In today’s briefing:
- JL Mag Rare-Earth H-Share Listing: Valuation Insights
- Macro; New Bond Issues; Rating Changes; Talking Heads; Top Gainers and Losers
JL Mag Rare-Earth H-Share Listing: Valuation Insights
- JL Mag Rare-Earth Co Ltd (300748 CH) is a leading producer of high-performance rare earth permanent magnets. It has launched an H-Share listing to raise $570 million at the mid-point.
- In JL Mag Rare-Earth Secondary Listing: Magnetic Moments, we stated that it has attractive fundamentals and the secondary listing is worth a closer look.
- Our valuation analysis suggests that the H-Share price range is fair. Pricing is expected on 17 January with an H-Share listing on 14 January.
Macro; New Bond Issues; Rating Changes; Talking Heads; Top Gainers and Losers
US equity markets ended lower on Friday, with the S&P and Nasdaq down 0.3% and 0.6% respectively. The indices ended 27% and 21% higher during the whole year 2021. US 10Y Treasury yields were flat at 1.51%. European markets were mixed with the DAX up 0.2% while CAC and FTSE were down 0.3% each. Brazil’s Bovespa was up 0.7%. In the Middle East, UAE’s ADX was up 0.5% and Saudi TASI ended 0.4% higher on Sunday. Asian markets have opened mixed – Shanghai and STI were up 0.6% and 0.3% while HSI and Nikkei were down 0.3% and 0.4% respectively. US IG CDS spreads tightened 0.2bp and HY CDS spreads tightened 1.7bp. EU Main CDS spreads were flat and Crossover CDS spreads were 0.2bp wider. Asia ex-Japan CDS spreads tightened 0.2bp.
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