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

Chiba Bank - Less Yield Curve Control Issue With Near Zero JGBs

Ueda's BOJ Looking Like Ueda's Pre-BOJ Opinions, but Normalisation Is "A Work in Progress."

Japanese Banks – Nearing the Yield Curve Control End-Game

Japan Post Insurance (7181 JP) - Reading Between The Lines

Mizuho Financial Group (8411 JP):  Defying the Skeptics

Bank of Kyoto (8369) - Not a Normal Regional Bank

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Gravity Works As WeWork Doesn't; Now Plan B

Quiddity Advisors

Event-Driven

<ul>
<li>Japanese Banks have had a good run recently. From the day before the BOJ changed the 10yr yield target in December in its YCC programme to today, +30% vs TOPIX.</li>
<li>The question is how that is spread out. There are lots of banks. Some are cheaper than others. Some are better than others. Can we draw conclusions to trade better?</li>
<li>If you are looking at Japanese Banks to play a change in BOJ policy when Governor Kuroda's term ends shortly, there are definitely conclusions one can draw. I offer comments.</li>
</ul>


Japanese Banks have had a good run recently. From the day before the BOJ changed the 10yr yield target in December in its YCC programme to today, +30% vs TOPIX.
The question is how that is spread out. There are lots of banks. Some are cheaper than others. Some are better than others. Can we draw conclusions to trade better?
If you are looking at Japanese Banks to play a change in BOJ policy when Governor Kuroda's term ends shortly, there are definitely conclusions one can draw. I offer comments.


Sumitomo Mitsui Financial Group (8316 JP)

Mitsubishi UFJ Financial (MUFG) (8306 JP)

Thinking About Japanese Banks - Go Big, Go Small, Go Insurance