Disclaimer and confidentiality

Important Information

This publication has been prepared by Mizuho International plc’s Primary Debt Capital Markets department and represents the views of Mizuho International plc (“Mizuho International”) front office staff. It has not been prepared in accordance with legal requirements in any country or jurisdiction designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.


This publication has been prepared by Mizuho International or its affiliates solely for the purpose of supplying information to investors and business clients of Mizuho International and its affiliates to whom it is distributed. It is not intended for persons who are Retail Clients within the meaning of the United Kingdom’s Financial Conduct Authority rules nor for persons who are restricted in accordance with US, Japanese or any other applicable securities laws.

It is not and should not be construed as an offer or solicitation to buy or sell any security or any interest in securities or enter into any transaction.

This publication may include details of instruments that have not been issued. There is no guarantee that such instruments will be issued in the future.

This report has been prepared by Mizuho International or its affiliates solely from publicly available information.  Information contained herein and the data underlying it have been obtained from, or based upon, sources believed by us to be reliable, but no assurance can be given that the information, data or any computations based thereon are accurate or complete. Past performance is not indicative of future performance. Unless otherwise attributed, forecasts of future performance represent the trader’s / salesperson’s / analyst’s estimates based on factors they consider relevant. Actual performance may vary.

Consequently, no expressed or implied warranty can be made regarding future performance. Opinions stated in this report are subject to change without notice.

Mizuho International and its affiliates, connected companies, employees or clients may take the other side of any order by you, enter into transactions contrary to any recommendations contained herein or have positions or make markets or act as principal or agent in transactions in any securities mentioned herein or derivative transactions relating thereto or perform or seek financial or advisory services for the issuers of those securities or financial instruments.

There are risks associated with the financial instruments and transactions described in this publication. Recipients should consult their own financial, legal, accounting and tax advisors about the risks, the appropriate tools to analyse an investment or transaction and the suitability of an investment or transaction in their particular circumstances. Neither Mizuho International nor its affiliates is responsible for assessing the suitability of any investment or transaction. The decision to invest or enter into any transaction and responsibility for any investment or transaction is the sole responsibility of the recipient. Neither the trader/ salesperson/ analyst, Mizuho International nor any affiliate accepts any liability whatsoever with respect to the use of this publication or its contents.

United Kingdom/ European Economic Area: This publication has been issued in the UK by Mizuho International plc, Mizuho House, One 30 Old Bailey, London EC4M 7AU, tel: 020 7236 1090. 

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Mizuho Securities Europe GmbH is authorised and regulated by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, “BaFin”).

© Mizuho International plc. All Rights Reserved. This document may not be altered, reproduced or redistributed, or passed on to any other party, in whole or in part, without the prior written consent of Mizuho International.


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