Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

I investigate special situations, pairs, and index rebalancing trades in Korea.

Korea / Special Sits, Pairs, Index Rebalancing

Korean Air & Asiana Airlines: Current Status of CB Conversion Event

Korean Air Will Likely Face an HMM-Like CB Conversion Overhang Risk

HMM CB Conversion Is Official: New Share Listing Schedule & KOSPI 200 Corporate Actions

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>The KAL event is almost over. But we still have Asiana Airlines. The KDB's Asiana CB conversion should also be considered a foregone conclusion.</li>
<li>Applying the case of KAL, the KDB will likely file conversion when 30 days have elapsed since receiving the repayment notice. For this, the prevailing local consensus is June 10.</li>
<li>Conversion filing on July 8 and listing on July 29 with the 15-day delay rule applied is a likely scenario. Hence, our entry point should be from July 4.</li>
</ul>


The KAL event is almost over. But we still have Asiana Airlines. The KDB's Asiana CB conversion should also be considered a foregone conclusion.
Applying the case of KAL, the KDB will likely file conversion when 30 days have elapsed since receiving the repayment notice. For this, the prevailing local consensus is June 10.
Conversion filing on July 8 and listing on July 29 with the 15-day delay rule applied is a likely scenario. Hence, our entry point should be from July 4.


HMM-Like Dilution Event: Korean Air Is Nearly Done, But Asiana Airlines Gearing Up