Worawith Ounpeng/iStock via Getty Images Co-authored by Relative Value. Overview With this, we continue our series of articles focused on the fixed-income financial products newly listed on the exchange. This time, we'll apply our IPO evaluation methodology to the latest listed security of Oxford Lane Capital Corporation ( OXLC )—the 8.25% Term Preferred Series 2031 Due March 2031, Oxford Lane Cap...
Worawith Ounpeng/iStock via Getty Images Co-authored by Relative Value. Overview With this, we continue our series of articles focused on the fixed-income financial products newly listed on the exchange. This time, we'll apply our IPO evaluation methodology to the latest listed security of Oxford Lane Capital Corporation ( OXLC )—the 8.25% Term Preferred Series 2031 Due March 2031, Oxford Lane Capital Corp. CAL NT 31 ( OXLCM ). OXLC has had quite a NAV per share and price drop in recent months, so we'd like to know whether we'd like any exposure to its preferred equity. For this, we'll follow our IPO evaluation routine, starting with an analysis of the financial state of the issuer to assess the potential dangers of investing in its fixed-income products. Next, we'll continue with peer comparisons from similar issuers to assess the investment qualities of OXLCM in a relative value analysis. The New Issue The prospectus contains all relevant information about the new preferred term. Here, we will highlight only the most important metrics for the analysis that follows. OXLCM description (OXLCM Prospectus) OXLCM will pay an 8.25% annual fixed cumulative dividend in $0.1719 monthly payments. The distributions will begin on April 30, 2026, meaning that the first dividend will be irregular in size and will amount to approximately $0.2292 per share. OXLC's preferred distributions are treated as ordinary income . OXLCM is a term preferred stock of Oxford Lane, with a maturity date on March 20, 2031, and callable on and after March 20, 2028. Oxford Lane's gross proceeds from the new security are $60 million for a total of 2.4 million preferred stocks issued with a liquidation preference of $25 each. The stock was not credit-rated at IPO by any of the big rating agencies. As the issue is just listed on the exchange, its price chart looks like this: OXLCM price chart (Seeking Alpha) Currently, OXLCM is priced at $24.59, with a yield to maturity of 9.04% calculated by the XIRR ...
HOT TOPICS Trade barriers China’s Ministry of Commerce launched two trade barrier investigations on Friday into U.S. practices that disrupt global industrial and supply chains, as well as those hindering green product trade. The reciprocal moves are a response to U.S. Section 301 probes and aim to defend China’s legitimate industrial interests, the ministry said. BYD earnings
HOT TOPICS Trade barriers China’s Ministry of Commerce launched two trade barrier investigations on Friday into U.S. practices that disrupt global industrial and supply chains, as well as those hindering green product trade. The reciprocal moves are a response to U.S. Section 301 probes and aim to defend China’s legitimate industrial interests, the ministry said. BYD earnings
Myanmar cleared the way on Monday for coup-leading General Min Aung Hlaing to become president and maintain his rule in civilian garb, with lawmakers nominating him as a vice-presidential candidate and the junta replacing him as military commander. Min Aung Hlaing has ruled Myanmar since 2021 when he ordered a coup toppling the elected government of Aung San Suu Kyi – detaining the Nobel Peace Pri...
Myanmar cleared the way on Monday for coup-leading General Min Aung Hlaing to become president and maintain his rule in civilian garb, with lawmakers nominating him as a vice-presidential candidate and the junta replacing him as military commander. Min Aung Hlaing has ruled Myanmar since 2021 when he ordered a coup toppling the elected government of Aung San Suu Kyi – detaining the Nobel Peace Prize laureate, dissolving her party and triggering civil war. After five years of hardline rule, he...
格隆汇3月30日｜金融科技正重塑金融服务领域，华赢集团（纳斯达克代码：AXG）始终致力于携手各方力量，在培养业界新一代金融人才方面积极贡献力量。 作为横跨传统与数字生态的全球综合金融服务集团，AXG深度参与由香港证券及投资学会（Hong Kong Securities and Investment Institute，简称“HKSI Institute”）主办的“2026年度案例分析比赛”，以黄金...
格隆汇3月30日｜金融科技正重塑金融服务领域，华赢集团（纳斯达克代码：AXG）始终致力于携手各方力量，在培养业界新一代金融人才方面积极贡献力量。 作为横跨传统与数字生态的全球综合金融服务集团，AXG深度参与由香港证券及投资学会（Hong Kong Securities and Investment Institute，简称“HKSI Institute”）主办的“2026年度案例分析比赛”，以黄金赞助商和项目赞助商身份提供项目奖励，以激励表现卓越的未来金融新秀。3月25日，集团董事总经理夏军先生出席颁奖典礼，并为获奖项目及学员颁发奖证。 据悉，HKSI Institute案例大赛是香港金融界的年度盛事，旨在通过真实的商业案例模拟，提升大学生对金融服务业的认知与实操能力。2026 年度的比赛吸引了来自全港及大湾区数千名精英学子的参与。
Sigma Lithium press release ( SGML ): cash from operations in 4Q25 of US$31 million, cash inflows in 1Q26 of US$35 million and expected cash inflows in 2Q26 of US$96 million. Operating cash margin of 47% in 4Q25, showing financial discipline. Deleveraged balance sheet and repaid debt: in 2025 cut trade finance debt by 60% and total debt by 35%. GUIDANCE FOR PRODUCTION VOLUMES AND COST PER TONNE In...
Sigma Lithium press release ( SGML ): cash from operations in 4Q25 of US$31 million, cash inflows in 1Q26 of US$35 million and expected cash inflows in 2Q26 of US$96 million. Operating cash margin of 47% in 4Q25, showing financial discipline. Deleveraged balance sheet and repaid debt: in 2025 cut trade finance debt by 60% and total debt by 35%. GUIDANCE FOR PRODUCTION VOLUMES AND COST PER TONNE In the next twelve-month period, Sigma lithium expects to produce 240,000 tonnes of high grade premium lithium oxide concentrate at an all-in sustaining cost of US$592 per tonne. Production Volumes and Costs per Tonne (US$/t) Estimated12 Month Period (Phase 1) Estimated FY2027E(Phases 1 & 2) Estimated FY2028E(Phases 1, 2 & 3) Production Volumes 240,000 520,000 770,000 CIF China Cash Cost (440) (440) (440) Maintenance Capex + Other Expenses (12) (12) (12) ESG, G&A Expenses (80) (32) (16) Interest Expenses (60) (27) (27) All-In Sustaining Cost (592) (511) (495) Cash Flow Forecasts at Various Realized Lithium Prices (US$ M)* Cash Flow @ US$1,500/t $158 $384 $581 Cash Flow @ US$1,800/t $218 $514 $774 Cash Flow @ US$2,000/t $258 $601 $902 *Prices used to calculate cash flow are grade adjusted. Click to enlarge More on Sigma Lithium Sigma Lithium Improves Operationally, But My Bull Case Has Somewhat Played Out Sigma Lithium: Danger, Will Robinson (Downgrade To Sell) Sigma Lithium After The Rally: Execution Now Matters More Than Lithium Prices Sigma Lithium falls amid Blue Orca short call (update) Sigma Lithium rises after resuming production in Brazil; BofA upgrades
Sysco Corp. , a large US food distributor, is close to a deal to buy privately held Restaurant Depot LLC for about $29 billion including debt, according to the Wall Street Journal . The deal will be unveiled later Monday and will represent a multiple of more than 14 times Restaurant Depot’s operating income, the Journal said, citing unnamed sources. Sysco supplies food to restaurants, hospitals an...
Sysco Corp. , a large US food distributor, is close to a deal to buy privately held Restaurant Depot LLC for about $29 billion including debt, according to the Wall Street Journal . The deal will be unveiled later Monday and will represent a multiple of more than 14 times Restaurant Depot’s operating income, the Journal said, citing unnamed sources. Sysco supplies food to restaurants, hospitals and schools across the US and has a market value of about $39 billion, while Restaurant Depot is a cash-and-carry wholesaler and sells foods to smaller restaurant owners. By purchasing Restaurant Depot, Sysco will gain access to the higher-margin and growing cash-and-carry distribution model, the Journal said. In January, Sysco said it expected to meet the high end of its full-year profit outlook on improving demand from customers despite a weaker restaurant industry. Read More: Sysco Up Most Since 2022 as Demand Defies Dining-Out Slump
Sanofi ( SNY ) presented new late-breaking phase 3 data showing its experimental eczema drug amlitelimab met key efficacy endpoints in atopic dermatitis, reinforcing plans for global regulatory filings . Across the COAST 1, COAST 2, and SHORE phase 3 studies, amlitelimab, dosed either Q4W or Q12W, showed progressively increasing efficacy, with no evidence of plateau at Week 24 across endpoints, th...
Sanofi ( SNY ) presented new late-breaking phase 3 data showing its experimental eczema drug amlitelimab met key efficacy endpoints in atopic dermatitis, reinforcing plans for global regulatory filings . Across the COAST 1, COAST 2, and SHORE phase 3 studies, amlitelimab, dosed either Q4W or Q12W, showed progressively increasing efficacy, with no evidence of plateau at Week 24 across endpoints, the company said. Data reinforce the potential for Q12W dosing from the start. “Despite current medicines, a critical medical gap remains for moderate-to-severe atopic dermatitis patients and additional treatment options are needed,” said Eric Simpson, MD, Professor of Dermatology and Director of Clinical Research at Oregon Health & Science University. “These data, which show that amlitelimab delivers potentially progressive efficacy over time, further illustrate the potential of non-T cell depleting OX40L inhibition to help reduce disease severity and burdensome symptoms with less frequent dosing.” More on Sanofi Dupixent's Impact On Sanofi: A Quantitative Projection Of Its Revenue Need Growing EPS And Dividends? Prescribe Sanofi Sanofi: CEO Leaves With Project Rejuvenation Unfinished, But Stock Undervalued Sanofi replaces CEO Paul Hudson, names Belén Garijo as successor Sanofi anticipates profitable growth to continue over at least five years
John M. Chase/iStock Unreleased via Getty Images Introduction Compared to the broader market ( SPX ), Saylor-led Strategy Inc. ( MSTR ) has performed poorly since the beginning of 2026. Data by YCharts My first coverage appeared on December 19, 2025, rating the stock a Sell. Since then, MSTR is down around 23%. During the sharp selloff, however, it briefly dropped to an overall decline of 36%. SA ...
John M. Chase/iStock Unreleased via Getty Images Introduction Compared to the broader market ( SPX ), Saylor-led Strategy Inc. ( MSTR ) has performed poorly since the beginning of 2026. Data by YCharts My first coverage appeared on December 19, 2025, rating the stock a Sell. Since then, MSTR is down around 23%. During the sharp selloff, however, it briefly dropped to an overall decline of 36%. SA In this piece, I am arguing why I believe that Strategy continues to be headed for further downside in the near term and briefly why that very downside is likely going to present a buying opportunity. Let's dive in. Developments My previous thesis on MSTR was the following: In my view, MSTR today looks like a sell, but there are also arguments for a Hold, because: 1. Current losses were mostly due to de-correlation. If Bitcoin ( BTC-USD ) prices decline further, MSTR has that much further downside plus a downside rerating in NAV premium. 2. Bitcoin prices could be closing in on a local, potential multi-year top, according to cycle theory. 3. Their now lower mNAV and a broken cycle theory could lead to a rebound from here. From that point on, Bitcoin prices have continued to decline, having dropped around 25%. Indeed, we have also seen Bitcoin have a slight rebound from around the time of my article until early January. It gained nearly 13%, before getting rejected at the 50-week moving average, a level that has offered strong support multiple times during the 2024/2025 bull market, and getting sent lower, forming a lower low and establishing a downtrend on the higher time frames, arguably starting the bear market, often referred to as "crypto winter". Having topped out in Q4 2025, the post-halving year, is also consistent with every previous cycle. No top indicators have been swept. Nearly all of that is due to the fact that price did not appreciate as much as at previous cycles' highs, even in proportion. In my opinion, however, this can be largely attributed to the fact t...