TowerBrook Capital Partners L.P ,Market Cap(as of 16/5/2013): N/A True Religion Apparel, Inc, Market Cap(as of 16/5/2013): $814mln Deal size: $835 mln, all cash The private equity firm TowerBrook Capital Partners agreed on Friday 10th of May to acquire True Religion Apparel, the designer jeans company based in Southern California. Read more…
INTRODUCTION During last months in Japan, extreme monetary policies – also known as Abenomics – implemented by the duo Abe-Kuroda to fight deflation and give a kick to the stagnant economy, have caused a huge reaction all over the markets: the Yen has been slashed, Nikkei index has been skyrocketing Read more…
Elon Musk’s creation, after having beaten analysts’ estimates just 11 days ago following the release of its first quarter earnings – which proved to be way beyond expectations – is now on a tough up-going rally. Surely this trade should have been implemented earlier but we believe there is still Read more…
On March 15th the merger was approved by the boards of the two companies, based on an exchange ratio of 1 newly issued ordinary share in Atlantia for 9 ordinary shares in Gemina. Atlantia shares seemed to be quite overvalued (8,9x the adjusted EBITDA; 7,5x for Gemina), but since March Read more…
Given the turbulence in the implied volatility observed in the aftermath of Apple’s Q1 results, we adopt a sophisticated quantitative model to better understand its dynamics. What we have observed so far in the option market is a large decrease in the 1-month implied volatility, and a sustained level of Read more…
After three days we decided to close our position on the EURUSD as our trade did not play out. In the end we were almost flat so we did not lose money. However we keep our bullish view on the USD and we decided to change the pair and to Read more…
Japan’s Toshiba said Wednesday that its quarterly net earnings fell 62 percent from the previous year as demand for its televisions, computers and other digital products stumbled. The technology and engineering corporation said it earned 23.01 billion yen ($233 million) between January and March 2013, the last quarter of its Read more…
Object: €3.0 billion issuance of Obrigações do Tesouro (OT) (fixed rate bonds), interest rate 5.65%, annual coupons On May 6th the Republic of Portugal issued its first new government bonds since requesting an international bailout two years ago, in a heavily-oversubscribed offer of 10-year debt that raised €3bn. The bonds Read more…
Silver Lake Partners IV, Assets Under Management: $7.5bn Dell Inc. Mkt Cap: $23.61bn Blackstone Group L.P., Blackstone Capital Partners VI Assets under management: $13.5bn Icahn Enterprises L.P. Mkt Cap: $9.18bn Following our last comment on Dell’s buyout on 16.03.2013, we decided to write a follow-up to elaborate on the recent events concerning Read more…
Apple, Inc. Market Cap (as of 03/05/13): $418.2 bn Transaction Size: $17.0bn On the 30th of April Apple Inc. has set a new corporate record. In fact, after having recently regained its position as the world’s most valuable company and having announced the largest share buyback in history, it sold $17bn of Read more…
SeaWorld Entertainment, Inc. Market Cap (as of May 4th 2013) : $ 3.1bn The Blackstone Group , AUM (as of May 4th 2013) : $ 218.0bn On the 19th of April SeaWorld Entertainment opened for trading on the NYSE under the thicker symbol “SEAS”. The initial public offering of 29.9 Read more…
Vanquishing markets in April 2013, Netflix has been on a stream recently. After releasing their Q1 numbers on March 31st and got higher than expected revenues, investors and markets got suddenly excited about the stock. Moreover, we’ve seen that their new programming is amassing a lot of praise from critics. Read more…
This week was dominated by the US and European central bankers speeches. They both confirmed their accommodative monetary policy. However the FED just confirmed its commitment to the bond buying program until the economy would have showed sign of improvement. The ECB, on the other side, decided to take really Read more…
The trade idea that we recommended on Abbott is still sitting on a near-to-zero P&L because the stock has realized less volatility than we expected. While given the protective nature of the trade keeping the position open until option expiration would not lead to much risk, we still recommend to Read more…
Last week we suggested to leverage on our quant models to play out the cointegration existing between Apple and Amazon by shorting roughly 2 Amazon stocks for each Apple stock bought. The idea, which benefited from both a fundamental and quantitative edge has returned a profit of roughly 5.5%, assuming Read more…