This communication has been jointly researched and produced by Barclays and Annaly, with copyright owned by Barclays.
“Barclays” means any entity within the Barclays Group of companies, where “Barclays Group” means Barclays Bank PLC, Barclays PLC and any of their subsidiaries, affiliates, ultimate holding company and any subsidiaries or affiliates of such holding company.
“Annaly” means Annaly Capital Management, Inc. and any of its subsidiaries or affiliates.
CONFLICTS OF INTEREST
BARCLAYS IS A FULL SERVICE INVESTMENT BANK. In the normal course of offering investment banking products and services to clients, Barclays 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, giving rise to potential conflicts of interest which may impact the performance of a product.
The information provided does not constitute ‘investment research’ or a ‘research report’ and should not be relied on as such. Investment decisions should not be based upon the information provided.
BARCLAYS AND ANNALY POSITIONS
Barclays and Annaly may at any time acquire, hold or dispose of long or short positions (including hedging and trading positions) and trade or otherwise effect transactions for their own account or the account of their customers in the products referred to herein which may impact the performance of a product.
FOR INFORMATION ONLY
This information has been prepared by the Research Departments within the Investment Bank of Barclays and Annaly. The information, analytic tools, and/or models referenced herein (and any reports or results derived from their use) are intended for informational purposes only. Neither Barclays nor Annaly has any obligation to update this information and may cease provision of this information at any time and without notice.
Neither Barclays nor Annaly is offering to sell or seeking offers to buy any product or enter into any transaction. Any offer or entry into any transaction requires Barclays’ or Annaly’s, as applicable, subsequent formal agreement which will be subject to internal approvals and execution of binding transaction documents.
Neither Barclays, Annaly, nor any of their directors, officers, employees, representatives or agents, accepts any liability whatsoever for any direct, indirect or consequential losses (in contract, tort or otherwise) arising from the use of this communication or its contents or reliance on the information contained herein, except to the extent this would be prohibited by law or regulation.
Neither Barclays nor Annaly is acting as a fiduciary. Barclays and Annaly do not provide, and have not provided, any investment advice or personal recommendation to you in relation to any transaction and/or any related securities described herein and is not responsible for providing or arranging for the provision of any general financial, strategic or specialist advice, including legal, regulatory, accounting, model auditing or taxation advice or services or any other services in relation to the transaction and/or any related securities described herein.
Accordingly, neither Barclays nor Annaly is under any obligation to, and shall not, determine the suitability for you of any transaction described herein. You must determine, on your own behalf or through independent professional advice, the merits, terms, conditions and risks of any transaction described herein.
NOT A BENCHMARK
The information provided does not constitute a financial benchmark and should not be used as a submission or contribution of input data for the purposes of determining a financial benchmark.
INFORMATION PROVIDED MAY NOT BE ACCURATE OR COMPLETE AND MAY BE SOURCED FROM THIRD PARTIES
All information is provided “as is” without warranty of any kind. Because of the possibility of human and mechanical errors as well as other factors, neither Barclays nor Annaly is responsible for any errors or omissions in the information contained herein. Neither Barclays nor Annaly is responsible for information stated to be obtained or derived from third party sources or statistical services. Barclays and Annaly make no representation and disclaim all express, implied, and statutory warranties including warranties of accuracy, completeness, reliability, fitness for a particular purpose or merchantability of the information contained herein.
PAST & SIMULATED PAST PERFORMANCE
Any past or simulated past performance including back-testing, modelling or scenario analysis contained herein is no indication as to future performance.
No representation is made as to the accuracy of the assumptions made within, or completeness of, any modelling, scenario analysis or back-testing.
OPINIONS SUBJECT TO CHANGE
All opinions and estimates are given as of the date hereof and are subject to change. The value of any investment may also fluctuate as a result of market changes. Neither Barclays nor Annaly is obliged to inform the recipients of this communication of any change to such opinions or estimates.
For important regional disclosures you must read, visit the link relevant to your region. Please contact your Barclays representative if you are unable to access.
Barclays Bank PLC is authorised 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. Barclays Bank PLC is registered in England No. 1026167 with its registered office at 1 Churchill Place, London E14 5HP.
Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. Annaly’s principal business objective is to generate net income for distribution to its stockholders and to preserve capital through prudent selection of investments and continuous management of its portfolio. Annaly has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. Annaly is externally managed by Annaly Management Company LLC.