Daily Brief Financials: Nikkei 225, Nippon Prologis Reit, Logan Property Holdings, Perella Weinberg Partners, Star Health, NFT, Binance Coin and more

• Japan has been a top long in Asia, the rising wedge had us reducing our long. Friday saw a pronounced RSI bear wedge break and price crack.
• Japan faces rotation pressure into core Asia and will shift Japan into the bear camp on a muted recovery attempt.
• Japan’s macro cycle remains trapped in a sideways range. Buy support near 26,000 and sell resistance near 29,000.

• Japan’s largest logistics REIT Nippon Prologis Reit (3283 JP) (“NPR”) announced a US$170mn follow-on equity offering to fund their recent acquisition of three logistics facilities.
• The primary offer quantity will be 76,570 units out of which 44,410 units and 32,160 units are expected to be allocated for domestic and international investors, respectively. 
• Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• Central China Securities
• Jingrui Holdings

• Investment Banks and Advisory firms have thrived over the past two years as the rapid pace of dealmaking induced by the post-pandemic era led to significant profits.
• New York City-based Perella Weinberg Partners took advantage of the free-flowing capital market conditions by closing some of the biggest M&A deals over the last decade and choosing to list on public markets through a SPAC.
• With all the talk of an economic slowdown going into 2023, Investment Banks are cautious heading into next year, focusing on preserving cash and switching to ancillary advisory services rather than staying on the hunt for big deals.

• In Dec 2021, Star Health (STARHEAL IN) (SHAI), the largest private health and retail health insurance company in India, raised around US$851m in its India IPO.
• SHAI insured 20.5m people in FY21. SHAI primarily offers retail health insurance which accounted for 87.9% of its FY21 GWP. Individual agents accounted for 97% of its FY21 GWP.
• In this note, we will talk about the upcoming lockup expiry.

• Instead of going on a long rant about why this next iteration of NFTs is important more broadly – let’s contextualise this for the sports industry.
• After all, this is a newsletter called Sporting Crypto.
• The sports industry has seen some pretty amazing things when it comes to Web3.

• Price Movements: The tokens for the decentralized derivatives exchanges dYdX and GMX have surged since the collapse of FTX.
• Market Liquidity: Dollar trading volumes for BTC markets dropped to two year lows relative to Tether. 
• Derivatives: BNB funding rates dip to their most negative this year.