In today’s briefing:
- Last Week In SPACE: Shinsei Bank, Warrego Energy, Korean Bank Activism, Japfa
- ASX200 Index Rebalance: PEXA to Replace Pendal
- EQD | NKY Index: Equity Vol Has yet to React to Increased Bond Vol. Use Current Lull to Pick up Vega
Last Week In SPACE: Shinsei Bank, Warrego Energy, Korean Bank Activism, Japfa
- SBI Holdings (8473 JP) is still expected to buy out SBI Shinsei Bank (8303 JP) minorities sooner rather than later
- Not one to rest on its laurels, Hancock immediately bumped its Offer for Warrego Energy (WGO AU) to A$0.36/share, up from A$0.28/share, provided it gets to 40%. We need more popcorn.
- APCM reckons Korean banks can pay out more than 50% of net income to their shareholders annually.
ASX200 Index Rebalance: PEXA to Replace Pendal
- PEXA Group (PXA AU) will replace Pendal Group (PDL AU) in the S&P/ASX 200 (AS51 INDEX) at the close of trading on 12 January.
- Passive S&P/ASX 200 (AS51 INDEX) trackers will receive PEXA Group (PXA AU) shares from their Link Administration (LNK AU) holdings and will have to buy the rest from the market.
- There will be selling in Pendal Group (PDL AU) from S&P/ASX 200 (AS51 INDEX) and S&P/ASX 300 Index trackers as well as from global trackers.
EQD | NKY Index: Equity Vol Has yet to React to Increased Bond Vol. Use Current Lull to Pick up Vega
- JGB band shifting has been unable to calm down Fixed Income markets
- The BOJ is being forced to intervene in both bond and currency markets due to a pick-up in volatility
- Equity vol has yet to react and we see an opportunity to pick-up some gamma/vega
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