Tullett Prebon

Tullett Prebon – Credit Research

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TP Credit Research provides essential bond market information and investment ideas. Free trials to credit research are available in English or French, in compliance with MIFID II regulations. Only for qualified investors and institutions.

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NOTICE TO END USER: PLEASE READ CAREFULLY.

Important : Credit Research is provided for informational and demonstrational purposes only and neither is it intended as an offer or solicitation with respect to the purchase or sale of any security nor should it serve as the basis for any investment decisions. . Any opinion set out in this document shall not be a substitute for the recipient’s own judgement, on which the recipient must rely. Tullett Prebon is an independent broker/dealer and as such does not hold any assets of bond issuers.

To continue to receive Tullett Prebon’s credit research after the one month free trial period, the client has to sign up for a full year paid subscription in compliance with MiFID II.

The investment recommendations BUY (Outperform) /SELL (Underperform) /HOLD (Marketperform) 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 Credit Research 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 are authorised and regulated by the Financial Services Authority (“FSA”). Tullett Prebon (Europe) Limited Paris Branch is regulated by the AMF. Credit Research is intended for qualified investors. Credit Research (or copies thereof) may not be transmitted or sent to the United States or to any US national (as defined in Regulation “S” of the U.S Securities Act of 1933). Nor may Credit Research (or any copies thereof) be distributed in or to Canada or Japan. 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.

Important disclaimer information on Credit Research