Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

HK Type 4 license through Ballingal Investment Advisors Ltd. ("BIA" or "BIAL")

BACKGROUND
I have 20+yrs experience in Asia doing alternative strategies (i.e. non-delta1 non long-only) in fixed income, equity derivatives, and activist/catalyst/event-driven and long-short equity strategies with most of that time spent managing money. 

4 years in fixed income macro, 8 years running internal hedge fund and 4yrs investment banking at Citi in Japan, 3 years running an Asia multi-strat portfolio at a hedge fund, 4+yrs as an independent special situations analyst.

Pan-Asia Catalysts/Events

Japan's Banks - Lending Is Strong, Loan Officer Survey Suggests More, Credit Costs Can Be Low

Japan Post Bank (7182) - Report of ¥600bn Offer Would Lead to Index Flows, and a New Future

Japan Post Bank (7182) - Missed Opportunity Leaves Likely Shadow Overhang

Quiddity Advisors

Equity Capital Markets

<ul>
<li>The Offering of <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> is not taking place the way "the right pattern" would suggest, but last time was kind of special. This time is different.</li>
<li>Last time was a "second IPO" and coincided with a US regional bank crisis. This time the offering is smaller outright, and much smaller as a portion of float. </li>
<li>Pricing is Monday. It hasn't moved much vs JPH. It needs to move more to be attractive. And there is still a bit of overhang to come.</li>
</ul>


The Offering of Japan Post Bank (7182 JP) is not taking place the way "the right pattern" would suggest, but last time was kind of special. This time is different.
Last time was a "second IPO" and coincided with a US regional bank crisis. This time the offering is smaller outright, and much smaller as a portion of float. 
Pricing is Monday. It hasn't moved much vs JPH. It needs to move more to be attractive. And there is still a bit of overhang to come.


Japan Post Bank (7182 JP) - Not Cheap Enough Vs Others, or Holdings