This is not a research report.
This communication is not a “research report” as defined in Commodity Futures Trading Commission (“CFTC”) Regulations 1.71 and 23.605 promulgated pursuant to the U.S. Commodity Exchange Act and is not intended to provide information upon which to base a decision to enter into a derivatives transaction regulated by the CFTC. Any discussion in this communication of derivatives is limited to commentary on economic, political, or market conditions and statistical summaries of multiple companies’ financial data, which may include lists of current ratings. No investment decision should be made in reliance on this material, which is condensed, not comprehensive, and does not include all risk factors or other matters that may be material. This is not a recommendation or investment advice.
This communication is not a research report under the legal requirements in any country or jurisdiction designed to promote the independence of investment research. This communication is from Mizuho Securities USA LLC and/or Mizuho Capital Markets LLC (independently and together “Mizuho”) sales and trading. It is intended for sophisticated, institutional investors only. This report is not subject to any prohibition on dealing ahead of the dissemination of investment research. All views or opinions herein are solely those of the author(s) as of the date of this communication and are not to be relied upon as authoritative. Any views expressed herein may not be objective or independent of the author or other Mizuho sales and trading desks, who are active participants in the markets, investments, or strategies referred to in this communication.
This does not constitute advice.
Nothing in this communication should be considered to constitute investment, legal, accounting, or tax advice or other advice of any kind. All recipients of this communication are advised to contact independent advisors in order to evaluate this communication, including, without limitation, the suitability of any security, commodity, futures contract or instrument or related derivative (hereinafter, a “financial instrument”), product or strategy herein described. This communication is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. A recipient must complete its own independent analysis of the financial instrument, product or service and receive all information it requires to make its own decision, investment or otherwise, including, where applicable, a review of any prospectus, prospectus supplement, offering circular or memorandum describing such item. It is also important to consider that the information contained in this communication may be oriented to a specific segment of clients or investors, with a certain risk profile that may be different from yours. Mizuho is not responsible for assessing the suitability of any investment for you. The value of financial instruments may go down or up as prices fluctuate. Owners of financial instruments may suffer losses on the original value of their purchases or investments.
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Disclosure regarding potential conflicts of interest.
Mizuho is a full service investment bank. In the normal course of offering investment banking products and services to clients, Mizuho may act in several capacities (including issuer, market maker and/or liquidity provider, underwriter, distributor, index sponsor, swap counterparty and calculation agent) simultaneously with respect to a product which may give rise to potential conflicts of interest which may impact the performance of a product. Such interests may conflict with your interests and recipients should be mindful of such potential conflicts of interest when reviewing this information. Mizuho may effect or have effected transactions for its own accounts in the financial instruments referred to in this communication or any related financial instruments or underlying assets. On the date of this communication, Mizuho or its affiliates and their respective officers, directors, employees, agents, representatives, advisors or controlling persons may have a long or short position in any of the financial instruments mentioned in this communication and may make a market or trade in financial instruments economically related to the financial instruments or underlying assets mentioned herein, in each case either as principal or as agent
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Jurisdictional Disclosures and Regulated Status Disclosure:
- Mizuho Securities USA LLC (“MSUSA”) is the investment banking and securities arm of Mizuho Financial Group, Inc. in the United States and is a member of FINRA and SIPC. For the avoidance of doubt, this material is not intended for persons who are Retail Clients within the meaning of the FINRA rules. US investors must effect any transaction in any security that is the subject of this material through MSUSA. For more information, or to place an order for a security, please contact your MSUSA representative by telephone at 1-212-209-9300 or by mail at 1271 Avenue of the Americas, New York, NY 10020, USA. MSUSA may act as agent for Mizuho Securities affiliates for transactions in foreign sovereign and corporate debt securities and related instruments. MSUSA does not guarantee such transactions or participate in the settlement process. The securities described herein may not have been registered under the Securities Act of 1933 (and, in such case, may not be offered or sold to US persons unless they are being sold in compliance with an exemption).
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