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

Brian Freitas

Highly experienced ex-Delta One trader with 17 years of experience trading arbitrage and related strategies across Asian markets.

Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd.

It is important to note that the information provided by Periscope Analytics is based on publicly available data and own knowledge, which has been gathered and synthesized from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions.

All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include, but are not limited to, company announcements, exchange filings, ETF and other passive investment vehicle holdings, and free float and volume data from third-party data providers. Periscope Analytics does not guarantee the accuracy and completeness of the forecasts, estimates and/or other information.

Pan-Asia Index Rebalances/ Events/ Delta One

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Event-Driven

<p>The premium on Bangkok Bank's foreign shares <a href="https://www.smartkarma.com/entities/bangkok-bank-pcl" target="_blank" rel="noopener" data-smartkarma-citation="entities:27659:1">Bangkok Bank PCL (BBL/F TB)</a> has gone from 7% to parity to its local shares <a href="https://www.smartkarma.com/entities/bangkok-bank-public-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:213:1">Bangkok Bank Public (BBL TB)</a> over the last six months. While the foreign shareholding has stayed at its 25% limit, there was a sell-off in the NVDRs leading to more headroom for NVDRs to be created.</p><p>However, the number of NVDRs outstanding has been increasing over the last few days accompanied by a small premium of the foreign shares to the local shares. If this trend continues, there could be a substantial increase in the premium on the foreign shares and we feel this is a good time to buy the foreign shares relative to NVDRs.</p>

The premium on Bangkok Bank's foreign shares Bangkok Bank PCL (BBL/F TB) has gone from 7% to parity to its local shares Bangkok Bank Public (BBL TB) over the last six months. While the foreign shareholding has stayed at its 25% limit, there was a sell-off in the NVDRs leading to more headroom for NVDRs to be created.However, the number of NVDRs outstanding has been increasing over the last few days accompanied by a small premium of the foreign shares to the local shares. If this trend continues, there could be a substantial increase in the premium on the foreign shares and we feel this is a good time to buy the foreign shares relative to NVDRs.

Bangkok Bank - Foreign Premium Ticking Up