The London Stock Exchange Group (LON: LSE) – market cap as of 01/08/2019: £30.05bn Introduction On August 1st 2019, the London Stock Exchange Group (LSE) announced it had come to terms with Refinitiv shareholders to acquire the business in an all-share transaction for a total enterprise value of around $27bn. Read more…
How expensive can it be to borrow USD cash for one night collateralizing fully with the US Treasuries? Given current rates, perhaps somewhat above 2% would be reasonable. What about 10%? This is how much some of the participants in the USD Repo market had to pay to provide themselves Read more…
Viacom Inc. (NYSE: VIA) – market cap as of 15/09/2019: $10.61bn CBS Corporation (NYSE: CBS) – market cap as of 15/09/2019: $16.48bn Introduction On August 13, 2019, CBS and Viacom agreed to recombine in an all-stock merger, which will create a multiplatform premium content company set to become one of the leading Read more…
US On Wednesday, following the FED committee’s meeting, Jerome Powell announced that the US central bank is leaving interest rates unchanged by saying that “we don’t see a strong case for moving (interest rates) in either direction”. Although the United States showed an impressive GDP growth in the first quarter Read more…
Following the first article of the series in which we analyzed the greeks of a Binary option, in this second part of the series we would like to introduce Asian options and their greeks. Asian options are part of a broader macro-class of exotic derivatives named Path Dependent Derivatives; in Read more…
Introduction 2018 will be remembered by many investors as a difficult year. In sharp contrast to 2017, when S&P500 was performing spectacularly (+19.4% YoY), 2018 brought a bitter disappointment to many. Not only in terms of absolute performance (-7% YoY), driven heavily by the impressive sell-off in the last quarter Read more…
Beyond Meat (NASDAQ: BYND) – expected market cap as of 03/05/2019: $1.5b Introduction On May 2nd, Beyond Meat, producer of plant-based meat substitutes, went public on the NASDAQ. The firm priced its initial public stock offering at 25$ per share, after strong demand encouraged the company to raise the price Read more…
The Ride of Unicorn IPO’s As big tech firms such as Uber, Lyft, Pinterest and Airbnb go public, a decade of innovations is being harvested. As this rush of technology offerings set out to bring new wealth to Silicon Valley, the mystery of increasing investor appetite for companies with negative Read more…
Anadarko Petroleum Corporation (NYSE: APC) – market cap as of 29/05/2019: USD 36.61bn Occidental Petroleum Corporation (NYSE: OXY) – market cap as of 04/05/2019: USD43.34bn Intro On April 29, 2019, US oil and natural gas producer Anadarko was on course to accept a takeover offer from its national rival Occidental, Read more…
US During the trading week S&P500 and Nasdaq have increased their market value while the Dow Jones 30 has been quite steady. The S&P500 has closed the week at 2940, increasing by 1%, while the Nasdaq, in the same period, moved from 7980 to 8148, rising by 2.1%. The Dow Read more…
Intro Recently, fears for an “European Japanification” have regained popularity due to raising concerns about the growth’s slowdown and similar underlying long-term dynamics of the two economies. In this article we aim to walk through Japan’s “Lost Decades”, and the following Bank of Japan’s response to figure out monetary tools, Read more…
India, the world’s largest democracy with 900 million eligible voters, is currently engaged in one of the most complex voting exercises around the modern democratic world. The sheer logistics of the largest election on earth is, naturally complex; the election is being held in 7 phases, spanning from 11th April Read more…
Merck KAaG [ETR:MRK] – market cap as of 28/04/2019: €12.29bn ($13.77bn) Versum Materials Inc. [NYSE:VSM] – market cap as of 28/04/2019: $5.68bn (pre-announcement undisturbed value: $3.28bn) Intro On April 12th the German Chem-tech company Merck KAaG signed the definite agreement to buy the American special materials company Versum in an Read more…
The Carlyle Group (NASDAQ:CG) – market cap as of 08/04/2019: USD 6.34bn Introduction On April 8, 2019, the US PE giant Carlyle announced its decision to acquire up to 40% of the capital of the Spanish multinational Cepsa from the sovereign fund of the United Arab Emirates Mubadala for up Read more…
Introduction 2018 was a somehow controversial year in IPO terms, with Q1, Q2 and Q3 building a strong momentum for companies to go public, and Q4 eroding the optimism recorded in the preceding timeframe. Unfortunately, 2019 has opened with the same negative outlook, with scheduled IPOs all throughout the world Read more…