Merger news continues to drive Securities Lending demand in the U.S. Fee levels are spiking quickly for recent IPO, Snap Inc. as the share price tumbled after the company reported a $2.2 billion loss. The world’s second-largest shipbuilder, Hyundai Heavy Industries, has split into four companies as it seeks to navigate through one of the most prolonged slumps in the industry. In Europe, everyone is talking about TalkTalk Telecom’s dividend scale back.
This week, shares of Angie’s List Inc. (ANGI) trended higher following the announcement of plans to merge with IAC’s (IAC) HomeAdvisor. We have seen strong lending demand for Property developer Fullshare Holdings Ltd. as it rallied after shares resumed trading. In Europe, the Brexit is looming over Intu and demand for securities lending has increased. Continue reading
We’ve seen strong demand for shares of Isle of Capri Casinos Inc., that were electing to take no action. In Europe, Bernard Arnault is consolidating his luxury brand empire, uniting ownership of Christian Dior under the LVMH umbrella. Shares in troubled airbag manufacturer Takata Corp fell sharply in Japanese trading.
We have seen strong initial demand for Yext, Inc. (YEXT), the digital media technology services company that went public last week. There was a sharp increase in lending demand for Chinese property developer Evergrande as investors bet its share price rally will be difficult to sustain. In Europe, short interest increased for domestic-focused French small cap stocks ahead of the nation’s presidential election. Continue reading
Brown Brothers Harriman are pleased to be sponsoring the Finadium Investors in Securities Lending conference in London next week, where our experts will be taking part in several panels.
Demand has been strong for ZTO Express Inc. following a 33% decrease in share price in the 6 months since its IPO. In Asia, we have seen strong lending demand for Toshiba Corp following the announcement of losses at its Westinghouse Electric nuclear business. Borrowers are also seeking shares of Tullow Oil amid its rights issue. Continue reading
Fee levels are trending higher for BofI Holding Inc., the most shorted U.S. lender, amid a federal money laundering probe into the company’s main subsidiary, BofI Federal Bank. In Asia, we continue to witness long term securities lending demand for Bellamy’s Australia, whilst in Europe Apple calls time on Imagination Technologies Group,which fell 69% last week.
Last week saw an uptick in demand for Frontier Communications Corporation (FTR) as the share price tumbled amid an analyst downgrade and speculation of a canceled dividend. Fee levels are climbing for Altisource Portfolio Solutions (ASPS). Shorts are getting squeezed and the price has spiked more than 60% since February 23. In Asia, we continue to see strong long term lending demand for Chinese automaker BYD Co Ltd, as it issued a profit warning due to slowing growth in the demand for electric vehicles. Continue reading
Our securities lending trading team kicks off the second quarter by reflecting on Q1 and looking ahead to the remainder of the year.