In today’s briefing:
- Rakuten Bank Vs SBI Sumishin Net Bank
- Samsung FN REIT: Book Building Results
- Credit Becoming Due
Rakuten Bank Vs SBI Sumishin Net Bank
- Rakuten Bank (5838 JP) is an online bank in Japan. It is looking to raise about $870 million. The pricing is on 5 April and the listing is on 21 April.
- In Rakuten Bank IPO: The Investment Case, we highlighted the key elements of the investment case.
- SBI Sumishin Net Bank (7163 JP), the key peer, will list on 29 March. In this note, we compare Rakuten Bank and SBI Sumishin across several key metrics.
Samsung FN REIT: Book Building Results
- Samsung FN REIT announced its IPO book building results. The IPO price was determined at 5,000 won per share. The demand ratio was 24.88 to 1.
- The core investment thesis of Samsung FN REIT is that it is the only publicly listed Samsung affiliate that provides REIT services.
- It is a stable business with excellent locations for its existing properties and the company is expected to provide 5.6% annual dividend yield in the next three years.
Credit Becoming Due
- The troubles of Silicon Valley Bank, Silvergate Capital, Credit Suisse, an ongoing lack of confidence in European banks, and First Republic Bank have resulted in extreme volatility in Short dated Interest rates, Banks, and Financials.
- The sharp rise in fixed-income volatility has not happened to FX, Commodity, and Equity volatility.
- We saw record one-day moves in 3-month SOFR futures, and 2-Year Treasury yields dropped the most since 2008.
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