Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

A Merger Between Hanil Cement and Hanil Hyundai Cement to Become the #1 Cement Player in Korea

Hahn & Co Launches a Tender Offer on Remaining Shares of Ssangyong C&E

Tender Offer of Ssangyong Cement Preferred Shares by Hahn & Co

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>Some still think we must close the borrow pre-settlement in a stock-for-stock merger. But KSD handles it fine — no need to pre-cover if shares stay lendable post-swap.</li>
<li>Spread flipped negative — rare setup in Korea. Tight float on both sides (insider-heavy) is killing liquidity and borrow, leading to this reverse arb play.</li>
<li>Deal break risk is minimal, new share listing is relatively soon, and the negative spread may widen—making this a compelling setup for a reverse arb play.</li>
</ul>


Some still think we must close the borrow pre-settlement in a stock-for-stock merger. But KSD handles it fine — no need to pre-cover if shares stay lendable post-swap.
Spread flipped negative — rare setup in Korea. Tight float on both sides (insider-heavy) is killing liquidity and borrow, leading to this reverse arb play.
Deal break risk is minimal, new share listing is relatively soon, and the negative spread may widen—making this a compelling setup for a reverse arb play.


Clearing a Common Misconception — No Pre-Cover Needed in Hanil Stock-For-Stock Swap

Hanil Cement Co Ltd/New

Clearing a Common Misconception — No Pre-Cover Needed in Hanil Stock-For-Stock Swap