In today’s briefing:
- Hann Holdings, Inc. Pre-IPO Tearsheet
- Crypto ETFs: Global Landscape, Market Dynamics, and Outlook
- Jefferson Capital Inc (JCAP): Profitable Insolvency Account Manager Sets Terms for IPO
- Ping An (2318 HK): Strategic Insights and Top Option Trades
- Lucror Analytics – Morning Views Asia
Hann Holdings, Inc. Pre-IPO Tearsheet
- 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.
Crypto ETFs: Global Landscape, Market Dynamics, and Outlook
- 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 Capital Inc (JCAP): Profitable Insolvency Account Manager Sets Terms for IPO
- 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.
Ping An (2318 HK): Strategic Insights and Top Option Trades
- 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,
Lucror Analytics – Morning Views Asia
- 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.
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