Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

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Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Event-Driven

<ul>
<li>KOBC’s core mission hinges on HMM; without it, no real mandate. Structural incentive to hold remains, so its active tender participation is still questionable.</li>
<li>Still, max proration risk seems base case, with weak Q2, soft Q3 freight outlook, and post-tender skew pointing bearish for HMM.</li>
<li>Spread &gt;10% makes this too good to pass, but should also watch policy risk — better to lock futures hedge early as flows show players scrambling for cover.</li>
</ul>


KOBC’s core mission hinges on HMM; without it, no real mandate. Structural incentive to hold remains, so its active tender participation is still questionable.
Still, max proration risk seems base case, with weak Q2, soft Q3 freight outlook, and post-tender skew pointing bearish for HMM.
Spread &gt;10% makes this too good to pass, but should also watch policy risk — better to lock futures hedge early as flows show players scrambling for cover.


Today’s HMM Tender Follow-Up Disclosure and Hedge Ratio Setup

HMM Co., Ltd.

Today’s HMM Tender Follow-Up Disclosure and Hedge Ratio Setup