In today’s briefing:
- A/H Premium Tracker (To 28 Feb 2025): AH Premia Continue to Fall; Expect Widening
- Weekly Deals Digest (02 Mar) – Japan Post Bank, 7&I, Aeon Delight, Tonami, Mixue, JXAM
- Weekly Update (MIDD, SNDK, RHLD, SNRE)
A/H Premium Tracker (To 28 Feb 2025): AH Premia Continue to Fall; Expect Widening
- AH Premia continue to fall. Spread curve torsion reverses again with narrow premia trades seeing Hs perform the best.
- Warning signs are starting to flash on spreads. This week I have the biggest week of changes recommended that I have ever had. By a long ways.
- This week threatens to be a very strange week geopolitically. Being smaller in crowded trades is probably a good thing.
Weekly Deals Digest (02 Mar) – Japan Post Bank, 7&I, Aeon Delight, Tonami, Mixue, JXAM
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
- ECM developments: Mixue Group (2097 HK) andJX Advanced Metals (5016 JP) IPOs. Japan Post Bank (7182 JP) placement.
- Event-Driven developments: Seven & I Holdings (3382 JP), Aeon Delight (9787 JP), Tonami Holdings (9070 JP), Sg Fleet (SGF AU).
Weekly Update (MIDD, SNDK, RHLD, SNRE)
On Monday, Western Digital (WDC) spun off its NAND flash business, Sandisk (SNDK).
On Friday, CompoSecure (CMPO) spun off its management company, Resolute Holdings (RHLD).
During the week, we got earnings from Howard Hughes (HHH) and Sunrise Communications (SNRE).
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