European Event-Driven Analyst

Jesus Rodriguez Aguilar

Jesús is an Insight Provider (Event-driven) on the Smartkarma network, where he looks across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. He has served as Economic and Business Advisor at the Spanish Congress in Madrid. Prior to that, he has worked in the City of London: as a Credit Analyst at Bloomberg; Event-driven associate at former boutique European Research; and doubled as Special Situations and Equity-linked VP (convertible bonds) at Merrill Lynch. Jesús has an MBA from the London Business School, a BA (Hons.) degree in Economics from the Complutense University in Madrid, and a BA (Hons.) in Law from U.N.E.D., also in Madrid.

BPER–Sondrio Reopens: Short-Duration Arbitrage with Strategic Angle

Event-Driven

Banca Popolare Di Sondrio Scar / Event-Driven

<ul>
<li>BPER acquired 58.35% of Sondrio with an enhanced bid, but low take-up signals shareholder dissatisfaction and opens room for further action.</li>
<li>Revised terms imply a 3.9% gross spread, offering a compelling short-term arbitrage play with estimated 12.4% annualized return.</li>
<li>A potential reopening or share accumulation remains likely, with Unipol’s dual role adding strategic weight and optionality to the situation.</li>
</ul>


BPER acquired 58.35% of Sondrio with an enhanced bid, but low take-up signals shareholder dissatisfaction and opens room for further action.
Revised terms imply a 3.9% gross spread, offering a compelling short-term arbitrage play with estimated 12.4% annualized return.
A potential reopening or share accumulation remains likely, with Unipol’s dual role adding strategic weight and optionality to the situation.


BPER–Sondrio: 3.9% Spread with Optionality on Reopening