ABC arbitrage - Equity markets remain calm
ABC arbitrage group (ABCA) reported net income of €8.8m in H123, down 46% y-o-y, which in our view represents a reasonable result amid unfavourable market conditions. The market continues to be characterised by low volatility and limited M&A activity, weighing on ABCA’s main arbitrage strategies. After the end of June 2023, both ABCA Opportunities and ABCA Reversion funds managed to show strong performance, improving the outlook for the H223 results. Meanwhile, ABCA’s AUM remained flat in H123. The company reiterated its intention to pay out 80% of profits in dividends, with a minimum DPS of €0.30.ABC Arbitrage is an investment consulting company and financial services provider that designs arbitrage strategies on European & U.S. financial markets. Co. provides holding company services, such as, communication, legal, labor relations & human resources management, & administrative. It also helps develop third-party asset management services. Co. conducts two types of arbitrage strategies: Arbitrages without market risks (Self-liquidating arbitrage strategies) and Arbitrages with market risks (Suspensive clause arbitrage strategies). In Arbitrages with market risks, the legally binding documentation governing suspensive clause arbitrage strategies does not guarantee convergence.
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