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


Issuer Full Name 
MUFG Securities Net Long Holding of >0.5% 
MUFG Securities Net Short Holdings of >0.5% 
MUFG Securities Recieved IB Fees in Prev 12 months 
AB InBev Worldwide Inc


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.

Issuer Full Name 
Financial Instruments 
Natural Person making the Recommendation 
Direction of Recommendation 
Date of dissemination 
Time Frame of Recommendation 
Document Link 
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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.