Did 2018 Have it all for Securities Lending?

For some commentators, this year has had it all!  It was the year that Apple Inc. became the first public company to reach the $1 trillion market cap level, the VIX nearly hit 50 for the first time since 2015, the cryptocurrencies bubble burst, global equity markets suffered a torrid time and Tesla Inc nearly went private. It was also a year where we faced unprecedented geopolitical news.

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From the Securities Lending Trading Desk

In the US, as directional demand for Buckle(BKE) continues to be strong for the struggling retailer combined with high market utilization, fee levels have remained elevated. In Asia, Samsung Group’s biotechnology arm surged last week after it avoided a delisting. Bonmarche (BON LN) also suffered this week as the retailer blamed Brexit for a lack of trade

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From the Securities Lending Trading Desk

In the US, with the deal expected to close in Q1 of 2019, trading volume and velocity of SIRI shares have increased. In, Asia, Takeda Pharmaceutical’s shareholders approved a $62 billion acquisition of Shire Plc, enabling the company to continue its quest to become a global drug giant. In Europe, A seesaw week for Thomas Cook as Moody’s downgrades the travel operators outlook to negative.

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From the Securities Lending Trading Desk

Amidst a rocky week in the US stock market, Pinduoduo’s ADRs bucked the trend and reported extraordinary growth. One of China’s largest smartphone makers delivered strong revenue results in the third quarter despite a slowdown in the global market. In Europe, The Restaurant Group’s (RTN LN) potential takeover of Wagamama continued to divide shareholder opinion as large shareholders released their views on the potential deal.

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From the Securities Lending Trading Desk

In the US, YETI has been unable to sustain their IPO price of $18.00. In Asia, We have seen strong long term lending demand for Takeda Pharmaceutical Co. French firm, Vallourec, has been part of a number of oil industry suppliers who have suffered due to a recent downturn as producers cancelled and deferred projects.

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From the Securities Lending Trading Desk

In the US, Sessions, who had been vehemently against marijuana legalization, announced his resignation on Wednesday. Shares in Toshiba Corp surged in Tokyo trading after it announced plans to reinstate its dividend and exit a troubled LNG investment. Potential M&A activity is heating up in the UK.

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From the Securities Lending Trading Desk

In the US, Redfin’s stock price has been declining in spurts over the past year as the share price is now half of what it was at the start of 2018. The auto sector is facing its first decline in more than two decades on a slowdown in the Chinese economy and as the effects of the trade war are now starting to take effect. In Europe, Aryzta, a popular lending name, had its shares suspended this week following a vote on a rights offering to ensure the bakery’s survival.

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From the Securities Lending Trading Desk

In the US, one industry expert stated that Ballard has a long way to go before it can proclaim success in proving the fuel-cell business can be profitable. In Asia, we have seen moderate securities lending demand for Cathay Pacific since the revelation of the hack, with its shares down 16% in 2018 and now trading at a low not seen since June 2009. In Europe, problems are compounding for Spanish supermarket chain Distribuidora.

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Trump Trades Blows with China

The International Monetary Fund has downgraded world growth forecasts, warning that a U.S.-China trade war will hit economic growth. The IMF is now predicting 3.7 per cent global growth in both 2018 and 2019, down from 3.9 per cent for both years.

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