Highlights In response to the hostile regulatory environment for merger deals this year and particularly in May, spreads for mergers have widened considerably. Merger arbitrage spreads now offer increasingly appealing returns with average merger arbitrage spreads in North America increasing to double digits from last year[1]. As the SPAC sector shrinks, so has the SPAC […]

A team of 26 Pender employees, under the name 'Pender DoGooders' participated in the RBC 'Race for the Kids' at Queen Elizabeth Park in Vancouver, BC on Sunday, June 11, 2023, raising over $6,000 for the BC Children's Hospital Foundation in the process. As the only hospital in BC devoted exclusively to kids, BC Children’s […]

Highlights Overall, a choppy month from a combination of wider credit spreads, higher sovereign rates and uncertainty surrounding the U.S. debt ceiling. Positive contributors were Cineworld Group PLC, Paratek Pharmaceuticals Inc, and Emergent BioSolutions Inc as catalysts emerged for these severely discounted bonds. Canadian rate-reset preferreds are at levels last seen in 2016. History suggests […]

Highlights With improved valuations, the Fund added to long credit positions, while also topping up short positions in equity index ETFs. We believe that the divergence between credit and equities, which has been widening since March, will eventually mean revert, as credit conditions are typically a leading indicator of economic activity and asset prices. The […]

Pender Growth Fund Inc. (the “Company”) today announced its financial and operational results for the three months ended March 31, 2023. Financial Highlights (Unaudited) Net loss was $3,293,058 for the three months ended March 31, 2023 (March 31, 2022 – Net loss $51,821,705) primarily the result of negative investment performance in the quarter. Net loss […]

Highlights April saw a return to a more normalized merger arbitrage market following a volatile March fraught with regulatory pushback and increased uncertainty due to the regional banking crisis. A benefit of the elevated volatility and regulatory risk was a widening of arbitrage spreads. We continue to see favourable conditions for deal activity in the […]