In today’s briefing:
- Timing the Announcement of POSCO Future M’s Rights Issue
- Kospi Index Options Weekly (Apr 07 – 11): Skew Shifts Steepens and Positioning Signals
Timing the Announcement of POSCO Future M’s Rights Issue
- All three local CRAs are pushing hard — an equity raise isn’t optional, it’s the only shot at keeping the AA- rating intact. Street says it’s not if, it’s when.
- Late April to mid-May looks like the key window. And start keeping tabs on the flow real tight.
- Leak channels are still active. FSC’s pointed at IB sales and law firm staff. If we see outsized sell prints—especially from local hedge funds, that’s our cue to act.
Kospi Index Options Weekly (Apr 07 – 11): Skew Shifts Steepens and Positioning Signals
- Price action was volatile this week, marked by two large moves and a notable pickup in vol of vol.
- We examine the material steepening of skew observed over the course of the week.
- USD/KRW broke its recent range, reinforcing signs that USD assets may be losing their traditional flight to quality appeal.
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