Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

HMM KRW 2T Tender: Full Pro-Rata Risk Assessment

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

HMM Tender Side Play: Targeting a Basis Squeeze Ahead of Sep Expiry

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Event-Driven

<ul>
<li>This buyback facilitates KDB’s exit, as rules prevent a block trade benefiting one shareholder. KDB plans to tender a 4–5% stake, or about 40% of the 2 trillion KRW buyback.</li>
<li>Given HMM's tight float, the premium is likely above the usual 10%, making it a strong opportunity for short-term arbitrage trading.</li>
<li>The key is timing the announcement. With the June deadline, we need to monitor hot money flows into HMM to build our position before the news breaks.</li>
</ul>


This buyback facilitates KDB’s exit, as rules prevent a block trade benefiting one shareholder. KDB plans to tender a 4–5% stake, or about 40% of the 2 trillion KRW buyback.
Given HMM's tight float, the premium is likely above the usual 10%, making it a strong opportunity for short-term arbitrage trading.
The key is timing the announcement. With the June deadline, we need to monitor hot money flows into HMM to build our position before the news breaks.


HMMの2兆ウォン建て自社株買い入札は6月末までに終了する見込み

HMM Co., Ltd.

HMMの2兆ウォン建て自社株買い入札は6月末までに終了する見込み