External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Credit

<ul>
<li>European AT1s offer higher YTC compared with those of similarlyrated Asian AT1s.</li>
<li>This partly reflects the technical of European AT1s is not as strong as that of Asian AT1s.</li>
<li>The Asian AT1 space has been in net redemption over the past 2 years and local investors have a “stronger home bias”. </li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


European AT1s offer higher YTC compared with those of similarlyrated Asian AT1s.
This partly reflects the technical of European AT1s is not as strong as that of Asian AT1s.
The Asian AT1 space has been in net redemption over the past 2 years and local investors have a “stronger home bias”. 

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

European AT1 Top Picks: BACR 6 ⅛ PERP, BACR 4 ⅜ PERP and INTNED 3 ⅞ PERP

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>In this note, we will take a look at broker performance for ASEAN IPOs and placements in 2023. </li>
<li>The following dataset includes all ASEAN IPOs and placements above US$100m, which amounted to a total of 18 deals. 
</li>
<li>The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.</li>
</ul>


In this note, we will take a look at broker performance for ASEAN IPOs and placements in 2023. 
The following dataset includes all ASEAN IPOs and placements above US$100m, which amounted to a total of 18 deals. 

The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.


Aequitas ASEAN IPOs + Placements Broker Performance 2023

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>In this note, we will take a look at broker performance for HK IPOs and placements in 2023. </li>
<li>The following dataset includes all HK IPOs and placements above US$100m, which amounted to a total of 27 deals.
</li>
<li>The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.</li>
</ul>


In this note, we will take a look at broker performance for HK IPOs and placements in 2023. 
The following dataset includes all HK IPOs and placements above US$100m, which amounted to a total of 27 deals.

The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.


Aequitas HK IPOs + Placements Broker Performance 2023

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul>
<li>This is our first report on UBS Group AG, one of the largest banking service companies.</li>
<li>The company delivered a decent result in the last quarter driven by strong flows across Global Wealth Management and Asset Management.</li>
<li>The company will continue to prioritize a capital-light and client-focused Investment Bank model while managing activities outside its strategic focus.</li>
</ul>


This is our first report on UBS Group AG, one of the largest banking service companies.
The company delivered a decent result in the last quarter driven by strong flows across Global Wealth Management and Asset Management.
The company will continue to prioritize a capital-light and client-focused Investment Bank model while managing activities outside its strategic focus.


UBS Group AG: Initiation of Coverage – The Credit Suisse Acquisition & Other Drivers

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/redox-limited" target="_blank" data-smartkarma-citation="entities:39847:1" rel="noopener">Redox (RDX AU)</a>, a leading chemical and ingredients distributor, is looking to raise A$402m (US$268m) in its IPO and is expected to start trading on the ASX on 3 July.</li>
<li>With the float expected to be over 30%, the stock is eligible for inclusion in the S&amp;P/ASX indices but limited trading history could only mean S&amp;P/ASX300 inclusion in March 2024.</li>
<li>With 70% of the shares subject to lock-up arrangements, buying from ASX300 passive trackers will be small and there will be limited inclusion in other indices too.</li>
</ul>



Redox (RDX AU), a leading chemical and ingredients distributor, is looking to raise A$402m (US$268m) in its IPO and is expected to start trading on the ASX on 3 July.
With the float expected to be over 30%, the stock is eligible for inclusion in the S&amp;P/ASX indices but limited trading history could only mean S&amp;P/ASX300 inclusion in March 2024.
With 70% of the shares subject to lock-up arrangements, buying from ASX300 passive trackers will be small and there will be limited inclusion in other indices too.


Redox (RDX AU) IPO - Offering Details & Index Inclusion

Switzerland

UBS Group AG provides financial services to private, corporate, and institutional clients. The Company offers investment, retail, and corporate and institutional banking, as well as holistic wealth management planning and asset management services. UBS Group also offers securities services such as fund administration and third-party fund management.

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UBS Group (UBS US)

European AT1 Top Picks: BACR 6 ⅛ PERP, BACR 4 ⅜ PERP and INTNED 3 ⅞ PERP

European AT1s offer higher YTC compared with those of similarlyrated Asian AT1s. This partly reflects the technical of European AT1s is not as...

CMB International

Aequitas ASEAN IPOs + Placements Broker Performance 2023

In this note, we will take a look at broker performance for ASEAN IPOs and placements in 2023, which amounted to a total of 18 deals.

Ethan Aw

Aequitas HK IPOs + Placements Broker Performance 2023

In this note, we will take a look at broker performance for HK IPOs and placements in 2023, which includes all HK IPOs and placements above...

Ethan Aw

UBS Group AG: Initiation of Coverage – The Credit Suisse Acquisition & Other Drivers

This is our first report on UBS Group AG, one of the largest banking service companies. The company delivered a decent result in the last quarter...

Baptista Research

Redox (RDX AU) IPO - Offering Details & Index Inclusion

Redox is looking to raise A$402m in its IPO valuing the company at A$1.34bn. Limited trading history could mean ASX300 inclusion in March 24. Lock...

Brian Freitas

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