Tullett Prebon

Credit Research

Disclaimer

The information in this communication is provided for informational and demonstrational purposes only. The content is not a solicitation to buy or sell any security or other investment. Any opinion set out in this document shall not be a substitute for the recipient’s own judgement, on which the recipient must rely.

The investment recommendations BUY/SELL/HOLD on bonds are medium-term recommendations which correspond to a period higher than 6 months unless specified otherwise. Spreads and prices on bonds provided in this document are indicative.

Any reference to 'Tullett Prebon' refers to Tullett Prebon plc and/or its subsidiary and affiliated companies as applicable.

All opinions and information contained in this document constitute Tullett Prebon’s judgment as of the date of this document and are subject to change without notice.

Neither Tullett Prebon plc, nor any of its subsidiaries (collectively, "Contributors") guarantees the accuracy or completeness of the information or any analysis based thereon. Neither Tullett Prebon plc nor Contributors make any warranties, express or implied, with respect to the information (including without limitation any warranties of merchantability or fitness for particular purposes) and neither Tullett Prebon plc, nor Contributors shall in any circumstances be liable for economic loss or any indirect, or consequential loss or damages including without limitation, loss of business or profits arising from the use of, any inability to use, or any inaccuracy in the information.

Tullett Prebon provides a wholesale broking service only. It does not provide services to private clients. Tullett Prebon (Equities) Limited, Tullett Prebon (Securities) Limited, Tullett Prebon (Europe) Limited and Tullett Prebon (Oil) Limited are authorised and regulated by the Financial Services Authority ("FSA"). Tullett Prebon (Europe) Limited Paris Branch is regulated by the AMF.

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Recipients should note that all such publications are objective and impartial in their content unless clearly notified otherwise. The author(s) act in accordance with Tullett Prebon's 'Conflict Management Policy', full details of which can be viewed on our website at www.tullettprebon.com.