Ann: Disclosure of Equity Derivative Positions, page-19

Thanks for your reply. I encounter the similar problems with the website and with the app that make longer replies a nuisance (and lead to some paranoia regarding the next technical malfunction).
So, sorry to hear about the time that you lost.

It probably got lost due to said problems, but tbh, I miss some slightly more detailed information to figure out which blind alleys to avoid.

Because our posts were written simultaneously (I didn't read yours before) I didn't use the word "collateral" and was bit oblivious as to the nature of the deal (structured lending). So I fully agree, that we shouldn't expect a F604.
I was aware of the 29x3 pattern which is why I proposed different valuation dates to make sense of it (although other factors, that are less relevant, might explain that as well).

I think my understanding of Ganfeng's side of this transaction is quite good (thanks to the available info and your posts).


But the more interesting, and yet somewhat puzzling thing for me is the side of the counterparties.

What's your take on MS, ML, BofA and a possible further entity's involvement and interests?
Is it just a "nothing special to see here" scenario? (just your usual structured finance transaction)
From which entity did MS and BofA buy their blocks from?
Who is dumping 51m shares on the market (gross, not net) the other day?
Are all of those players just fully hedged or who is taking a risk? In what direction?
What's their timeframe?