Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

HK Type 4 license through Ballingal Investment Advisors Ltd. ("BIA" or "BIAL")

BACKGROUND
I have 20+yrs experience in Asia doing alternative strategies (i.e. non-delta1 non long-only) in fixed income, equity derivatives, and activist/catalyst/event-driven and long-short equity strategies with most of that time spent managing money. 

4 years in fixed income macro, 8 years running internal hedge fund and 4yrs investment banking at Citi in Japan, 3 years running an Asia multi-strat portfolio at a hedge fund, 4+yrs as an independent special situations analyst.

Pan-Asia Catalysts/Events

US Banks - Granular Data in Fed Report, Shows Private Credit Growth Is Strong

Shin Kong (2888 TT)/Taishin (2887 TT) - Short Timer, FX Risk, Index Flows - Time To Buy Vs Peers

Shin Kong and Taishin - There's a Good Value Swap Trade To Do Here

Shin Kong (2888 TT) / Taishin (2887 TT) - Waiting on the FSC

Shin Kong (2888 TT)/Taishin (2887 TT) Deal Gets FSC Approval - Still A Good Swap

Shin Kong/Taishin Merger - Proceeding Apace

Quiddity Advisors

Event-Driven

Shin Kong Financial Holding / Event-Driven

<ul>
<li>The last couple of days have seen the TWD increase value against the USD extremely sharply. This has caused the Shin Kong/Taishin risk arb spread to widen. </li>
<li>There is no expectation that the merger will be delayed, but the change in USDTWD rate introduces a new dynamic into the ShinKong-as-Taishin-vs Peers trade.</li>
<li>Careful consideration of this trade going forward is worthwhile. What may have been the better trade may no longer be the better trade.</li>
</ul>


The last couple of days have seen the TWD increase value against the USD extremely sharply. This has caused the Shin Kong/Taishin risk arb spread to widen. 
There is no expectation that the merger will be delayed, but the change in USDTWD rate introduces a new dynamic into the ShinKong-as-Taishin-vs Peers trade.
Careful consideration of this trade going forward is worthwhile. What may have been the better trade may no longer be the better trade.


Mega Financial Holding Co., Ltd (2886 TT)

ShinKong (2888 TT)/Taishin (2887 TT) - Time To Deal Is Shorter, But Risk To Peers Is Higher