In today’s briefing:
- Kito (6409) – Shareholder Register Quirks Evolving – Becoming More Arb-Y Less Friendly
- USD Punch Higher Ahead of the Fed and Where to Rotate
Kito (6409) – Shareholder Register Quirks Evolving – Becoming More Arb-Y Less Friendly
- The Kito Corporation (6409 JP) take-private by KKR which is in process started with an interesting register. It has become interestinger.
- One possibly-strategic “pure investment” holder has gone 10+%. A “friendly activist” has gone below. Another large friendly holder sold 4%. Volume since it achieved near-deal-price has been 24.7% of votes.
- The register has likely become more arb-y and possibly strategic, and less friendly to Kito, but it is up to the holders to follow up. And there is a warning.
USD Punch Higher Ahead of the Fed and Where to Rotate
- End of May call to buy the USD vs Euro and JPY and rolled into USD longs vs NZD, CNH, KRW and ZAR. USD rally momentum expanding with EM ignition.
- DXY saw a more impulsive push as US yields attempt new chart highs. Gains are expected to accelerate going into the Fed.
- EM FX is the space to rotate into USD longs given the lag to register secondary lows. Explosive moves are likely.
Before it’s here, it’s on Smartkarma
