Market Abuse Regulation Disclosures

This investment recommendation originates from Macquarie. The name “Macquarie” for the purposes of this investment recommendation refers to Macquarie Bank Limited, London Branch. Macquarie Bank Limited, London Branch is authorised and regulated by the Australian Prudential Regulation Authority, authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. 

This investment recommendation is provided on a confidential basis and may not be reproduced, distributed or transmitted in whole or in part without the prior written consent of Macquarie. The views do not include and are not intended as trading ideas or recommendations specifically tailored for the needs of any particular investor.

This communication is provided for information purposes only, is subject to change without notice and is not binding. Any prices or quotations in the information provided are indicative only, are subject to change without notice and may not be used or relied on for any purpose, including valuation purposes. This communication is not a solicitation to buy or sell any product, or to engage in, or refrain from engaging in, any transaction, except to the extent covered by the CFTC Rules (see Important Derivatives Disclosure). Nothing in this investment recommendation should be construed as legal, financial, accounting, tax or other investment advice.

Important Derivatives Disclosure: This material constitutes a solicitation for entering into a derivatives transaction only for the purposes of, and to the extent it would otherwise be subject to, U.S Commodity Futures Trading Commission Regulations §§ 1.71 and 23.605 promulgated under the U.S. Commodity Exchange Act (the “CFTC Rules”). Futures options and derivatives products are not suitable for all investors and trading in these instruments involves substantial risk of loss.

Macquarie is a global provider of banking, financial advisory, investment and funds management services. As such, Macquarie may act in various roles including as provider of corporate finance, underwriter or dealer, market-maker or liquidity provider, holder of principal positions, broker, lender or adviser and may receive fees, brokerage or commissions for acting in those capacities. Macquarie may also engage in transactions in a manner inconsistent with the recommendation. In addition, Macquarie and associated personnel may at any time buy, sell or hold interests in financial instruments referred to in this information either on behalf of clients or as principal. Therefore, this information should not be relied upon as either independent or objective from the interests of Macquarie and associated personnel which may conflict with your interests.

This investment recommendation has been prepared by Macquarie Sales and Trading personnel and is not a product of the Macquarie Research Department. Any views or opinions expressed are the views of the author and the Macquarie Sales and/or Trading desk from which it originates (‘the Authors’) and may differ from those of the Macquarie Research Department. Macquarie Trading desks are not subject to any prohibitions on trading prior to the dissemination of this information.

Analysts and/or employees responsible for the provision of the recommendation receive remuneration in part by reference to the performance of the investment banking, sales and trading, and principal trading divisions. 

Macquarie has effective organisational and administrative arrangements set up for the identification, avoidance, management and disclosure, as appropriate, of conflicts of interest with respect to investment recommendations. The types of conflicts considered could include conflicts between different divisions within Macquarie, Macquarie clients, Macquarie’s own interests and/or the personal interests of Macquarie officers and employees. Macquarie policies, procedures and controls in this regard include for example:

(a) Internal policies, procedures, guidance and regular training on the identification of possible conflicts of interest as and when they arise;
(b) Escalation procedures for ensuring that identified conflicts of interest are considered at the appropriate level within the bank;
(c) Maintenance of information barriers between different parts of the bank to restrict the flow of inside information so as to avoid inadvertent spread or mis-use; and
(d) Restrictions on personal account dealing and procedures and controls relating to wall crossing.

Meaning of recommendations:

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Recommendation Meaning of Recommendation
Buy Buy Recommends holding more/initiating a ‘long’ exposure in a particular issuer/financial.
Sell Sell Recommends holding less/initiating a ‘short’ exposure in a particular issuer/financial instrument.
Hold Hold Recommends holding (i.e. retaining [an interest in]) a particular issuer/financial instrument.

A list of all previous recommendations by the author of this investment recommendation disseminated from 4 July 2016 can be provided upon request.

This investment recommendation, opinion, estimates and projections are current as at the date of this recommendation and are subject to change without notice. Macquarie has no obligation to update, modify or amend this recommendation or to otherwise notify the recipient if any opinion, forecast or estimate contained in this recommendation changes or subsequently becomes inaccurate.

To the extent that the price of any financial instrument is mentioned in this investment recommendation, it is the price as of the stated date and at or around the stated time of this recommendation. Unless otherwise indicated prices are sourced from local exchanges via Reuters, Bloomberg and other vendors. Other information is sourced from Macquarie, subject issuers, and other sources. 

Whilst Macquarie has made every effort to ensure that this recommendation contains all the sources of information and that these are reliable, Macquarie makes no representation or warranty, express or implied, as to the accuracy or completeness of the source of information in relation to this recommendation. This recommendation is not a guarantee of future performance and involves certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast, suggested or implied in any forward-looking recommendation due to a variety of factors. 

To the extent permitted by law, Macquarie accepts no responsibility or liability (in negligence or otherwise) for loss or damage resulting from the use of or relating to any error in the information provided. This information has been prepared in good faith and is based on information obtained from sources believed to be reliable, however, Macquarie is not responsible for information stated to be obtained from third party sources. Any modelling, scenario analysis, past or simulated past performance (including back-testing) contained in this information is no indication as to future performance.

The financial products and/or services referred to in this information may not be eligible for sale in all jurisdictions. This information is directed at institutional clients who have professional experience as defined by applicable law and/or regulation in the relevant jurisdiction. It is not for retail clients and it is not for distribution into any jurisdiction where this information is not permitted. For important country-specific disclosures regarding information from Macquarie Sales and Trading, please click on the region relevant to you at:


Other than Macquarie Bank Limited ABN 46 008 583 542 (“MBL”), any Macquarie entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). That entity's obligations do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.