From the Securities Lending Trading Desk – Week of February 25

In the US last week, investors reacted positively after Yeti (YETI) reported encouraging fourth-quarter earnings where sales beat street forecasts. In Asia Pacific, Investors dumped shares in Bingo Industries after it downgraded its full year profit forecast by 20 percent last week. In Europe, Wirecard (WDI GY) is back in the news this week after a German regulator introduces a short sell ban on the Bavarian payment processor.

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Spotlight on Asian Securities Lending: PASLA 2019

The BBH team is very much looking forward to the upcoming 16th Annual PASLA/RMA Conference on Asian Securities Lending which will be held in Sydney, Australia next week.

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From the Securities Lending Trading Desk

In the Americas, Frontier is the owner and operator of an extensive copper and fiber optic network but they are up against a massive debt burden. In Asia, shares in the Doosan Group of companies plunged last week after reporting worse than expected earnings. In Europe, the UK contractor, Interserve (IRV LN), has seen two of its largest shareholders refuse to back a deal the board had set out to swap creditor balances for equity in the firm.

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From the Securities Lending Trading Desk

In the Americas, investors are wary not to overlook the fact that there is still plenty of regulatory red tape that TELL must cut through before 2023 operations are expected to start. In Asia, Japanese telecommunication giant Softbank Group Corp unveiled plans for the biggest share buyback in the company’s history. In Europe, Spanish food store provider Distribuidora Internacional (DIA SM) rallied 70% this week following news that the board is to work with Mikhail Fridman and his investment firm, LetterOne.

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From the Securities Lending Trading Desk

In the Americas, the online pet pharmacy, PetMed, saw sales remain flat against last year at $60.1 million. In Asia, two of the world’s largest shipbuilders are set to combine forces in an attempt to thwart competition from Chinese rivals. In Europe, Wirecard shares fell up to 31% as reports of forgery mire the payment processing provider.

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From the Securities Lending Trading Desk

In the Americas, new short positions drive demand on SPDR Barclays High Yield Bond ETF (JNK) amidst rally to start 2019. In Asia, SJM Holdings, the casino business founded by gambling tycoon Stanley Ho, rose by 8% last Thursday. In Europe, Metro Bank shares fell the most since its launch as it revealed an erroneous capital shortfall. 

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2019 Hedge Fund Outlook – The Only Way is up?

The new year is traditionally a period to take stock, reflect on the prior year and more importantly, start making predictions. The beginning of 2019 has been no different for hedge funds, as we see many market commentators look to quantify performance in 2018 and take a forward-looking view on themes which may persist over the course of this year.

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From the Securities Lending Trading Desk

Baozun’s shares bounced back up in January amid rebounds for the Chinese tech sector and the broader market. In Asia, analysts are beginning to see signs the Chinese property market is cooling and homeowners are asking for refunds from developers. In Europe, Italian banks dropped this week as reports emerged that the European Central Bank has told lenders they have to clean up bad debt.

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From the Securities Lending Trading Desk

In the Americas, SQM is expected to be a long term focus of demand as they are one of the top four companies controlling the roughly $3 billion global lithium market. In Asia, analysts predict that shares in the smartphone manufacturer, Xiaomi Corp, could fall further if the company loses market share to Huawei. In Europe, A mixed week for UK energy firm Ophir as it loses a key exploration license and then receives a takeover offer.

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