MD, Leaf & Ledger Limited

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Leaf & Ledger Limited

Formed in 2024, Leaf & Ledger is a European advisory and research firm serving institutional investors and managers. We focus on real assets and private markets, with public-market read-throughs where material. Our work emphasises valuation signals, market structure, and execution topics that translate technical assessment into underwriting and strategy.

Insight That Moves Capital

Event-Driven

<ul>
<li>
 Step-up confirmed, lag observed. Legal certainty of a 25bp step-up preceded market recognition by 3 business days, creating a clean pricing-latency window in an Asian SLB.</li>
<li>
 Likely cause, vendor latency. Manual data vendor updates for sukuk profit-rate and SLB step-up fields likely delayed screens, as previously referenced.</li>
<li>
 Valuation uplift, observed move. At a 5% discount rate, the 25bp step-up was worth about 36bps, the market acted slowly and repriced higher with a 49bp reaction.</li>
</ul>



 Step-up confirmed, lag observed. Legal certainty of a 25bp step-up preceded market recognition by 3 business days, creating a clean pricing-latency window in an Asian SLB.

 Likely cause, vendor latency. Manual data vendor updates for sukuk profit-rate and SLB step-up fields likely delayed screens, as previously referenced.

 Valuation uplift, observed move. At a 5% discount rate, the 25bp step-up was worth about 36bps, the market acted slowly and repriced higher with a 49bp reaction.


Yinson (7293) SLB, A Documented Pricing-Lag Arbitrage in 2025