This document has been created and published by Commerzbank AG (Commerzbank), integrating research, debt, equities, interest rates and foreign exchange.
This is a financial promotion/marketing communication (together ‘communication’). It is not ‘investment research’ or ‘financial analysis’ as these terms are defined in applicable regulations, including Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (MiFID II) and the related commission delegated Directive EU 2017/593. The views in this communication may differ from the published views of Commerzbank Research Department, and the communication has been prepared separately of such department. No reliance should be placed on the contents of this communication, and independent advice should be taken in respect of its contents prior to taking any action referred to herein. This communication may contain short-term trading ideas. Any returns or future expectations referred to are not intended to forecast or predict future events. Any prices provided herein (other than those that are identified as being historical) are indicative only and do not represent firm quotes as to either size or price.

This communication is for information purposes only. The descriptions of the products and ideas featured in this document do not purport to be comprehensive descriptions. The information contained herein does not constitute the provision of investment advice. It is not intended to be nor should it be construed as an offer or solicitation to acquire or dispose of any of the financial instruments and/or securities mentioned in this communication, and will not form the basis or a part of any contract. Not all products are available in all jurisdictions.

Any information in this communication is based on data obtained from sources believed by Commerzbank to be reliable, but no representations, guarantees or warranties are made by Commerzbank with regard to the accuracy, completeness or suitability of the data. Commerzbank has not performed any independent review or due diligence of publicly available information regarding an unaffiliated referenced asset or index.

The past performance of financial instruments is not indicative of future results. No assurance can be given that any financial instrument or issuer described herein would yield favourable investment results. This communication is intended solely for distribution to professional customers and/or eligible counterparties of Commerzbank. It is not intended to be distributed to retail clients or potential retail clients. Neither Commerzbank nor any of its respective directors, officers or employees accepts any responsibility or liability whatsoever for any expense, loss or damages arising out of or in any way connected with the use of all or any part of this communication.

Commerzbank and/or its principals or employees may have a long or short position or may transact in financial instrument(s) and/or securities referred to herein, or may trade in such financial instruments with other customers on a principal basis. The information may have been discussed between various Commerzbank personnel and such personnel may have already acted on the basis of this information (including trading for Commerzbank’s own account or communication of the information to other customers of Commerzbank). Commerzbank may act as a market maker in the financial instruments or companies discussed herein and may also perform or seek to perform investment banking services for those companies. If an actual secondary market does not exist after an offering, you may not be able to sell the security at a price above or below what you paid initially at the offering. Generally, secondary market pricing, which Commerzbank is not obligated to provide, can be above or below offer price based on market factors at that point in time. Debt securities issued by Commerzbank or its affiliates are unsecured obligations, and any payment on the security is subject to the credit risk of Commerzbank. Any changes to our credit rating may have a positive or adverse impact on the security. If we were to default on our payment obligations, you may not receive amounts owed to you and/or lose your entire investment.

The offer price of our securities will exceed the estimated value when the value was provided, as determined by Commerzbank’s pricing models, which incorporates numerous factors that may include our creditworthiness, market conditions as well as other applicable factors. These pricing models are proprietary and predicated partly on certain assumptions about future events that can be correct or not. The difference between the estimated value and offer price is based on factors that can include underwriter discount, commission and expenses involving marketing.

No part of this communication may be reproduced, distributed or transmitted in any manner without prior written permission of Commerzbank. This communication or the manner of its distribution may be restricted by law or regulation in certain countries. Persons into whose possession this document may come are required to inform themselves about, and to observe any such restriction.

By accepting this communication, a recipient hereof agrees to be bound by the foregoing limitations.

This communication is issued by Commerzbank AG and approved in the UK by Commerzbank AG, London Branch, authorised by the German Federal Financial Supervisory Authority and the European Central Bank. Commerzbank AG, London Branch, is authorised and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulatory Authority are available on request.

Additional note to recipients in the following countries:

You should contact Commerzbank AG, London Branch, if you wish to use our services to effect a transaction in any of the financial or other instruments mentioned in this communication.

Commerz Markets LLC (Commerz Markets): This document has been approved for distribution in the US under applicable US law by Commerz Markets LLC (Commerz Markets), a wholly owned subsidiary of Commerzbank AG and a US-registered broker-dealer. Any securities transaction by US persons must be effected with Commerz Markets. Under applicable US law, information regarding clients of Commerz Markets may be distributed to other companies within the Commerzbank Group. This report is intended for distribution in the United States solely to ‘institutional investors’ and ‘major U.S. institutional investors’, as defined in Rule 15a-6 under the Securities Exchange Act of 1934. Commerz Markets is a member of FINRA and SIPC. Commerzbank AG is a provisionally registered swap dealer with the CFTC. Commerzbank AG is not a member of SIPC.

The information contained herein is not, and under no circumstances is to be construed as, a prospectus, an advertisement, a public offering, an offer to sell securities described herein, solicitation of an offer to buy securities described herein, in Canada or any province or territory thereof. Any offer or sale of the securities described herein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators and only by a dealer properly registered under applicable securities laws or, alternatively, pursuant to an exemption from the dealer registration requirement in the relevant province or territory of Canada in which such offer or sale is made. Under no circumstances is the information contained herein to be construed as investment advice in any province or territory of Canada and is not tailored to the needs of the recipient. In Canada, the information contained herein is intended solely for distribution to Permitted Clients (as such term is defined in National Instrument 31–103) with whom Commerz Markets LLC deals pursuant to the international dealer exemption. To the extent that the information contained herein references securities of an issuer incorporated, formed or created under the laws of Canada or a province or territory of Canada, any trades in such securities may not be conducted through Commerz Markets LLC. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon these materials, the information contained herein or the merits of the securities described herein, and any representation to the contrary is an offence.

This document and its distribution do not constitute and should not be construed as a ‘solicitation’ under the Japanese Financial Instrument Exchange Act (FIEA) of Japan. This document may be distributed from Commerzbank international branches outside Japan solely to ‘professional investors’ as defined in Section 2(31) of the FIEA and Section 23 of the Cabinet Ordinance Regarding Definition of Section 2 of the FIEA. Note that Commerzbank AG, Tokyo Branch has not participated in its preparation. Not all financial or other instruments referred to in this document are available within Japan. You should contact Corporate Clients Division of Commerzbank AG for inquiries on availability of such instruments. 

This document is furnished in Singapore by Commerzbank AG, Singapore Branch. It may only be received in Singapore by an institutional investor or an accredited investor as respectively defined in section 4A of the Securities and Futures Act, Chapter 289, of Singapore (SFA) pursuant to section 274 or section 275 (as applicable) of the SFA. Nothing in this document constitutes accounting, legal, regulatory, tax, financial or other advice and/or recommendations to the recipient of this communication. Further, the communication/information provided herein does not constitute a ‘financial advisory service’ within the meaning of the Financial Advisers Act, Chapter 110, of Singapore (FAA) and therefore, the regulatory requirements and duties that may be owed to a client pursuant to or in connection with the FAA are not applicable to the recipient in connection with this communication. Recipients are advised to seek independent advice from their own professional advisers about the information contained/discussed herein.

Hong Kong:
This document is furnished in Hong Kong by Commerzbank AG, Hong Kong Branch, and may only be received by ‘professional investors’ within the meaning of the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made there under, and persons whose ordinary business is to buy or sell shares or debentures. 

People’s Republic of China (PRC):
This document is furnished by Commerzbank AG and is only intended for financial institutions that are eligible for financial transactions. No-one else may rely on any information contained within this document. Any derivative transactions by PRC persons may only be entered into by PRC financial institutions which are permitted to conduct derivatives business in the PRC and have obtained all necessary regulatory approvals in the PRC

This document has been approved for distribution in or from the DIFC, Dubai, United Arab Emirates (the U.A.E), under the applicable Regulatory Law 2004 and the DFSA Rules by Commerzbank AG, DIFC Branch. This document may only be received in or from the DIFC, Dubai, U.A.E, by Market Counterparties and Professional Clients as defined in the DFSA Rulebook Conduct of Business Module Section 2.3. Commerzbank AG, DIFC Branch, is regulated by The Dubai Financial Services Authority (The DFSA). Commerzbank AG, DIFC Branch, Suite 11–15, Gate Village 05, 4th Floor, Dubai International Financial Centre, PO Box 506596, Dubai, United ArabEmirates.

This document or information contained therein is not an advertisement, offer, or invitation to make offers, to sell, exchange or otherwise transfer securities or securitised instruments of foreign issuers in the Russian Federation within the meaning of Russian securities laws (together the ‘Securities’) to or for the benefit of any Russian person or entity that is resident, incorporated, established or having its usual residence in the Russian Federation unless and to the extent otherwise permitted under Russian law. Information contained herein is intended only for persons in the Russian Federation who are qualified investors within the meaning of Article 51.2 of the Federal Law no. 39-FZ ‘On the Securities Market’ dated 22 April 1996, as amended (the ‘Qualified Investors’) or meet the requirements stipulated by Russian securities laws for the qualification as the Qualified Investors and could be distributed or circulated into Russia or made available in Russia only to these persons, unless and to the extent other persons are permitted to access to such information under Russian law. Since neither the issuance of the Securities nor a Russian securities prospectus in respect of the Securities has been registered, or is intended to be registered, with the Central Bank of Russia, the Securities are not eligible or intended for ‘public placement’ and/or ‘public circulation’ in Russia (each as defined in Russian securities laws) unless and to the extent otherwise permitted under Russian law. The Securities shall not be offered, advertised or sold or otherwise transferred either directly or indirectly to any person in violation of economic sanctions or wider restrictions applicable.

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