Research

Weekly research notes covering the full spectrum of asset classes

A Risk Analysis of Physical Commodity Trading

April 16, 2018 /Jan Dinkelmeyer

There are three different risks Physical Commodity Trading firms are exposed to during a transaction: flat price risk, basis risk, and spread risk. Their description and mitigation will be covered in this article. Parts of the information utilized comes from the report “The Economics of Commodity Trading Firms” by Craig Pirrong, provided by Trafigura. Flat […]

Spotify: A Rundown of the Upcoming DPO

March 27, 2018 /Dora Cordero

Written by Dora Cordero    Spotify, the music streaming service valued at $19.7 billion, will be the first company to be directly listed on the stock market. Officially, it will debut on the New York Stock Exchange on April 3rd, under the ticker “SPOT”. Through a Direct Public Offering (DPO), it will be selling its […]

The end or the rise of an era – commentary on the Italian elections

March 5, 2018 /Luca Doganieri

The Italian elections are over and the major surprise is the Five stars Movements and Lega.  In the last weeks of election campaign, the favorites were the coalition of centre right, formed by the tycoon Berlusconi, the Lega premier Matteo Salvini, Fratelli d’Italia led by Giorgia Meloni and Noi con l’Italia. After the first response, M5S […]

Egypt expecting IPO of State-owned firms

March 2, 2018 /admin

Written by Fynn Brinkmann and Robin Lebeau “Egypt is looking to offer shares in eight to 10 state companies on the stock exchange over the next 18 months,” Finance Minister Amr El-Garhy told Reuters on Sunday, January 21 2018.   This is the first sale of state-owned company shares in 12 years! The IPO program […]

Private Mortgages insurers (PMI)

March 2, 2018 /Stefan Larsen

Private mortgage insurers (PMI)—found in one of IBD’s top ranked industry groups—have been showing a strong price performance this year. For example, companies like Essent Group are making strong advances since October of last year. This is despite the rigid regulatory regime—with regulations such as concentration restrictions, reserve requirements and capital requirements—that have been instituted […]