European Market Abuse Regulation Specific Disclosures
The European Market Abuse Regulation (596/2014) (“MAR”) requires a number of disclosures to be made where Investment Recommendations are provided. While MUFG Securities Sales and Trading publications are not intended for dissemination to the public, please find below a number of disclosures.
Selected Issuer
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Publications
The following publications about financial instruments or issuers have been produced and disseminated by MUFG Securities sales and trading personnel over the past 12 months. For the history of publications produced by MUMSS Equity Research Department on the individual issuer concerned, please refer to Appendix A of the latest research report on the issuer.
Our Credit Strategy recommendations incorporate
valuations (relative value) and the author’s fundamental view on the security.
The fundamental credit view of an issuer may be based on the company's
underlying credit trends, overall creditworthiness and our opinion on whether the
issuer will be able to service its debt obligations when they become due and
payable. We may review, among other things, the company's cash flow capacity
and trends and standard credit ratios, such as gross and net leverage, interest
coverage and liquidity ratios. We may also review profitability, capitalization
and asset quality, among other variables, when assessing financials. We also
take into account management strategy, financial policy and the overall
competitive landscape in relevant industries insofar as these may impact credit
quality. We may also assess market technical aspects such as the likely future
supply of bonds or fund flows into the broader asset class. Unless we specify a
different recommendation for the company’s individual securities, an issuer
recommendation applies to all of the bonds at the same level of the issuer’s
capital structure. The investment recommendations provided by our Sales and
Trading Credit Strategy give our view of an issuer or financial instruments
potential performance on a time horizon of 3 – 6 months. However they
remain valid only at the point of publication, as they are not updated to take
account of changes in the financial markets or new news about the issuer or
instruments.
Investment Banking
Services Fees
In the past 12 months MUFG Securities may have been lead of co-lead manager in a
publicly disclosed offer of financial instruments
With the exception of capital markets
transactions, MUFG Securities does not provide any investment bank services to
its clients and is not party to any other agreement with issuers to provide
investment banking services. Other entities in the, MUFG Group may enter into
agreements with issuers to provide investment banking services.