Market Commentary Disclaimer

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.

This is for information purposes only.

This communication has been prepared by Mizuho for information purposes only and is subject to change without prior notice. Unless otherwise stated, all views or opinions herein are solely those of the author(s), and thus any view, comments or outlook expressed in this communication may differ substantially from any similar material issued by persons in other Mizuho divisions, offices, branches or affiliates.  The information contained in this communication has been obtained from public sources and such information is believed to be correct and reliable but has not been independently verified.  This communication provides general background information only.  It is information in a summary form and does not purport to be complete. 

This is not an offer or solicitation.

This communication is not an offer to buy or sell or a solicitation of any offer to buy or sell any financial instrument, product or service, nor is it an offer to participate in any trading or other strategy, nor a disclosure document under U.S. or other non-U.S. applicable laws, rules, regulations or guidelines.  It is not intended to market any financial instrument, product or service or serve as a recommendation to take or refrain from taking any particular course of action or participate in any trading or other strategy.  Without limiting the generality of the foregoing, nothing contained herein is in any way intended by Mizuho to offer, solicit and/or market any financial instrument, product or service, or to act as any inducement to enter into any contract or commitment whatsoever.  Notwithstanding the forgoing, in any instance where distribution of this communication is subject to the rules of the CFTC, this communication constitutes an invitation to consider engaging in derivatives trading with Mizuho under CFTC Regulations §§ 1.71 and 23.605, where applicable, but is not a binding offer to buy/sell any specific financial instrument.

Mizuho shall have no liability for contents.

Mizuho does not make any guarantee, representation, warranty or undertaking, express or implied, as to the fairness, accuracy, reliability, completeness, adequacy or appropriateness of any information or comments contained in this communication or the assumptions, if any, on which any such information is based.  Neither Mizuho or its affiliates, nor any officer, director, employee, agent, representative, advisor or controlling person of Mizuho or its affiliates, shall have any liability relating to or arising from the use of any of the information in this communication or for any errors therein or omission therefrom.  Neither Mizuho nor its affiliates assume any responsibility, obligation or any loss related to the information contained in this communication, nor do these same firms assume civil responsibility for any legal recourse caused by action or omission derived from this communication. This communication has not been nor will be submitted to, or reviewed by, any regulatory authority.

Information contained herein is no indication of future performance. 

All of the information contained in this communication is subject to further modification without prior notice and any and all opinions, forecasts, projections or forward-looking statements contained herein shall not be relied upon as facts nor relied upon as any representation of future results.  Such future results may materially vary from such opinions, forecasts, projections or forward-looking statements.  Furthermore, the information may not be current due to, among other things, changes in the financial markets or economic environment.  Mizuho has no obligation to update any information contained in this communication.  Anything in this communication including, without limitation, any reference to past performance, should not be considered indicative of future performance. Unless otherwise attributed, forecasts of future performance represent the author’s estimates, based on factors they consider relevant. Actual performance may vary.  Opinions stated in this material are subject to change without notice.

This Communication is confidential.

This material belongs to Mizuho or its affiliates and cannot be copied, distributed or redistributed in any form by any means or without the prior written consent of Mizuho.  This is a strictly privileged and confidential communication. This communication contains information addressed only to a specific person and is not intended for distribution to, or use by, any person other than the named addressee. If you are not the named addressee, you should not disseminate, distribute or copy this communication. Please notify the sender immediately if you have mistakenly received this communication.  This communication is not intended for retail investors. 

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

Financial Instruments may not be for sale to all categories of investors.

Any financial instruments referred to in this report may not be eligible for sale in all jurisdictions or to all categories of investors.  This communication is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of or located in any locality, country, state, province, county or other jurisdiction where such distribution, communication, availability or use would be contrary to any law, regulation or rule.  Recipients are required to inform themselves of, and comply with, all such restrictions or prohibitions and Mizuho does not accept liability to any person in relation thereto.

Mizuho may, at any time, stop producing or updating this communication.

Jurisdictional Disclosures and Regulated Status Disclosure:

United States:

  • 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).
  • Mizuho Capital Markets LLC (“MCM”) is a provisionally registered Swap Dealer with the U.S. Commodity Futures Trading Commission and is a member of the NFA.

United Kingdom/European Economic Area: Mizuho International plc, is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and is a member of the London Stock Exchange. For the avoidance of doubt this material is not intended for persons who are Retail Clients within the meaning of the Financial Conduct Authority’s rules. This material may be distributed to clients in other member states of the European Economic Area.

Japan: Mizuho Securities Co., Ltd., located at Otemachi First Square, 5-1 Otemachi 1-chome, Chiyoda-ku, Tokyo 100-0004, Japan. In the case of bonds, Mizuho Securities will only charge the purchase price. For all other transactions, Mizuho Securities will charge a standardized commission whose amount varies according to the type of transaction. For example, a maximum commission of 1.1025% is charged against the contract amount of stocks and J-REITs (tax included). (If the value of the contract amount is less than JPY2,625 at the time of sale, we charge a brokerage commission of 94.5% of the contract amount, tax included.)

Hong Kong: Mizuho Securities Asia Limited, a member of Mizuho Financial Group, 12th Floor, Chater House, 8 Connaught Road, Central, Hong Kong.

Singapore: Mizuho Securities (Singapore) Pte. Ltd. (“MHSS”) is regulated by the Monetary Authority of Singapore. Any material produced by a foreign Mizuho entity, analyst or affiliate is distributed in Singapore only to “Institutional Investors”, “Expert Investors” or “Accredited Investors” as defined in the Securities and Futures Act, Chap. 289 of Singapore. Any matters arising from, or in connection with this material, should be brought to the attention of MHSS.


© 2020 Mizuho Securities USA LLC and Mizuho Capital Markets LLC. All rights reserved.  Any retransmission or reproduction of the information in this communication, in whole or in part, in any format is prohibited without the prior written consent of Mizuho.

Back to top