Download PDF Introduction In a recent article on the FT George Soros harshly criticized foreign investment into China, pointing out the many risks that such a move might involve for investors and providing and indictment of what he perceived as worsening conditions of the “rule of law” in China, due Read more…
Download PDF Introduction Structured products are complex OTC derivatives which offer a glance into some of the deeper aspects of pricing; they are hedged with vanilla products where possible, almost always leaving basis risk, the management of which is the art of making markets in SPs. These products are very Read more…
Download PDF Welcome back from the summer break! Let BSIC present you some of the most interesting deals over the last summer, we hope you will enjoy! TMT AT&T’s $43bn deal to merge WarnerMedia with Discovery Deal Value: $43bn | Deal Type: Acquisition | Date: 17-May-2021 | Nationality: US AT&T (NYSE: T) agreed to merge its Read more…
Download PDF Introduction A leveraged buyout is the acquisition of a company, either privately or publicly held, using borrowed funds to pay for the purchase price of the company. The main actor of a leveraged buyout transaction is a private equity firm or group of private equity firms, which will Read more…
Download PDF USA The main U.S. indexes gained this week after positive quarter releases and good economic data. Investors spent much of April grappling with two competing dynamics: signs of a strong economic rebound in the U.S., and worsening Covid-19 cases elsewhere in the world that threaten to hamper the Read more…
Download PDF In the previous article of our series, we highlighted the questionable use of cross currency swaps and concluded that this kind of window dressing techniques are a manifestation of the larger issue of problematic debt management on the sovereign entity scale. In this article, we delve deeper into Read more…
Download PDF Football industry overview During the last couple of decades, football became a huge industry within the overall sports space. Ever-growing revenues of football clubs coming from advertising, broadcasting rights, and merchandising result in stellar salaries and exponentially rising transfer market prices, as such spending is considered as almost Read more…
Download PDF LVMH (MC.PA) Market Cap as of 30th April 2021 – €315.40bn Tod’s (TOD.MI) Market Cap as of 30th April 2021 – €1.30bn Introduction On April 23rd the news broke that the luxury-powerhouse LVMH has acquired a 6.8% stake in Italian shoe and leather goods producer Tod’s. This increases Read more…
Download PDF Introduction Industrial metals were in the news in the past few weeks because of the remarkable surge in prices. Copper has received most of the attention, with its spot price topping 10,000$/metric ton on April 29, close to the all-time high of 10,190$/metric ton reached in February 2011. Read more…
Download PDF Coinbase Global Inc (NASDAQ: COIN) – Market Cap as of 24/04/2021: $58.09bn Introduction On April 14th Coinbase, the largest cryptocurrency exchange in the US, went public via a direct listing and reached a valuation of over $80bn. The NASDAQ assigned a pre-emptive reference price of $250 per share, Read more…
Download PDF Microsoft (NASDAQ: MSFT) Market Cap as of 23rd April 2021 $1.96tn Nuance (NASDAQ: NUAN) Market Cap as of 23rd April 2021 $15.16bn Introduction On April 11, 2021, Microsoft Corporation entered into a definitive settlement to acquire Nuance Communications in exchange for all-cash consideration of $19.7bn, representing the second-largest Read more…
Download PDF Introduction Grab Holdings Inc., Southeast Asia’s leading app, announced on April 13th that it intends to go public in the US in partnership with Altimeter Growth Corp. in what is expected to be the largest-ever equity offering by a Southeast Asian company. The combined company expects its securities Read more…
Download PDF There’s a Yiddish proverb fittingly saying: “interest on debts can grow without rain”. How can this be? In an ultra-low-rate environment, debt has become ubiquitous to sail through the COVID-19 pandemic and so has the fear related to its sustainability. Countries have taken the center stage in the Read more…
Download PDF What is a SPAC? A Special Purpose Acquisitions Company (SPAC) is a shell company set up by investors with the only purpose of raising money through an IPO in order to eventually acquire another company. They are also known as “blank-check companies” since they generally don’t have a Read more…
Download PDF USA It was a turbulent week for equities due to a flare-up in global coronavirus cases and to the fact that President Joe Biden will seek an increase in the tax on capital gains to 39.6% for those Americans earning more than $1 million to fund education and Read more…