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This Presentation has been prepared by MUFG Bank. This Presentation is intended for distribution to a “professional client” or “eligible counterparty” or Market counterparty" or "Business Customer" but it is not intended for a “retail client” within the me aning of the DFSA or QFCRA rules and should not be distributed to retail clients. This Presentation has been prepared for information purposes only, should not be construed as investment research and for the avoidance of doubt, nothing express or implied in this Presentation constitutes any commitment by MUFG Bank or any of its subsidiaries or affiliates to arrange and/or provide any party with any services, facility and/or financing. This Presentation does not constitute legal, tax, accounting, investment advice or a personal recommendation and should not be regarded as a substitute for the exercise of the recipient’s own judgement.
MUFG Bank retains copyright to this Presentation, and no part of this Presentation may be reproduced or redistributed without the prior written permission of MUFG Bank. MUFG Bank and its subsidiaries and affiliates accept no liability whatsoever to any third parties resulting from any unauthorised distribution. MUFG Bank and its subsidiaries, affiliates, directors and employees accept no liability whatsoever for any reliance on the information contained in the Presentation.
This Presentation is based on information from sources deemed by MUFG Bank to be correct and reliable but have not been independently verified. MUFG Bank does not make any guarantee, representation, warranty or undertaking, express or implied, as to the fairness, accuracy, reliability, completeness, adequacy or appropriateness of any information or comments contained in this presentation.
The views contained in this Presentation (including any statements and forecasts) are solely those of MUFG Bank and are subject to change without notice. This presentation is not intended to forecast or predict future events. Past performance is not a guarantee or indication of future results. MUFG Bank is under no obligation to correct any inaccuracies in the Presentation or update the information contained therein.
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This Presentation and all claims arising in connection with it are governed by, and to be construed in accordance with English law.
CERTIFICATION
The author(s) mentioned on the cover of this report hereby certify(ies) (or, where multiple authors are responsible, individually certify with respect to each security that the author covers in this report) that the views expressed in this report accurately reflect their personal views about the subject company(ies) and its (their) securities, and also certify(ies) that they have not been, are not, and will not be receiving direct or indirect compensation in exchange for expressing any specific recommendation(s) or view(s) in this report.
This report has been prepared by the Global Markets Research, US Rates and Credit Strategy desks within MUFG Bank, Ltd. (“MUBK”), MUFG Securities EMEA plc (“MUSE”) and MUFG Securities Americas Inc (“MUSA”) and may be distributed to you either by MUBK, MUSE or MUSA or by another subsidiary of the Mitsubishi UFJ Financial Group (“MUFG”).
LEGAL ENTITIES AND BRANCHES
The securities related businesses within MUFG (together referred to in this material as “MUFG Securities”) are:
(1) MUFG Securities EMEA plc (“MUSE”), a limited liability company, registered in England (No:1698498) with its registered of fice at Ropemaker Place, 25 Ropemaker Street, London, EC2Y 9AJ. MUSE is authorised in the United Kingdom by the Prudential Regulati on Authority (“PRA”) and regulated by the Financial Conduct Authority (“FCA”) and the PRA (FS Registration Number 124512). In the USA, MUSE is a registered Swap Dealer (“SD”) with the Commodity F utures Trading Commission (“CFTC”) and a member of the National Futures Association (“NFA”). MUSE is also a registered Security -Based Swap Dealer (“SBSD”) with the Securities Exchange Commission (“SEC”). MUSE has a branch office (“MUSE Dubai Branch”) that is registered at Level 3, East Wing, The Gate, Dubai International Financial Centre, PO Box 506894, Dubai, UAE. MUSE Dubai Branch is authorised to operate in the Dubai International Financial Centre (“DIFC”) as a Non-DIFC Entity (Commercial License Number CL1656) and is regulated by the Dubai Financial Services Authority (Reference Number F002623);
(2) MUFG Securities (Europe) N.V. (“MUS(EU)), a public limited company, registered in the Netherlands (chamber of commerce nu mber 71213376) with its registered office at World Trade Center, Tower Two, level 5, Strawinskylaan 1887, 1077 XX Amsterdam. MUS(EU) is authorized by the European Central Bank and regulated by De Nederlandsche Bank (“DNB”) and also regulated by the Authoriteit Financiële Markten (“AFM”). MUS(EU) has a branch offic e (MUSE(EU) Paris Branch) registered in France (chamber of commerce number 844285999) with its registered office at 18 rue du Quatre-Septembre, 75002 Paris. MUS(EU) Paris Branch is regulated in France by the Autorité de contrôle prudentiel et de résolution ("ACPR") and the Autorité des marchés financiers ("AMF");
(3) MUFG Securities Americas Inc. (“MUSA”) which is registered in the United States with the Securities and Exchange Commission (“SEC”) and regulated by the Financial Industry Regulatory Authority (“FINRA”) (SEC# 8 -43026; CRD# 19685);
(4) MUFG Securities (Canada), Ltd. (“MUS(CAN)”) is an investment dealer registered in Canada with the Ontario Securities Commission (“OSC”) and in each province and territory of Canada, a member of the Canadian Investment Regulatory Organization (“CIRO”) ( NRD# 54270), and a member of the Canadian Investor Protection Fund (“CIPF”). Customers’ accounts are protected by CIPF within the specified limits;
(5) MUFG Securities Asia Limited (“MUS(ASIA)”) which is incorporated in Hong Kong, licensed under the Hong Kong Securities an d Futures Ordinance and regulated by the Hong Kong Securities and Futures Commission (Central Entity Number AAA889). MUS(ASIA) is registered as a foreign company under the Corporations Act 2001 of Australia (ARBN 169 329 453); and
(6) MUFG Securities Asia Limited, Singapore Branch (“MUS(ASIA Singapore)”) has a capital markets services licence under the S ecurities and Futures Act in Singapore.
(7) MUFG Securities (India) Private Limited (“MUS(INDIA)”) is a registered intermediary under the Securities and Exchange Boa rd of India (Merchant Bankers) Regulations, 1992 having registration number INM000013305.