Daily Brief Financials: SBI Shinsei Bank, ICICI Bank Ltd, EURO/US DOLLAR, AUD, Superbank, Citic Securities (H), NS Group, Priority Technology Holdings I, China Vanke and more

• SBI Shinsei Bank (8303 JP), a Japanese financial institution, has set an IPO price range of JPY1,440 to JPY1,450 per share compared to the reference price of JPY1,440.
• I discussed the relisting in SBI Shinsei Bank (8303 JP) IPO: The Investment Case and SBI Shinsei Bank (8303 JP) IPO: Valuation Insights. 
• The relisting has attracted solid interest from several investors. The peers have modestly re-rated, and the IPO price range is attractive.

• NSE Indices has announced the methodology changes for the NSE Nifty Bank Index (NSEBANK INDEX) that will be implemented in 4 tranches starting in December.
• Yes Bank (YES IN) and Union Bank Of India (UNBK IN) will be added to the index to increase the number of constituents from 12 to 14.
• Passives need to sell HDFC Bank (HDFCB IN) and ICICI Bank Ltd (ICICIBC IN) while buying all the other stocks in the index.

• SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2.1bn in its Japan listing.
• SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
• We looked at the company’s past performance in our earlier note. In this note, we talk about valuations.

• Global team focusing on what’s new for 2026 in terms of market outlook
• Bullish on Eurodollar, expecting more modest gains due to US resilience
• Dollar maintains yield supremacy, but new cyclical currencies emerging as carry efficient options for hedging volatility shocks

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• Macro crew discussed a benign outlook on carry fairly risk on climate for the first half of the year
• FX vols expected to be fairly contained in 2026 due to factors like US growth and central bank activity
• Themes for positioning in 2026 include bullish European growth, antipodean FX, and bearish Yen outlook

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Superbank (SUPA IJ) aims to raise around US$184m in its Indonesia IPO.
• Superbank is a digital bank in Indonesia operating through a combination of ecosystem-led distribution and its own standalone mobile application.
• In our previous note, we looked at its past performance. In this note, we will talk about valuations.

• Top Hong Kong Stock Exchange listed covered call candidates for the month of December.
• The top 10 provide an average ~6.9% premium with a potential ~8.4% upside P&L if exercised.
• Investors with a neutral 1-month view on the underlying can seek to generate income.

• NS Group (471A JP) (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.
• NSG aims to raise around US$220m in its Japan IPO via an entirely secondary offering, marking Bain Capital’s full exit from the company.
• In our previous note, we looked at the firm’s past performance and peer comparison. In this note, we talk about the pricing updates and IPO valuations.

• Priority Technology received a non-binding privatization offer from its founder at $6-$6.15/share, with a 11%-14% spread.
• Generation Bio completed restructuring, now a cash shell with net cash at $7.6/share, 50% above current price.
• Sotherly Hotels’ preferred shares trade with a 12-14% spread to offer price, common shares at 5% spread.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: China Vanke, Genting Berhad, Meituan
• UST yields climbed 1-3 bps on Friday, albeit there were no material catalysts as the market returned after Thanksgiving. The yield on the 2Y UST rose 1 bp to 3.49%, while that on the 10Y UST was up 2 bps at 4.01%. Equities climbed on thin trading in a shortened postholiday session. The S&P 500 and Nasdaq advanced 0.5% and 0.7% to 6,849 and 23,366, respectively.
• China’s November official manufacturing PMI edged up to 49.2 (49.4 e / 49.0 p), albeit remaining in contraction territory for the eighth straight month. The non-manufacturing PMI slipped to 49.5 (50.0 e / 50.1 p), with the composite PMI declining to 49.7 (50.0 p).