SAXO BANK CENTRAL & EASTERN EUROPE BOND INSPIRATION

Transcription

1 SAXO BANK CENTRAL & EASTERN EUROPE BOND INSPIRATION Inspiration list of selected corporate and government bonds. Pricing source is OTC market prices. Bonds included on the list are for inspirational purpose only and liquidity will vary. None of the suggested bonds constitute any form of trade recommendation to sell or buy. Last update: 12-Mar-14 *if perpetual maturity the next call date and yield to first call is shown ISIN Issuer Price Currency Maturity* Rating Coupon Yield* Duration Collateral Industry Minimum Country RUSSIA XS CB RENCAP(REN CONSUMER) 95,00 USD B 7,750% 10,3% 1,9 Sr Unsecured Investment Companies 200 RU XS METALLOINVEST FINANCE LT 105,25 USD BB- 6,500% 4,1% 2,2 Sr Unsecured Iron/Steel 200 RU XS VIMPELCOM HLDGS 104,75 USD BB- 6,255% 4,5% 2,7 Sr Unsecured Telecommunications 200 RU XS SCF CAPITAL LTD 99,26 USD BB- 5,375% 5,6% 3,2 Sr Unsecured Transportation 200 RU XS BRUNSWICK RAIL FINANCE 100,88 USD BB- 6,500% 6,2% 3,1 Sr Unsecured Transportation 200 RU XS EUROCHEM M & C OJSC VIA 98,20 USD BB 5,125% 5,7% 3,3 Sr Unsecured Chemicals 200 RU XS SIBUR SECURITIES LTD 92,88 USD BB+ 3,914% 6,0% 3,5 Sr Unsecured Oil&Gas 200 RU XS PHOSAGRO(PHOS BOND FUND) 100,25 USD BB+ 4,204% 4,1% 3,6 Sr Unsecured Chemicals 200 RU XS VTB BANK (VTB CAPITAL SA 102,00 USD BBB 6,315% 5,7% 3,4 Sr Unsecured Banks 200 RU XS ROSNEFT FINANCE SA 115,10 USD BBB 7,875% 3,8% 3,5 Sr Unsecured Oil&Gas 100 RU XS SEVERSTAL (STEEL CAP) 97,00 USD BB 4,450% 5,3% 3,5 Sr Unsecured Iron/Steel 200 RU XS EVRAZ GROUP SA 101,00 USD B+ 9,500% 9,2% 3,2 Sr Unsecured Iron/Steel 100 RU XS NOMOS BANK(NOMOS CAP) 96,47 USD BB- 7,250% 8,3% 3,4 Sr Unsecured Banks 200 RU XS MMC FINANCE LTD 100,00 USD BBB- 4,375% 4,4% 3,7 Sr Unsecured Mining 200 RU XS URALKALI (URALKALI FINAN 94,35 USD BBB- 3,723% 5,3% 3,7 Sr Unsecured Diversified Finan Serv 200 RU XS NORD GOLD NV 95,25 USD BB- 6,375% 7,7% 3,5 Sr Unsecured Mining 200 RU XS GAZPROM (GAZ CAPITAL SA) 101,25 EUR BBB 3,700% 3,5% 3,9 Sr Unsecured Oil&Gas 100 RU XS OJSC RUSS AGRIC BK(RSHB) 96,97 USD BBB- 5,100% 6,0% 3,8 Sr Unsecured Banks 200 RU XS TRANSNEFT(TRANS CAP INV) 119,51 USD BBB 8,700% 3,9% 3,7 Sr Unsecured Pipelines 100 RU 1 OF 7

2 XS CREDIT BANK OF MOSCOW (C 95,00 USD NR 8,700% 10,1% 3,6 Subordinated Banks 200 RU XS GAZPROM (GAZ CAPITAL SA) 118,00 USD BBB 9,250% 5,2% 4,0 Sr Unsecured Oil&Gas 100 RU XS GAZPROMBK (GPB FINANCE) 102,50 USD BB 7,250% 6,7% 4,1 Subordinated Banks 200 RU XS SISTEMA JSFC (SISTEMA IN 104,50 USD BB- 6,950% 5,9% 4,2 Sr Unsecured Diversified Finan Serv 200 RU XS SBERBANK (SB CAP SA) 101,17 USD BBB 5,180% 4,9% 4,5 Sr Unsecured Banks 200 RU XS OJSC NOVO(STEEL FUNDING) 99,00 USD BB+ 4,950% 5,2% 4,7 Sr Unsecured Iron/Steel 200 RU XS LUKOIL INTL FINANCE BV 109,00 USD BBB 7,250% 5,4% 4,5 Sr Unsecured Oil&Gas 100 RU XS OAO TMK (TMK CAPITAL) 91,00 USD B+ 6,750% 8,7% 4,6 Sr Unsecured Metal Fabricate/Hardware 200 RU XS POLYUS GOLD INTL LTD 95,88 USD BB+ 5,625% 6,4% 5,0 Sr Unsecured Mining 200 RU XS RUSSIA FOREIGN BOND 103,84 USD BBB 5,000% 4,3% 5,2 Sr Unsecured Sovereign 100 RU XS ALLIANCE OIL CO LTD 85,00 USD B- 7,000% 10,4% 4,6 Sr Unsecured Oil&Gas 200 RU XS MOBILE TELESYS (MTS INT) 115,38 USD BB 8,625% 5,7% 4,8 Sr Unsecured Telecommunications 100 RU XS VNESHECONOMBANK(VEB) 104,00 USD BBB 6,902% 6,1% 5,0 Sr Unsecured Banks 100 RU XS ALROSA FINANCE SA 104,00 USD BB- 7,750% 7,0% 5,0 Sr Unsecured Mining 200 RU XS NOVATEK(NOVATEK FIN LTD) 106,24 USD BBB- 6,604% 5,6% 5,5 Sr Unsecured Oil&Gas 200 RU XS ALFA BANK (ALFA BOND) 104,25 USD BB+ 7,750% 7,0% 5,3 Sr Unsecured Banks 200 RU XS RZD CAPITAL PLC (RZD) 94,31 EUR BBB 3,374% 4,4% 6,0 Sr Unsecured Transportation 100 RU GEORGIA XS GEORGIAN OIL & GAS CORP 105,15 USD B+ 6,875% 5,3% 2,8 Sr Unsecured Pipelines 200 GE XS BANK OF GEORGIA JSC 106,72 USD BB- 7,750% 5,8% 2,9 Sr Unsecured Banks 200 GE XS REPUBLIC OF GEORGIA 109,04 USD BB- 6,875% 5,4% 5,5 Unsecured Sovereign 200 GE XS JSC GEORGIAN RAILWAY 105,75 USD BB- 7,750% 6,8% 6,1 Sr Unsecured Transportation 200 GE KAZAKHSTAN XS KAZATOMPROM 104,50 USD BBB- 6,250% 2,3% 1,1 Sr Unsecured Mining 100 KZ USN97708AA49 ZHAIKMUNAI LLP 105,46 USD B 10,500% 7,3% 1,4 1st lien Oil&Gas 150 KZ XS ATF BANK 101,34 USD CCC+ 9,000% 8,6% 1,9 Sr Unsecured Banks 100 KZ USN45748AB15 INTERGAS FINANCE BV 106,85 USD BB+ 6,375% 4,0% 2,8 Sr Unsecured Gas 100 KZ XS KAZKOMMERTSBANK 94,20 USD B- 8,500% 10,2% 3,3 Sr Unsecured Banks 200 KZ XS KAZMUNAYGAS NATIONAL CO 119,75 USD BBB- 9,125% 4,1% 3,6 Sr Unsecured Oil&Gas 100 KZ USN97716AA72 ZHAIKMUNAI LLP 104,13 USD B 7,125% 6,2% 4,5 Sr Unsecured Oil&Gas 200 KZ XS HALYK SAVINGS BANK-KAZAK 107,41 USD BB- 7,250% 6,0% 5,4 Sr Unsecured Banks 200 KZ XS KAZMUNAYGAS NATIONAL CO 108,77 USD BBB- 6,375% 5,0% 5,6 Sr Unsecured Oil&Gas 200 KZ XS DEVELOPMENT BANK OF KAZA 89,80 USD BBB 4,125% 5,6% 7,0 Sr Unsecured Banks 200 KZ XS BTA BANK 69,45 USD NR 5,500% 11,3% 6,2 Sr Unsecured Banks 50 KZ 2 OF 7

3 XS KAZMUNAYGAS NATIONAL CO 93,49 USD BBB- 4,400% 5,3% 7,2 Sr Unsecured Oil&Gas 200 KZ XS KAZAGRO NATL MGMT HLDNG 90,00 USD BBB 4,625% 6,1% 7,1 Sr Unsecured Holding Companies-Divers 200 KZ XS KAZMUNAYGAS NATIONAL CO 88,25 USD BBB- 5,750% 6,7% 12,8 Sr Unsecured Oil&Gas 200 KZ CZECH REPUBLIC XS CET 21 SPOL S R O 108,17 EUR B 9,000% 6,6% 3,0 1st lien Media 50 CZ XS EP ENERGY AS 104,95 EUR NR 4,375% 3,2% 3,7 1st lien Energy-Alternate Sources 100 CZ XS NEW WORLD RESOURCES NV 59,99 EUR CCC 7,875% 24,0% 2,9 1st lien Coal 50 CZ XS CESKA EXPORTNI BANKA AS 109,80 EUR A+ 3,625% 1,7% 4,6 Sr Unsecured Sovereign 100 CZ XS CESKE DRAHY 108,42 EUR NR 4,125% 2,5% 4,7 Sr Unsecured Transportation 100 CZ XS RPG BYTY SRO 103,59 EUR BB- 6,750% 6,1% 4,9 1st lien Real Estate 100 CZ XS CZECH REPUBLIC 112,47 EUR A+ 3,625% 1,8% 6,1 Sr Unsecured Sovereign 50 CZ XS CEZ AS 102,25 USD A- 4,250% 3,9% 6,7 Sr Unsecured Electric 200 CZ HUNGARY XS HUNGARIAN DEVELOPMENT BA 106,90 EUR NR 5,875% 2,8% 2,0 Sr Unsecured Banks 100 HU XS OTP BANK PLC 103,61 EUR NR 5,270% 3,9% 2,3 Subordinated Banks 100 HU XS MOL HUNGARIAN OIL & GAS 108,64 EUR BB+ 5,875% 3,0% 2,7 Sr Unsecured Oil&Gas 50 HU XS HUNGARY 105,00 GBP BB 5,000% 3,5% 2,8 Sr Unsecured Sovereign 50 HU XS HUNGARY 105,24 EUR BB 4,375% 2,8% 3,0 Sr Unsecured Sovereign 50 HU US445545AG19 HUNGARY 102,10 USD BB 4,125% 3,6% 3,6 Sr Unsecured Sovereign 50 HU XS HUNGARY 110,06 EUR BB 5,750% 3,3% 3,6 Sr Unsecured Sovereign 50 HU XS MOL GROUP FINANCE SA 105,30 USD BB+ 6,250% 5,1% 4,5 Sr Unsecured Oil&Gas 200 HU US445545AH91 HUNGARY 101,83 USD BB 5,375% 5,2% 7,0 Sr Unsecured Sovereign 50 HU US445545AF36 HUNGARY 113,25 USD BB 7,625% 6,6% 11,8 Sr Unsecured Sovereign 50 HU XS OTP BANK NYRT 83,94 EUR (PERP) NR 5,875% 13,4% 2,2 Jr Subordinated Banks 50 HU POLAND XS PKO FIN AB (PKO BANK PL) 104,28 EUR NR 3,733% 1,2% 1,5 Sr Unsecured Banks 50 PL XS PGNIG FINANCE AB 107,38 EUR BBB- 4,000% 1,5% 2,8 Sr Unsecured Oil&Gas 100 PL XS TVN FINANCE CORP III AB 106,75 EUR B+ 7,875% 6,3% 3,8 Sr Unsecured Media 50 PL XS REPUBLIC OF POLAND 102,39 EUR A- 1,625% 1,2% 4,6 Sr Unsecured Sovereign 50 PL XS CIECH GROUP FINANCING 116,78 EUR B 9,500% 6,1% 4,4 1st lien Chemicals 100 PL XS ENERGA FINANCE AB 104,45 EUR BBB 3,250% 2,5% 5,3 Sr Unsecured Electric 100 PL XS PKO FIN AB (PKO BANK PL) 100,75 USD A- 4,630% 4,5% 6,8 Sr Unsecured Banks 200 PL US731011AT95 REPUBLIC OF POLAND 93,51 USD A- 3,000% 3,9% 7,8 Sr Unsecured Sovereign 50 PL XS REPUBLIC OF POLAND 105,90 EUR A- 3,375% 2,8% 8,5 Sr Unsecured Sovereign 50 PL 3 OF 7

4 UKRAINE XS UKREXIMBANK(BIZ FIN PLC) 81,15 USD CCC 8,375% 29,4% 0,9 Sr Unsecured Sovereign 100 UA USN2800PAA59 DTEK FINANCE BV 90,00 USD CCC 9,500% 19,9% 0,9 Sr Unsecured Coal 100 UA USL6366MAB92 MHP SA 99,00 USD CCC 10,250% 11,2% 1,0 Sr Unsecured Agriculture 100 UA XS METINVEST BV 93,48 USD CCC 10,250% 16,5% 1,0 Sr Unsecured Iron/Steel 100 UA XS UKRAINE GOVERNMENT 87,88 EUR CCC 4,950% 16,3% 1,3 Sr Unsecured Sovereign 50 UA XS AVANGARDCO INVESTMENTS 96,75 USD NR 10,000% 12,3% 1,4 Sr Unsecured Food 100 UA XS OSCHADBANK (SSB #1 PLC) 78,00 USD CCC 8,250% 23,4% 1,7 Sr Unsecured Banks 200 UA XS FERREXPO FINANCE PLC 92,00 USD CCC 7,875% 12,4% 1,8 Sr Unsecured Iron/Steel 200 UA XS FINANCING OF INFRASTRUCT 87,00 USD NR 8,375% 13,4% 2,9 Sr Unsecured Sovereign 100 UA XS UKRAINE GOVERNMENT 86,10 USD CCC 6,750% 11,8% 3,0 Sr Unsecured Sovereign 100 UA XS UKREXIMBANK(BIZ FIN PLC) 78,66 USD CCC 8,750% 16,9% 3,0 Sr Unsecured Sovereign 200 UA XS METINVEST BV 87,00 USD CCC 8,750% 13,1% 3,1 Sr Unsecured Iron/Steel 200 UA XS OSCHADBANK (SSB #1 PLC) 77,53 USD CCC 8,875% 17,5% 2,9 Sr Unsecured Banks 200 UA XS MRIYA AGRO HOLDING PLC 81,00 USD CCC 9,450% 15,9% 3,0 Sr Unsecured Agriculture 200 UA XS UZ RAIL VIA SHORTLINE 75,10 USD CCC 9,500% 18,3% 3,0 1st lien Transportation 200 UA USL6366MAC75 MHP SA 82,00 USD CCC 8,250% 12,6% 4,3 Sr Unsecured Agriculture 200 UA TURKEY USM0300LAA46 AKBANK TAS 102,25 USD BBB 5,125% 3,4% 1,3 Sr Unsecured Banks 100 TR XS YAPI(UNICREDIT LUXEMB) 102,81 USD BBB- 5,188% 3,3% 1,5 Sr Unsecured Banks 100 TR XS KT SUKUK VARLK KIRALMA A 104,40 USD NR 5,875% 4,4% 2,4 Unsecured Banks 200 TR XS YAPI VE KREDI BANKASI 105,72 USD BBB 6,750% 4,8% 2,6 Sr Unsecured Banks 200 TR XS REPUBLIC OF TURKEY 108,19 EUR BBB- 5,500% 2,6% 2,7 Sr Unsecured Sovereign 50 TR XS TURKIYE VAKIFLAR BANKASI 102,75 USD BBB- 5,750% 4,8% 2,8 Sr Unsecured Banks 200 TR US900123BE97 REPUBLIC OF TURKEY 113,07 USD BBB- 7,500% 3,4% 2,9 Sr Unsecured Sovereign 100 TR USM0375YAJ75 AKBANK TAS 98,77 USD BBB 3,875% 4,2% 3,3 Sr Unsecured Banks 150 TR XS TURKIYE IS BANKASI A.S 97,28 USD BBB 3,875% 4,7% 3,3 Sr Unsecured Banks 200 TR XS HAZINE MUSTESARLIGI VARL 95,91 USD BBB- 2,803% 4,0% 3,7 Sr Unsecured Sovereign 200 TR XS TF VARLIK KIRALAMA AS 95,02 USD NR 3,950% 5,3% 3,7 Sr Unsecured Banks 200 TR XS TUPRAS-TURKIYE PETROL RA 95,25 USD BB+ 4,125% 5,4% 3,7 Sr Unsecured Oil&Gas 200 TR XS KOC HOLDINGS AS 90,77 USD BBB- 3,500% 5,3% 5,3 Sr Unsecured Holding Companies-Divers 200 TR XS TURK SISE VE CAM FABRIKA 90,75 USD BB+ 4,250% 6,1% 5,2 Sr Unsecured Housewares 200 TR XS REPUBLIC OF TURKEY 107,58 EUR BBB- 5,125% 3,8% 5,1 Sr Unsecured Sovereign 50 TR XS MERSIN ULUS LIMAN 101,25 USD BBB- 5,875% 5,6% 5,3 Sr Unsecured Commercial Services 200 TR US900123BH29 REPUBLIC OF TURKEY 104,02 USD BBB- 5,625% 5,0% 5,6 Sr Unsecured Sovereign 100 TR USM0375YAK49 AKBANK TAS 94,25 USD BBB 5,000% 5,9% 6,7 Sr Unsecured Banks 150 TR 4 OF 7

5 XS ANADOLU EFES 83,00 USD BBB- 3,375% 5,9% 7,1 Sr Unsecured Beverages 200 TR XS ARCELIK AS 88,95 USD BB+ 5,000% 6,6% 6,9 Sr Unsecured Home Furnishings 200 TR US900123BG46 REPUBLIC OF TURKEY 103,03 USD BBB- 6,750% 6,5% 12,1 Sr Unsecured Sovereign 100 TR BALCAN COUNTRIES XS REPUBLIC OF MONTENEGRO 105,86 EUR BB- 7,875% 4,1% 1,4 Sr Unsecured Sovereign 50 ME XS FYR MACEDONIA 102,52 EUR BB 4,625% 3,5% 1,6 Sr Unsecured Sovereign 50 MK XS AGROKOR D.D 106,45 EUR B 10,000% 7,5% 2,3 Sr Unsecured Food 50 HR XS CROATIA 107,83 USD BB 6,250% 3,6% 2,8 Sr Unsecured Sovereign 200 HR XS HRVATSKA ELEKTROPRIVREDA 104,40 USD BB- 6,000% 4,8% 3,2 Sr Unsecured Electric 200 HR XS REPUBLIC OF SERBIA 104,35 USD B+ 5,250% 4,1% 3,3 Sr Unsecured Sovereign 200 RS XS AGROKOR D.D 114,64 EUR B 9,125% 6,2% 4,6 Sr Unsecured Food 100 HR USX0027KAG32 AGROKOR D.D 108,65 USD B 8,875% 7,0% 4,5 Sr Unsecured Food 200 HR XS REPUBLIC OF SERBIA 111,78 USD B+ 7,250% 5,4% 5,7 Sr Unsecured Sovereign 200 RS XS CROATIA 100,73 USD BB 5,500% 5,4% 6,9 Sr Unsecured Sovereign 200 HR XS REPUBLIC OF SERBIA 101,29 USD B+ 6,750% 6,6% 7,3 Sr Unsecured Sovereign 50 RS BALTIC COUNTRIES XS REPUBLIC OF LITHUANIA 105,31 EUR BBB 3,750% 1,0% 1,8 Sr Unsecured Sovereign 50 LT XS REPUBLIC OF LATVIA 109,69 USD BBB 5,250% 1,9% 2,7 Sr Unsecured Sovereign 200 LV XS REPUBLIC OF LITHUANIA 109,85 USD BBB 5,125% 2,3% 3,2 Sr Unsecured Sovereign 100 LT XS REPUBLIC OF LITHUANIA 112,36 EUR BBB 4,850% 1,6% 3,6 Sr Unsecured Sovereign 50 LT XS REPUBLIC OF LATVIA 116,21 EUR BBB 5,500% 1,3% 3,6 Unsecured Sovereign 50 LV XS ELERING 111,84 EUR NR 4,625% 1,9% 3,9 Sr Unsecured Electric 100 EE XS EESTI ENERGIA AS 110,57 EUR BBB 4,250% 1,9% 4,1 Sr Unsecured Electric 100 EE XS REPUBLIC OF LATVIA 97,24 USD BBB 2,750% 3,3% 5,3 Sr Unsecured Sovereign 200 LV XS REPUBLIC OF LITHUANIA 120,89 USD BBB 7,375% 3,5% 4,9 Sr Unsecured Sovereign 100 LT XS EESTI ENERGIA AS 111,70 EUR BBB 4,500% 2,7% 5,7 Sr Unsecured Electric 50 EE XS REPUBLIC OF LITHUANIA 114,87 USD BBB 6,125% 3,7% 5,8 Sr Unsecured Sovereign 100 LT XS REPUBLIC OF LATVIA 110,26 USD BBB 5,250% 3,7% 6,0 Sr Unsecured Sovereign 200 LV XS REPUBLIC OF LITHUANIA 118,46 USD BBB 6,625% 3,9% 6,2 Sr Unsecured Sovereign 200 LT OTHER XS SID BANKA EXPORT AND DEV 101,12 EUR BBB 3,000% 2,3% 1,0 Sr Unsecured Banks 50 SI XS REPUBLIC OF BELARUS 100,85 USD B- 8,750% 8,5% 1,3 Sr Unsecured Sovereign 100 BY XS REPUBLIC OF ALBANIA 106,62 EUR B 7,500% 3,9% 1,5 Sr Unsecured Sovereign 50 AL XS AZERBAIJAN RAILWAYS (AQU 104,50 USD NR 8,250% 5,7% 1,8 Unsecured Transportation 200 AZ XS ROMANIA 107,54 EUR BB+ 5,250% 1,9% 2,1 Sr Unsecured Sovereign 50 RO 5 OF 7

6 XS TELEKOM SLOVENIJE DD 105,97 EUR NR 4,875% 2,7% 2,6 Sr Unsecured Telecommunications 50 SI XS STATE OIL CO OF THE AZER 105,58 USD BB+ 5,450% 3,4% 2,7 Sr Unsecured Oil&Gas 200 AZ XS REPUBLIC OF BULGARIA 109,01 EUR BBB- 4,250% 1,5% 3,0 Sr Unsecured Sovereign 100 BG XS REPUBLIC OF BELARUS 101,55 USD B- 8,950% 8,7% 3,2 Sr Unsecured Sovereign 100 BY XS REPUBLIC OF SLOVENIA 106,71 USD BBB 4,750% 3,1% 3,7 Sr Unsecured Sovereign 200 SI XS ROMANIA 114,69 EUR BB+ 6,500% 2,9% 3,6 Sr Unsecured Sovereign 50 RO XS ROMANIA 109,10 EUR BB+ 4,875% 3,2% 4,9 Sr Unsecured Sovereign 50 RO US77586TAA43 ROMANIA 117,44 USD BB+ 6,750% 4,2% 6,2 Sr Unsecured Sovereign 50 RO XS REPUBLIC OF SLOVENIA 106,40 USD BBB 5,500% 4,7% 6,7 Sr Unsecured Sovereign 200 SI XS STATE OIL CO OF THE AZER 95,50 USD BB+ 4,750% 5,4% 7,2 Sr Unsecured Oil&Gas 200 AZ XS REPUBLIC OF SLOVENIA 108,14 USD BBB 5,850% 4,8% 7,0 Sr Unsecured Sovereign 200 SI US77586TAC09 ROMANIA 99,55 USD BB+ 4,375% 4,5% 7,6 Sr Unsecured Sovereign 50 RO 6 OF 7

7 DISCLAIMER DISCLAIMER Unless specifically stated, no Publication of the Saxo Bank Group should be construed as an offer (or solicitation of an offer) to: buy or sell any currency, product or financial instrument, make any investment, or participate in any particular trading strategy (collectively Offers ). NO REPRESENTATION, NO WARRANTY The Saxo Bank Group uses reasonable efforts to obtain information from reliable sources, but all Publications are provided on an "as is" basis without representation or warranty of any kind (neither express nor implied) and the Saxo Bank Group disclaims liability for any Publication not being complete, accurate, suitable and relevant for the recipient. Specifically, the Saxo Bank Group disclaims liability towards any subscriber, client, partner, supplier, counterparty and other recipients for: the accuracy of any market quotations, any delay, inaccuracy, error, interruption or omission in providing market quotations, and any discontinuance of market quotations. If a Publication becomes outdated the Saxo Bank Group shall be under no obligation to; update the Publication, inform the recipients of a Publication, or perform any other action. NO RECOMMENDATIONS The Saxo Bank Group does not in any of its Publications take into account any particular recipient s investment objectives, special investment goals, financial situation, and specific needs and demands. Therefore, all Publications of the Saxo Bank Group are, unless otherwise specifically stated, intended for informational and/or marketing purposes only and should not be construed as: business, financial, investment, hedging, legal, regulatory, tax or accounting advice, a recommendation or trading idea, or any other type of encouragement to act, invest or divest in a particular manner (collectively Recommendations ). The Saxo Bank Group shall not be responsible for any loss arising from any investment based on a perceived Recommendation. RISK WARNING Trading of products and services offered by the Saxo Bank Group, even when executed in accordance with a perceived recommendation, entails a risk and may result in both profits and losses. 7 OF 7