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Unbiased Arbitrage Analysis

The services listed here provide investment analysis in three primary areas:  Risk arbitrage, capital structure arbitrage, and high-yield investing.  The three M&A focused research services published by European Research LTD, when combined, cover the vast majority of M&A activity worldwide. 

Capital structure arbitrage ideas are provided by the Fixed Income Contrarian and the European Capital Structure Report.  The Fixed Income Contrarian also publishes investment ideas in high-yield, and distressed securities.

Please note that the Bits and Pieces report (listed under the "International Equities" category), is a monthly arbitrage report that identifies opportunties in stub securities across the globe.  Bits and Pieces is included with a subscription to the Spin-Off Report, or can be provided on stand-alone basis.

All research services provide unlimited access to their respective analysts.

Arbitrage & Fixed Income

TitleProducer
Americas Merger Report Independent Global Research
The Americas Mergers and Acquisitions Report provides analysis of all announced mergers and acquisitions in North, South and Central America with a target over 500 million U.S. dollars in market capitalization. David Roden, who has extensive knowledge of the risk arbitrage and derivatives markets, leads the London bases research team, Independent Global Research. Fundamental research and trading analysis is provided on each transaction. Daily notes and weekly updates keep clients current on all transactions under coverage, with ongoing news and deal analysis covering legal issues, sector strategies, counter-bidders, valuations and timing. The service also provides unlimited contact with the team of analysts, extensive research on pre-announced situations as well as access to all publications on a secure website.
PDF Americas Merger Summary of Discounts and Estimated Returns - September, 23, 2009
PDF Toromont Hostile Bid for Enerflex - Comprehensive Analysis, Published November 24, 2009.
PDF Varian - Agilent Merger Analysis - Published July 28, 2009
PDF Natco - Cameron Merger Analysis, Published August 4, 2009
PDF Metavante - FIS Merger Analysis, Published April 2, 2009
Asia-Pacific Merger Report Independent Global Research
The Asia-Pac Merger Report provides analysis of all announced mergers and acquisitions with targets over $500 million in Asia, Australia, Eastern Europe and the Pacific Rim region. Fundamental research and trading analysis is provided on each transaction. Daily notes and weekly updates keep clients current on all transactions. Ongoing news and deal analysis covering legal issues, sector strategies, counter-bidders, valuations and timing is continuously provided. The service also provides unlimited contact with the team of analysts, extensive research on pre-announced situations as well as website access to all current and past research reports.
PDF Nufarm - Sinochem Preannouncement Analysis: Published September 16, 2009, prior to Sinochem bid.
PDF September 2009 - Asia/Pacific, Africa M&A Calendar
European Merger Report Independent Global Research
The European Merger Report provides analysis of all announced mergers and acquisitions with a European target of €500m or greater in market capitalization.  The service is written by David Roden and his team of analysts at Independent Global Research.  Fundamental research and trading analysis is provided on each transaction and incorporates the regulatory differences across European markets.  Daily notes and weekly updates keep clients current on all transactions followed, with ongoing news and deal analysis covering legal issues, sector strategies, counter-bidders, valuations and timing.  The service also provides unliimited contact with the analyst team, extensive research on pre-announced situations as well as website access to all current and past research reports.
PDF Tandberg Preannouncement Analysis: Published July 21, 2009, prior to Cisco bid.
PDF November 2009 - European M&A Calendar
European Capital Structure Arbitrage Report Independent Global Research
The European Capital Structure Arbitrage Report is published by Independent Global Research, and identifies relative mispricing and trading opportunities in liquid, quoted securities issued by European companies. The focus is on the valuations of listed debt, convertible bonds and equity. The strategies employed may be event-driven or based on relative pricing anomalies. The companies covered normally have an equity market cap in excess of €500 million. Publications include initial coverage reports, and regular updates covering open strategies and trading recommendations.  As with all Indpendent Global Research services, subscribers have unlimited access to the analysts and a internet-based archive of all published reports. 


The Fixed Income Contrarian Horizon Research Group
The Fixed Income Contrarian identifies fixed income strategies ranging from high-yield investments to capital structure arbitrage opportunities. Recommendations in distressed securities include situations where the insolvency implied by the price of a particular security lies in direct contrast with Horizon's view of financial recovery. The report will also identify debt securities that present intrinsic recovery value for pre-petition creditors through the conversion of corporate debt to equity. Additionally, the service will examine and identify debt securities that exhibit an asymmetrically favorable risk/return profile, due to relative mispricing within a capital structure. Strategies employed will provide a high return in the positive case, but with limited or well-defined limit of loss in the negative case. Generally, the abridgment of risk is achieved through na arbitrage or hedge transaction with a second or even third security, typically within the capital structure of the same company.
PDF Recommendation to Purchase Saks Senior and Convertible Notes - December 19, 2008
PDF W.R. Grace (GRA) - Equity Recommedation prior to emergence from Chapter 11 - Published December 11, 2008
PDF February 2009 "Distressed Securites Report Compendium"
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