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 H1 Bank Earnings: Last Minute Update; Suruga Bank Reacts Well

Suruga Bank (8358 JP) - New Div, New Buyback, New KPIs, New 6yr High Price

The TOPIX Big April Basket Flows:  ¥200bn a Side Including Many Multi-ADV Flows

Suruga Bank (8358 JP):  Doubling Up Rather Than Doubling Down

Suruga Bank (8358 JP):  The Sun Also Rises

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/suruga-bank-ltd" target="_blank" data-smartkarma-citation="entities:6267:1" rel="noopener">Suruga Bank Ltd (8358 JP)</a> today signed an MOU (with board resolution) to form a business and capital alliance with <a href="https://www.smartkarma.com/entities/credit-saison-co-ltd" target="_blank" data-smartkarma-citation="entities:6123:1" rel="noopener">Credit Saison (8253 JP)</a>. </li>
<li>Suruga will sell (post-dilution) 15+% of voting rights to Credit Saison, and buy 4.44% of CreditSaison. Then Suruga will try to buy back the shares it sold to Credit Saison.</li>
<li>A look at the history is instructive, as is a look at the shareholder structure and the change in business model post-2019. Not as easy as it looks. </li>
</ul>



Suruga Bank Ltd (8358 JP) today signed an MOU (with board resolution) to form a business and capital alliance with Credit Saison (8253 JP). 
Suruga will sell (post-dilution) 15+% of voting rights to Credit Saison, and buy 4.44% of CreditSaison. Then Suruga will try to buy back the shares it sold to Credit Saison.
A look at the history is instructive, as is a look at the shareholder structure and the change in business model post-2019. Not as easy as it looks. 


Suruga Bank (8358) To Sell, Then Buy Back 17% of the Bank, but HOW Is Key.