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IMPORTANT INFORMATION AND DISCLOSURES IN THE US
This material is a product of the Credit Suisse ("CS") Fixed Income Sales and Trading Department. It is not a product of the Firm's Research Department, not a research report, and not subject to all of the independence and disclosure standards applicable to research reports prepared pursuant to FINRA or CFTC research rules. This material is not independent of the Firm's proprietary interests, which may conflict with your interests. The Firm trades securities and other instruments discussed in this material for its own account and on a discretionary basis on behalf of certain clients. As part of the Sales and Trading Department, the author may have consulted with the Firm's traders and other personnel, who may have already traded based on the views expressed in this material, may trade contrary to the views expressed in this material, and may have existing long or short positions in the securities or other instruments discussed herein. This material is intended only for institutional investors. Solely for purposes of the CFTC's rules and to the extent this material discusses derivatives, this material is a solicitation for entering into a derivatives transaction and should not be considered to be a derivatives research report.
This material is provided to you by CS solely for informational purposes, is intended for your use only and does not constitute an offer or commitment, a solicitation of an offer or comment (except as noted for CFTC purposes), or any advice or recommendation, to enter into or conclude any transaction (whether on the indicative terms shown or otherwise), or to provide investment services in any state or country where such an offer or solicitation or provision would be illegal. CS is not acting in any fiduciary capacity and it will not treat recipients as its customers by virtue of their receiving this material. The provision of the services referred to in this material is subject to relevant local regulation and practice, and not all the services described may be available in your particular jurisdiction. This material is not for distribution to retail clients and is directed exclusively at Credit Suisse's market professional and institutional clients. Moreover, any investment or service to which this material may relate will not be made available by Credit Suisse ("CS") to such retail customers.
Any discussions or results based on hypothetical projections or past performance have certain inherent limitations and should not be taken as an indication of future results. There is no certainty that the parameters and assumptions used can be duplicated with actual trades. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have undercompensated or overcompensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that the strategy described in this material will or is likely to achieve results similar to those shown.
This material has been prepared by CS based on assumptions and parameters determined by it in good faith. The assumptions and parameters used are not the only ones that could have been selected and therefore no guarantee is given as to accuracy, completeness or reasonableness of any such quotations, disclosures or analyses. A variety of other or additional assumptions or parameters, or other market factors and other considerations, could result in different contemporaneous good faith analyses or assessment of the transaction described above. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance.
The views expressed in this material may be changed without notice. While the information in this material has been obtained or derived from or based upon publicly available sources believed by CS to be reliable, CS makes no representations as to its accuracy or completeness. This material does not purport to contain all of the information that an interested party may desire. In all cases, interested parties should conduct their own independent investigative analysis and assessment of the merits of any transaction described in this material and the data set forth in them and should consult their own professional advisors. CS accepts no liability for loss arising from the use of this material except that this exclusion of liability does not apply to the extent that such liability arises under specific statutes or regulations applicable to CS.
None of this document, or its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior express written permission of CS. All trademarks, service marks and logos used in this document are trademarks or service marks or registered trademarks or service marks of CS or its information providers. All material presented in this document, unless specifically indicated otherwise, is under copyright to CS or its information providers.
CS does not provide any tax advice. Any tax statement herein regarding any US federal tax is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding any penalties. Any such statement herein was written to support the marketing or promotion of the transaction(s) or matter(s) to which the statement relates. Each taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.
Receipt and use of this material constitutes a representation and agreement by you that, you will not and you are not authorized or permitted to rely on this as a primary basis for any investment decision with respect to any employee benefit plan, including the purchase of any products of CS or engagement of CS asset management services on behalf of such plan, and there is no and will be no agreement, arrangement or understanding to the contrary. Neither CS nor any of its affiliates has investment discretion or renders investment advice with respect to any assets of the employee benefit plan that may be involved with the purchase and holding or sale of a security, other instrument or CS product, and neither CS nor its affiliates is otherwise a fiduciary with respect to any assets of the plan involved in such purchase and holding or sale. You are not relying on any communication (written or oral and including, without limitation, opinions of third party advisors) of CS or its affiliates as (i) legal, regulatory, tax, business, investment, financial, accounting or other advice, (ii) a recommendation to purchase or hold or sell the securities, other instruments or CS products or (iii) an assurance or guarantee as to the expected results of an investment in the securities, other instruments or CS products; it being understood that information and explanations related to the terms and conditions of such securities, instruments or CS products are made incidental to CS' business and shall not be considered (i) legal, regulatory, tax, business, investment, financial, accounting or other advice, (ii) a recommendation to purchase or hold or sell such securities, instruments or CS products or (iii) an assurance or guarantee as to the expected results of such an investment. Any such communication is not the basis on which the fiduciary on behalf of the employee benefit plan, has made the decision to purchase and hold or sell the securities, other instruments or CS products and has been independently confirmed by the fiduciary, on behalf of the employee benefit plan, prior to such purchase or sale. The fiduciary, on behalf on the employee benefit plan, is making its own investment decision based upon its own judgment and on its own legal, regulatory, investment, tax, accounting and other professional advisors as it has deemed necessary in connection with the purchase, holding or sale of the securities, instruments, or CS products.
This material has been prepared by a Sector Strategist. Sector Strategists are employees of the CS Fixed Income Sales and Trading Department and are supervised by Fixed Income Sales and Trading managers. Their primary responsibility is to support the trading desk. To that end, Fixed Income Sector Strategists prepare trade commentary, trade ideas, and other materials in support of the CS trading desks. The Fixed Income Trading Desks trade or may trade as principal in the securities or other instruments that are the subject of this material for its own account and on a discretionary basis on behalf of certain clients. As part of the Sales and Trading Department, the author of this material may have consulted with the Firm's traders and other personnel while preparing this material. Fixed Income Trading Desks may have accumulated, be in the process of accumulating, or accumulate long or short positions in the subject security or other instruments on the basis of this material or other Sector Strategists' materials. Trading desks may have, or take, positions inconsistent with this material and may have already traded based on the views expressed in this material.
Sector Strategists are not part of the CS Research Department, and the views of the CS Fixed Income Sales and Trading Department, including Sector Strategists, may differ materially from the views of the Research Department and other divisions at CS. This material is not a research report, and neither this material nor Sector Strategists are subject to CS policies and standards that apply to research reports and research analysts. Unlike research reports from the Firm’s Research Department, this material is not independent of the Firm's proprietary interests, which may conflict with your interests.
Sector Strategists may receive or develop additional or different information subsequent to your receipt of this material. The material provided by Sector Strategists is subject to change without notice, and subsequent views may be inconsistent with information previously provided to you. CS does not undertake a duty to update this material or to notify you when or whether the Sector Strategists' views have changed. This material and other written and oral communications from Sector Strategists are provided for informational purposes only. They should not be considered sufficient upon which to base an investment decision.
Solely for purposes of the CFTC's rules regarding derivatives research and to the extent this material discusses derivatives, this material is a solicitation for entering into a derivatives transaction and therefore should not be considered to be a derivatives research report. Credit Suisse takes no responsibility for the content of any third-party site. Links to third-party sites are provided solely for your convenience and information; accessing such sites is at your own risk.
Copyright © 2019 CREDIT SUISSE GROUP AG and/or its affiliates. All rights reserved.
IMPORTANT INFORMATION AND DISCLOSURES IN EUROPE
The information provided herein constitutes marketing material. It is not investment advice or otherwise based on a consideration of the personal circumstances of the addressee nor is it the result of objective or independent research. The information provided herein is not legally binding and it does not constitute an offer or invitation to enter into any type of financial transaction.
These materials are produced by Credit Suisse Securities (USA) LLC ("CSSU"), a U.S. broker-dealer registered with the SEC and regulated by FINRA, and distributed by Credit Suisse International ("CSI", and together with CSSU, "CS")), which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority for the conduct of investment business in the United Kingdom. Reference to “Credit Suisse” in this disclaimer shall mean CS and its affiliates.
These materials are only intended for institutional investors. In the UK and Europe these materials are only intended for Professional Investors and Eligible Counterparties and in the US only Qualified Institutional Buyers (QIBs). These materials are not intended for retail distribution and are made available to any investment firm in the EEA wishing to receive them and are therefore made available as an acceptable minor non-monetary benefit under Article 12(3)(a) of European Commission Delegated Directive (EU) 2017/593 of 7 April 2016.
Please note all "investment recommendations" are in reference to U.S. listed instruments only unless otherwise stated, in which case they are subject to the European Market Abuse Regulation (Securities Traded on EU-Regulated Markets).
The European Market Abuse Regulation (596/2014) and associated rules ("MAR") define "investment recommendations" as information recommending or suggesting an investment strategy, explicitly or implicitly, concerning one or several financial instruments or the issuers, including any opinion as to the present or future value or price of such instruments, intended for distribution channels or for the public. To the extent this material contains any "investment recommendation" as defined under MAR for a security traded on an EU-regulated market, the Published Date and Time are also the date and time of completion of production, and the date and time of first dissemination, of any such "investment recommendation" (unless otherwise expressly specified in this material).
This material is produced and distributed by Credit Suisse and its subsidiaries and affiliates. Such subsidiaries and affiliates may include: Credit Suisse Securities (Europe) Limited, Credit Suisse Securities (USA) LLC, Credit Suisse Management (Australia) Pty, Credit Suisse Securities (Japan) Limited, Credit Suisse Securities (Europe) Limited, Seoul Branch, Credit Suisse AG, Singapore Branch, Credit Suisse (Hong Kong) Limited, Credit Suisse Securities (Johannesburg) Proprietary Limited.
These materials have been prepared by a CSSU Credit Sector Strategist ("Strategists") identified in these materials against each section as the author(s). Strategists are employees of CSSU's Trading Desk and are supervised by Trading Desk managers. Their primary responsibility is to support the trading desk. To that end, Strategists prepare trade commentary, trade ideas, and other analysis ("analysis") in support of CSSU's trading desks. The information in these materials has been obtained or derived from publicly available sources believed to be reliable, but CS makes no representations as to its accuracy or completeness. Strategists may receive additional or different information subsequent to your receipt of these materials. The analysis of Strategists is subject to change, and subsequent analysis may be inconsistent with information previously provided to you. CS does not undertake a duty to update these materials or to notify you when or whether the Strategist's analysis has changed. These materials and other written and oral communications from Strategists are provided for information purposes only, do not constitute a personal recommendation and are not a sufficient basis for an investment decision. Strategists are not part of Credit Suisse's Research Department, and the written analyses disseminated by Strategists are not research reports. The views of CS's Trading Desks, including Strategists, may differ materially from the views of the Credit Suisse Research Department and other divisions at Credit Suisse. Credit Suisse has a number of policies in place designed to ensure the independence of Credit Suisse's Research Department including policies relating to trading securities prior to distribution of research reports. These policies do not apply to the analysis provided by Strategists. CS may have accumulated, be in the process of accumulating, or accumulate long or short positions in the subject security or related securities on the basis of Strategists' analysis. Trading desks may have, or take, positions inconsistent with analysis provided by Strategists.
The price and value of Instruments and any income that might accrue may fluctuate and may fall or rise. If an investment is denominated in a currency other than your base currency, changes in the rate of exchange may have an adverse effect on value, price or income.
Credit Suisse Securities (Europe) Limited ("CSSEL") and Credit Suisse International ("CSI"), do not hold an Australian Financial Services License ("AFSL") and are exempt from the requirement to hold an AFSL. CSSEL and CSI are authorised and regulated under UK laws, which differ from Australian laws. CSSU does not hold an AFSL and is exempt from the requirement to hold an AFSL. CSSU is authorised by the Securities and Exchange Commission under US laws, which differ from Australian laws.
The Market Abuse Regulation (MAR) imposes requirements on certain communications to clients. Where a communication constitutes an 'investment recommendation' (as defined in MAR), certain disclosures must be provided. These disclosures include statements as to certain potential conflicts of interest and as to changes to previous recommendations."
Structured financial instruments or derivatives are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved. The market value of any structured financial instrument or derivative may be affected by changes in economic, financial and political factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any issuer or reference issuer. Any investor interested in purchasing a structured financial instrument or derivative should conduct its own investigation and analysis of the product and consult with its own professional advisers as to the risks involved in making such a purchase, and should fully understand its potential risks and rewards and independently determine whether it is appropriate for them given their objectives, experience, financial and operational resources, and other relevant circumstances. If CS makes a market in any security or financial instrument, there can be no assurance that CS will continue to do so.
The published date and time on the title page are the date and time of production and first dissemination.
Please follow the attached hyperlink for important further information regarding conflicts of interest and disclaimers: https://rave.credit-suisse.com/disclosures/view/nr
Credit Suisse takes no responsibility for the content of any third-party site. Links to third-party sites are provided solely for your convenience and information; accessing such sites is at your own risk.
This material is intended for your use only and not for general distribution.
Copyright © 2019 CREDIT SUISSE GROUP AG and/or its affiliates. All rights reserved.