
• While historical data and current option pricing suggest the June BoJ decision is unlikely to move markets significantly, investors should be aware of low-probability tail risk when positioning.

• As reported by Brian Freitas on 6 June the list of changes to the S&P/ASX family of indices was announced, including some change for the S&P/ASX 200 (AS51 INDEX).
• The S&P/ASX 200 index has become quite overbought as of last Friday’s Close, a pullback is probably imminent.
• This insight evaluates possible scenarios for the possible 2-4 weeks, beyond the June 20 date when the index review will become effective.

• COLI, being a SOE residential developer, has no bankruptcy risk.  Under the current downturn, it is gaining market share and evolving into a stronger market leader
• It recently issued onshore bond at historical low coupon 1.80% (5-year) and 2.37% (10-year), which is even lower than China’s LPR.  This is very significant 
• Valuation is almost all time low, and downside is limited.  We think it is the perfect beta play for China

• The hold-up is based upon how Chime should be valued — either like a fintech darling or just another financial services company.
• The company’s gross profit tells a solid growth story as Chime ramps into the IPO with a healthy 33% gross profit clip based on Q1 2025 financials vs Q1 2024. 
• According to our sources, the Chime order book is considered multiple-times oversubscribed.

• Slide Insurance Holdings (SLDE US) will be the fourth insurance company to go public in the first half of 2025.
• The company is offering 20 million shares at $15-$17 equating to a $1.9b-$2.1b  market cap.
• We anticipate there to be solid interest in this IPO based upon sector tailwinds. The company considers itself an “insurtech” which could create a different investor profile for this deal.

• Ategrity Specialty Holdings (ASIC US) has elected to push pricing ahead by one-day due to the strength of the order book.
• According to our sources, the deal is multiple-times oversubscribed with quality conversions from 1-on-1 meetings.
• This IPO is being well-received. Insurance IPOs are not the type of deal that is “flashy” out of the gates but is one that is geared toward buy-and-hold investors.

• We revisit the evolving correlation between US equities, bonds, and the dollar post-Liberation Day.
• Recent asset price behavior may be signaling a deeper structural shift in US market dynamics.
• Market moves suggest that traditional hedging assumptions may need to be re-evaluated.

• Treasury yields climbed yesterday, led by the front and belly tenors, in line with similar price action in Europe after ECB President Christine Lagarde indicated that the central bank could pause rate cuts in the summer.
• The UST curve bear-flattened, with the yield on the 2Y UST rising 5 bps to 3.92% and the yield on the 10Y UST up 4 bps at 4.39%.
• US equities retreated, with the S&P 500 and Nasdaq declining 0.5% and 0.8%, respectively. US President Donald Trump and his Chinese counterpart Xi Jinping spoke on Thursday in a call that lasted c. 1.5 hours. 

• Our proprietary scorecard applies a series of metrics related to valuation, returns, capital adequacy, funding, liquidity and credit quality to generate rankings in an investment valuation scorecard
• Driven by the scorecard results, we keep Baroda on the buy list adding Canara and UBI, with the latter two replacing Bandhan and PNB previously on the buy list
• We remove Kotak Mahindra from the sell list; IndusInd ranks bottom on the scorecard, but we feel that a lot of bad news is now discounted, limiting further downside risk

• New portfolio ideas include Lutnick’s SPACs CEPO/CEPT with potential multibagger upside and MYX:AX’s merger arb with Cosette Pharmaceuticals.
• Guest pitches highlight potential takeover of Webjet Group, Naturgy’s odd-lot tender offer, and Assura’s bidding war interest.
• Updates cover LWAY’s board overhaul, LQDA’s patent lawsuit denial, RTACU’s unit separation, NZM’s strategic review, OCFT’s document delay, and PAC’s short report on ABL.

• Chime Financial (CHYM US) meets public voting rights eligibility only after the 6-month lock-up expiry, leading to its delayed inclusion in Global-F SmallCap and R1000 in 2026.
• Chime Financial (CHYM US) will be excluded from Global-M for the next 12 months due to the lock-up on undisclosed shareholders, which keeps the free float below the 15% threshold.
• Chime Financial (CHYM US) is expected to be added to US TMI at the September 2025 review.

• Context: On June 6, 2025, the Reserve Bank of India (RBI) unexpectedly cut interest rates by 50 basis points to 5.5%, double the anticipated 25 basis points.
• The NIFTY 50 Index fluctuated initially but later stabilized at a 1.0% gain, while the NSE Nifty Bank Index rose 1.5%. At-the-money implied volatility changed little, while the skew rotated.
• This Insight explains the RBI’s bold policy move, market reactions, and limitations of predictive models in navigating central bank decisions.

• The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 6th June 2025.
• There will be one ADD/DEL for T50, two ADDs/DELs for T100, and five ADDs/DELs for TDIV. 
• All of these are exactly in line with our final expectations.

• Context: This article provides an update on a previously identified pair trading opportunity between ICICI Lombard (ICICIGI IN) and SBI Life (SBILIFE 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 +9% 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.

• The prior Offer for Great Eastern Holdings (GE SP) closed on the 12th July 2024, with OCBC holding 93.62%. Shares have been suspended ever since. Compulsory acquisition was not afforded.
• To break the deadlock, I mused in This Needs To Be Sorted: Great Eastern (GE SP)’s Protracted Suspension, that OCBC needed to come out with a improved Offer of ~S$30/share.
• That has now unfolded. Minorities have the option of a S$30.15/share Exit Offer; or voting for the resumption of trading, which will be possible via the issuance of bonus shares.

• In this insight, we also provide a list of 30 top performing stocks in KOSPI in the past one week (in terms of price performance and trading value).
• We also discuss the surging share price of Samsung Life Insurance which suggests a near-term regulation change that could require the company to partially dispose its stake in Samsung Electronics. 
• With Lee Jae-Myung becoming the new South Korean President, the probability of Samsung Life Insurance being forced to sell its stake in Samsung Electronics has risen much more.

• Metaplanet aims to raise ¥745B via a 555M share issuance to expand its Bitcoin holdings, targeting 100,000 BTC by end-2026.
• The raise implies significant dilution, but rising share prices and strong NISA retail demand could make the capital goal achievable within 12–18 months.
• Early investors benefit structurally from raises above NAV, as Metaplanet evolves into a long-term institutional vehicle for Bitcoin exposure and monetary debasement hedging.

• A weekly roundup of key option and price metrics for Hong Kong single stocks.
• Option volumes on par with the lowest levels seen over the past 6 months.
• Implied volatility appears to have broadly settled around current levels.

• In August 2024, Klaytn (backed by South Korea’s Kakao) and Finschia (developed by Japan’s LINE Tech Plus) merged to form the Kaia chain, a Layer 1 blockchain aimed at becoming Asia’s leading Web3 ecosystem.
• LINE, the leading messaging app in Japan, Thailand, and Taiwan, boasts approximately 200 million high-value monthly active users, with over 80% penetration in key markets, and is partnering with Kaia to deliver a rich Web3 experience on its platform.
• The key initiative of the Kaia-LINE NEXT partnership to onboard users from Web2 to Web3 is the Mini Dapp ecosystem, which mirrors the Telegram-TON partnership’s Game-Token-DeFi strategy, with the Kaia foundation driving developer engagement

• Keppel DC REIT (KDCREIT SP) will replace Jardine Cycle & Carriage (JCNC SP) in the SPDR Straits Times Index ETF (STTF SP) at the close on 20 June.
• The SPDR Straits Times Index ETF (STTF SP) will need to trade between 3-5 days of ADV in the add and delete.
• The ETF trading could help Keppel DC REIT (KDCREIT SP) break out of its short-term downtrend and could add further pressure on Jardine Cycle & Carriage (JCNC SP). 

• Korea’s ETF market just hit KRW 200T AUM — doubling in under 2 years. ETFs now make up ~10% of KOSPI’s cap and over half its daily trading volume.
• FnGuide dominates Korea’s sector theme ETF space, capturing ~KRW 9T of the KRW 14T market — far ahead of KRX — with momentum accelerating in early 2025.
• FnGuide’s rebalancing process is drawing more trader interest lately, with rising inquiries suggesting faster market learning — prompting earlier pre-positioning in sector ETF flow trades.

• The S&P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
• The rankings used for the June 2025 index rebal event will be based on yesterday’s (4th June 2025) opening prices. The announcement will be after the close on Friday.
• In this insight, we take a look at our final expectations for ADDs/DELs (along with a tracker of all live spinoff/M&A events which affect the index the next two quarters).

• BAMI’s standalone upside remains compelling, trading at a discount to peers with solid capital ratios and structural re-rating catalysts, including asset management and insurance earnings now contributing more meaningfully.
• The deal’s outcome hinges on golden power clearance and potential EU legal action; UniCredit’s resolve and Brussels’ support add optionality, despite headline and regulatory risk remaining high.
• I see asymmetric outcomes favoring long BAMI positions or selective pair trades; timing risk is real, but downside is cushioned by valuation and sector consolidation dynamics.

• The Bank of India (BOI IN) vs. Union Bank of India (UNBK IN) price-ratio has deviated more than two standard deviations from its one-year average, signaling a potential pair trade.
• The potential relative value opportunity can be implemented through stocks, derivatives, or as relative over-/underweights in a long only context.
• This Insight provides a target return and discusses trade setup and risk management strategies.

• Henderson Land Development (12 HK) will be added to a global sector index at the close on 20 June.
• Estimated passive buying in Henderson Land Development (12 HK) is 42m shares (US$131.5m; 7.5x ADV).
• The stock is up over the last 2 months as shorts have covered. Performance is in line with peers and positioning does not appear to be excessive.

• The iShares A50 China (2823 HK) and CSOP China A50 (HKD) (2822 HK) ETFs will rebalance their holdings at the close on 20 June.
• Bank of Jiangsu (600919 CH) will replace Great Wall Motor (601633 CH) in the ETFs and passives will need to trade between 0.4-0.6x ADV in the stocks.
• This change is a surprise to us and there could be a short-term move in the stocks.

• Non-Controversial changes in asset allocation will provide a big boost to earnings.
• Demand problems brewing in the JGB market may provide the catalyst
• The path is clear to enter new businesses after parent lowers  stake below 50%

• CEPO and CEPT SPACs, run by Howard Lutnick, trade above trust value with potential multibagger upside in crypto-related deals.
• Cantor Fitzgerald, led by Lutnick’s son, has deepened its crypto involvement, including a 5% stake in Tether.
• Cantor’s SPACs feature no warrants, a sponsor note boosting trust value, and no specified target sectors.

• Inocsa seeks 75%+ control of GCO via a near-fair €49.45/share offer, aiming for strategic delisting. Minority holders risk illiquidity if they do not tender.
• GCO’s fundamentals remain strong: 9.2x NTM P/E, 0.9x P/TBV, 242% solvency, and ample excess capital suggest fair value is higher than the offer.
• While upside is capped, low risk and firm financing support offer risk-arb desks an annualized ~4% return before a likely late-August settlement.

• They are a leading analytically driven purchaser and manager of charged-off and insolvency consumer accounts with four geographic regions with the majority of their operations landing in the USA.
• The principal purposes of this offering are to increase their capitalization and flexibility, facilitate an orderly distribution for the selling stockholders, and create a public market for their common stock.
• We anticipate this offering to likely find participation from sector dedicated investors and not draw the attention of “traditional” IPO players.

Franklin Global Trust (FRGT) was formerly the Martin Currie Global Portfolio Trust. Since October 2018 it has been managed by Zehrid Osmani, who is head of Franklin Templeton’s Edinburgh-based Global Long-Term Unconstrained (GLTU) team. As a result of the decision to retire the Martin Currie brand, on 12 July 2025, the GLTU team will join Franklin Equity Group’s (FEG’s) team of around 65 investment professionals, and Jonathan Curtis, FEG’s CIO, will become co-manager of the trust. FRGT’s investment strategy will remain unchanged, but being part of a wider investment operation should enhance the GLTU team’s research capability. FEG’s focus on high-growth sectors including technology and healthcare should be a good fit with FRGT’s approach of seeking innovative companies with long-term growth potential.

• 0.052x P/B! That’s New World Development (17 HK)‘s current trailing  P/B ratio; roughly a quarter of the next comparable real estate peer.
• What’s new? The latest decline followed an announcement on the 30th May that it would defer payments on its perpetual bonds.
• NWD’s 6.15% and 4.8% perpetuals fell to 23 cents and 15.5 cents on the dollar on 2nd June, suggesting the market is pricing in the possibility of a bust.

• Interactive Brokers (IBKR US),Duolingo (DUOL US) and EMCOR (EME US) are the main candidates for addition at review to replace Enphase Energy (ENPH US) and Caesars Entertainment (CZR US). 
• Cheniere Energy (LNG US) and AppLovin (APP US) are the main candidates for the replacement of the acquisition of Ansys (ANSS US) which is anticipated end of June.
• There is a possibility of zero S&P500 changes at the review due to candidates scoring low in market cap and sector balance.

• They write several homeowners’, condominium owners’, and commercial residential products in coastal specialty markets in Florida and South Carolina.
• For the three months ended March 31, 2024 and March 31, 2025, they had gross premiums written of $245 million and $278 million.
• The strong performance of peers could provide a potential tailwind for this IPO. 

• The Reserve Bank of India (RBI) will announce its monetary policy decision on Friday, June 6, 2025. Market consensus expects a rate cut to 5.75%.
• Analysis of the NSE Nifty Bank Index over the past decade shows consistent negative returns on rate decision days when a cut is expected—regardless of whether the cut is delivered.
• This Insight highlights actionable insights for traders by revealing historical patterns in the Nifty Bank Index’s behavior on RBI rate decision days and breaking down market reactions by scenario.

• Ategrity Specialty Holdings will be offering 6.67 million shares at a $14-$16 range equating to a $659m-$753m valuation.
• For the three months ended March 31, 2025, they wrote $116.1 million in gross written premiums, an increase of $34.5 million, or 42.3%.
• The underwriters have reserved for sale, at the initial public offering price, up to 7% of the shares offered.

• The Reserve Bank of India (RBI) will announce its monetary policy decision on Friday, June 6, 2025. Market consensus expects a rate cut to 5.75%.
• Analysis of the State Bank Of India (SBIN IN) over the past decade shows mostly negative returns on rate decision days when a cut is expected.
• This Insight highlights actionable insights for traders by revealing historical patterns in the State Bank Of India’s behavior on RBI rate decision days and breaking down price dynamics by scenario.

• Renatus Tactical Acquisition, a SPAC targeting crypto/blockchain, shows 3% return with capped downside at 15%, potential speculative inflows.
• Wanda Hotel Development’s asset sale exceeds market cap, plans capital return, 20% upside; Lifeway Foods sale to Danone expected.
• Liquidia’s FDA-approved Yutrepia drug targets significant market share, 100%+ upside; Currency Exchange International’s FX Payments segment shows high growth.

• Revised 1.185x exchange ratio unlocks a negotiated, board-backed path to Europe’s largest healthcare REIT, addressing prior valuation pushback and aligning institutional holders.
• EPS accretive by 15.6% in 2026, driven by €16m in synergies and stronger funding optionality; upside anchored by operational scale, not leverage.
• Spread of ~1.9% (~5.1% annualized) reflects low interloper risk and deal certainty; attractive risk-reward for directional or hedged exposure near NTA.

• US treasuries fell and yields rose yesterday, amid renewed US-China trade tensions and a large supply of corporate issuances.
• Yields on the 2Y and 10Y USTs rose 4 bps to 3.94% and 4.44%, respectively.
• Equities climbed, led by tech stocks, after the White House indicated that US President Donald Trump and his Chinese counterpart Xi Jinping will “likely” speak this week.

• Negara is our top pick in the Indonesian banks, based on our proprietary scorecard; it scores well based on attractive valuations, sound credit quality metrics and potential for improved returns
• The PB value in Negara is especially apparent relative to Permata; Negara trades at a 50%+ PBV ratio discount to Permata, which we believe is not warranted by the fundamentals
• We downgrade Mandiri from a buy to a neutral rating; it is no longer, in our view, compelling based on PBV ratio and now looks expensive in PEG ratio terms

• Today, I was the first analyst to gain access to ESR (1821 HK)‘s lesser-known shareholder register, a byproduct of investigative disclosure reports under s329 of the Securities and Futures Ordinance.
• This is the same register discussed in Giordano (709 HK): A Closer Look At The Shareholder Register Ahead Of The SGM and L’Occitane (973 HK): Who Owns What, And When
• It is also used by proxy solicitors. My takeaway, still, is that this Offer is a done deal. But yes; there are a few shareholder activists lurking in the register. 

• The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
• In this insight, we present our final expectations for ADDs/DELs for the index rebal event in June 2025.
• We expect three ADDs and three DELs for June 2025.

• Assura is involved in a potential bidding war with KKR and PHP, both having made acquisition offers.
• KKR’s offer is 49.4p/share, while PHP’s revised offer is 0.3769 PHP shares plus 12.5p/share in cash.
• Glazer increased its stake in Assura to 2.9%, indicating expectations of a bidding war with minimal downside.

• After a 7-week rally the Hang Seng Index (HSI INDEX) last week gave up and close the week down (CC=-1 on our WEEKLY LONG model).
• The pullback continued on  Monday, reaching 22668 and in our WEEKLY LONG model this price support zone is oversold.
• The pullback may continue, so in this insight we are going to offer some perspective on possible support zones where to buy. We think this setback is a buy opportunity.

• What you need to know: • The metals and mining market continued its strong run in May, driven by inflationary concerns due to the trade war and geopolitical tensions.
• • In May, gold was up 1.8%, silver was up 1.7%, and copper was also up 1.7%.
• The equities outperformed the commodities, with the GDX up 3.3%, GDXJ up 6.4%, SIL up 5.9%, and COPX up 8.7%.

• The company helps everyday people make progress in their financial lives and will be offering 32 million shares at a $24-$26 range equating to a $8.8b-$9.5b valuation.
• The deal is anticipated to price on Tuesday (6/10) for a Wednesday (6/11) debut on the Nasdaq.
• For the three months ended March 31, 2025 the company earned $518.7m in revenue marking a year-over-year increase of 32.3% from the prior year ($391.9m).

• Renatus Tactical Acquisition Corp I (RTACU) is a SPAC targeting crypto and blockchain mergers, with a capped downside risk.
• Liquidia (LQDA) anticipates strong traction for Yutrepia’s launch, with profitability expected within 3 to 4 quarters post-launch.
• Embracer Group (EMBRAC-B:ST) faces delays in AAA game releases, impacting sales estimates, but Coffee Stain spinoff remains on track.

• Institutions were net sellers of Singapore stocks with a S$2 million outflow, totaling S$1.73 billion for 2025.
• Telecommunications and REITs saw highest net outflows; Financial Services and Industrials experienced significant net inflows.
• 18 companies conducted share buybacks totaling S$45 million; Hongkong Land repurchased 1,563,300 shares at US$5.24 each.

• Institutions were net sellers of Singapore stocks with a S$2 million outflow, totaling S$1.73 billion for 2025.
• Telecommunications and REITs saw highest net outflows; Financial Services and Industrials experienced significant net inflows.
• 18 companies conducted share buybacks totaling S$45 million; Hongkong Land repurchased 1,563,300 shares at US$5.24 each.

• Leopalace21 Corp (8848 JP) had a giant oopsie in 2018-2021 where they lost ¥180bn over three years because of defective construction requiring repairs. 
• Murakami and others got involved. Leopalace got financing from FIG (shares/SARs/loan), Murakami bailed. Eventually Hikari Tsushin got in. Leopalace got FIG out of their loan, doing a refi through Mizuho.
• Cash was up, cashflow is strong. Business is changed/revived. Now Leopalace is buying back SARs it sold to FIG. FIG will still own 26%. The future is potentially interesting. Still. 

• There are 7 changes for the CSI 300 Index, 50 changes for the CSI 500 Index and 100 changes for the CSI1000 Index that will be implemented on 13 June.
• There are 240 unique names that are adds or deletes and the round-trip trade across all 3 indices is close to US$12bn.
• The adds have outperformed the deletes for the CSI 300 Index and the CSI 1000 Index but underperformed for the CSI 500 Index.

• The Reserve Bank of India (RBI) is set to announce a monetary policy decision on Friday, 6 June 2025.
• Market Expectations: The consensus anticipates a 25-basis-point rate cut, lowering the rate from currently 6.00% to 5.75%. Historically, one in four RBI rate decisions is a surprise to the market.
• This Insight investigates past market behavior during comparable RBI policy announcements, unearthing a surprising statistic about how the Nifty 50 might react to June’s decision, regardless of the outcome.

• I thought I had missed NLOP. But a conversation at the Berkshire Hathaway annual meeting convinced me to take another look.
• I told a friend that I “was pissed that I missed NLOP.” He said, “You haven’t missed it. All recourse debt has been paid off and the company is about to start paying dividends.”
• So I made a decision to revisit NLOP with a fresh perspective.

• The “Value Up” initiative which kicked off in February 2024 has been intended to bring about corporate governance and market reforms which minority and especially foreign investors have long sought
• So far, these voluntary reforms have brought positive albeit limited benefits to South Korean equities; presidential elections, with potential legislative change, should act as a positive valuation driver
• We reiterate our positive views on Woori and Hana Financial which are the top banks based on our scorecard; these attributes are due to  attractive valuations and balance sheet credentials

• Schloss Bangalore Ltd (SCHBL IN) raised about US$400m in its India IPO. 
• It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
• We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

• The Canara Bank (CBK IN) vs. LIC Housing Finance (LICHF IN) 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 through stocks, derivatives, or as relative over-/underweights in a long only context.
• This Insight provides a target return and discusses trade setup and risk management strategies.

• Renatus Tactical Acquisition Corp I (RTAC) is a SPAC targeting crypto/blockchain with a $240m IPO, led by Trump Media executives.
• RTAC units include one share and half a warrant, with a trust value of $10.025/share, trading above trust value.
• RTAC’s sponsor sold 1.5m shares and 0.7m warrants post-IPO at $2.45/unit, below IPO price.