Unless expressly stated otherwise, any views and/or commentary contained in this communication are of the Barclays Trading and/or Distribution desks, have not been produced by Barclays’ Research Department and are not Investment Research or Investment Recommendations. This communication does not contain a personal recommendation. Where an Investment Recommendation is given by Barclays Trading and/or Distribution desk, it is a marketing communication for the purposes of the relevant conduct of business requirements applicable to the communication. For important disclosures relating to this communication, please see below.
This communication has been prepared by Barclays. “Barclays” means any entity within the Barclays Group of companies, where “Barclays Group” means Barclays Bank PLC, Barclays PLC, Barclays Bank Ireland PLC and any of their subsidiaries, affiliates, ultimate holding company and any subsidiaries or affiliates of such holding company.
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. This communication is from a Barclays Sales and/or Trading desk and is not a product of the Barclays Research department. Any views expressed may differ from those of Barclays Research. Any views and/or commentary in this communication are of the Barclays Sales and/or Trading desk from which it originates (the “Authors”). This communication has not been produced, reviewed or approved by Barclays’s Research department, and is not subject to any prohibition on dealing ahead of the dissemination of research. Any views expressed herein may not be objective or independent of the interests of the Authors or other Barclays Sales and/or Trading desks, who are active participants in the markets, investments or strategies referred to in this communication. This communication is not a personal recommendation and do not take into account whether any product or transaction is suitable for any particular investor. Barclays 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.
THIS COMMUNICATION IS PROVIDED FOR INFORMATION PURPOSES ONLY AND IT IS SUBJECT TO CHANGE. IT IS INDICATIVE ONLY AND IS NOT BINDING. Barclays is not offering to sell or seeking offers to buy any product or enter into any transaction. Any offer or entry into any transaction requires Barclays’ subsequent formal agreement which will be subject to internal approvals and execution of binding transaction documents. Neither Barclays nor any of its 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. Barclays is acting solely as principal and not as fiduciary. Barclays does not provide, and has not provided, any investment advice or personal recommendation to you in relation to the 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, Barclays is under no obligation to, and shall not, determine the suitability for you of the transaction described herein; your individual circumstances have not been assessed. You must determine, on your own behalf or through independent professional advice, the merits, terms, conditions and risks of the transaction described herein.
Barclays is not responsible for information stated to be obtained or derived from third party sources or statistical services. 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. 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. Barclays is not obliged to inform the recipients of this communication of any change to such opinions or estimates.
This document is being directed at persons who are professional investors and is not intended for retail client use. Not For Further Distribution or Distribution To Retail Clients. For Discussion Purposes Only. Subject to any specific disclosures applicable to your jurisdiction in the ‘IMPORTANT DISCLOSURES’ section below and/or any contractual agreement between Barclays and a Client that explicitly contradict this notice, information or materials (e.g. morning briefings, monthly newsletters, market structure updates, trade ideas (“Content”)) that are produced by a Barclays Equities Trading and/or Distribution desk and not produced by the Barclays Research department are provided to clients established in an EEA Restricted Content Jurisdiction by Barclays Bank Ireland PLC (a bank authorised by the Central Bank of Ireland whose registered office is at 1 Molesworth Street, Dublin 2, Ireland). For the purposes of this notice, an EEA Restricted Content Jurisdiction shall mean any jurisdiction in the EEA, excluding: Belgium, Denmark, France, Germany, Ireland, Italy, Netherlands, Norway, Spain, Sweden (as may be updated from time to time).
For important regional disclosures you must read, click on the link relevant to your region. Please contact your Barclays representative if you are unable to access.
This communication is confidential and is for the benefit and internal use of the recipient for the purpose of considering the securities/transaction described herein, and no part of it may be reproduced, distributed or transmitted without the prior written permission of Barclays. Barclays offers premier investment banking products and services to its clients through Barclays Bank PLC, Barclays Bank Ireland PLC and certain other subsidiaries and affiliates. The key details of each relevant Barclays entity are set out below and will apply as relevant to your legal and/or regulatory relationship with Barclays:
Communications from Barclays Bank PLC: 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.
Communications from Barclays Bank Ireland PLC: Barclays Bank Ireland PLC is regulated by the Central Bank of Ireland. Registered in Ireland. Registered Number: 396330. Registered Office: One Molesworth Street, Dublin 2, D02 RF29. A list of names and personal details of every director of the company is available for inspection to the public at the company’s registered office for a nominal fee. Calls may be recorded for security and other purposes.
Communications from Barclays Capital Securities Limited: Barclays Capital Securities Limited 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 Capital Securities Limited is registered in England No. 1929333 with its registered office at 1 Churchill Place, London E14 5HP.