DBS / Yangzijiang Warrants

DBS / Yangzijiang Warrants: Macquarie note that for the third day running, investors accumulated puts over DBS as the stock climbs back to its recent highs and calls over China A50 as China rebounds from recent lows. Investors bought another 1.2M of DBS MB EPW130606 (R4YW, strike $14.50) on Mon as the stock climbed another 1.2% to $15.73 - near its recent high of $15.75 on 15 Mar. R4YW was down another 11.9%, taking the total decline over three days where investors bought a total of 2M warrants, to 22.3% as the stock climbed 1.7%. Monday's newly listed put DBS MB EPW130726 (S1FW, $14.80) also saw interest, with investors buying 500k of this warrant. The bullishness with China may have spread onto Chinese shipbuilder Yangzijiang, where saw 580k of call YANGZIJIANG MB ECW130701 (RG2W, $1.10) was bought. Over in the HSI, a 0.6% rebound in the HSI April futures led to profit taking on 5.6M of top traded warrant HSI 22400 MB ECW130429 (RR7W), which closed up 2.6%.