Trade Radar, Italy long bond - 14th May James Rice @ Astor Ridge
– just some thoughts on the Italian 30y today
– this is a 7/10 conviction for me – trade is generally good in RV terms but in mitigation is that we’re buying a tap bond that will remain so
Italian Tap – Tuesday 14th May
€ 1 – 1,5 Bln Sep49s
Recent cheap on yield spread
Cheap on Anomaly (BBG exponential spline)
Slight positive Roll and Carry (@same repo) in a curve that is generally a give to extend
James Rice
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This marketing was prepared by James Rice, a consultant with Astor Ridge. It is not appropriate to characterize this e-mail as independent investment research as referred to in MiFID and that it should be treated as a marketing communication even if it contains a trade recommendation. A history of marketing materials and research reports can be provided upon request in compliance with the European Commission’s Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains opinions or recommendations, those opinions or recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the those who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of, and income from, any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
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FW: Trade Radar 2 , - 14th May James Rice @ Astor Ridge
Italy 5s10s too flat
vs 2s30s
Italy 5s10s has out-flattened 2s30s
Trade
Sell €50k Btps 2% Feb 28, €65,6MM
Buy €50k Btps 1% 7/22, €163,4MM
Hedge with 25% risk in 2s30s…(based on curve shape)
Buy €12,5k Btps 3.85% sep49, €6,8MM
Sell €12,5k BTSA Italian 2 yr futures contract, 528 lots (CTD Btps 3.75% Aug21)
Entry: -21.3bp
Add: -24bp
Target: -10bp
Stop: -27bp
Roll and Carry:
History
Using actual issues
100 * ((YIELD[BTPS 2 02/01/28 Corp] - YIELD[BTPS 1.75 07/01/24 Corp]) - 0.25 * (YIELD[BTPS 3.85 09/01/49 Corp] - YIELD[BTPS 3.75 08/01/21 Corp]))
Using older issues
very approx. 1y older
oct20 / oct23 / jun27 / mar48
100 * ((YIELD[BTPS 2.2 06/01/27 Corp] - YIELD[BTPS 2.45 10/01/23 Corp]) - 0.25 * (YIELD[BTPS 3.45 03/01/48 Corp] - YIELD[BTPS 0.2 10/15/20 Corp]))
Using CMBS
Italy 5s10s has out-flattened 2s30s
Use this move to express some anomaly trades without having to take significant curve risk
put on a steepener 5s10s with a smaller 2s30s flattener to hedge the generic curve risk
In simple terms the sum of two flys,
long 2s5s10s plus short 5s10s30s gives us
-0.33* 2y + 5y -10y -0.33*30y
100 * ((RV0005P 10Y BLC Curncy - RV0005P 5Y BLC Curncy) - 0.33 * (RV0005P 30Y BLC Curncy - RV0005P 2Y BLC Curncy))
Very long term history…
Anomalous Issues, anomaly in your favour – Jul 24 and Feb 28
Bloomberg GOVY Spline Spread values – Exponential Fit
James Rice
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This marketing was prepared by James Rice, a consultant with Astor Ridge. It is not appropriate to characterize this e-mail as independent investment research as referred to in MiFID and that it should be treated as a marketing communication even if it contains a trade recommendation. A history of marketing materials and research reports can be provided upon request in compliance with the European Commission’s Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains opinions or recommendations, those opinions or recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the those who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of, and income from, any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
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SPECIAL BOND AND EQUITY PIECE : VOLUMES AND OPEN INTEREST UPDATE, EQUITY VOLUME EXPLOSION.
SPECIAL BOND PIECE : VOLUMES AND OPEN INTEREST UPDATE, EQUITY VOLUME EXPLOSION.
EQUITY VOLUMES EXPLODED OVER THE LAST FEW DAYS BUT FAILED TO REFLECT IN THE “UNCHANGED” OPEN INTEREST.
BONDS CONTINUE TO SEE INCREASED VOLUME-OPEN INTEREST CORRESPONING TO ANY NEW HIGHS, AIDED BY CTA’S. US 10YR HAS SEEN THE BIGGEST VOLUME AND OI INCREASE RECENTLY.
I AM SURE THIS WILL SUBSEQUENTLY EFFECT THE DIRECTIONAL BIAS OF THE ROLL PERIOD, REAL MONEY WILL HAVE TO SELL THE ROLL IF THE BOND RALLY PERSISTS.
KEY : OI = OPEN INTEREST.
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SPECIAL-BOND-AND-EQUITY-PIECE-VOLUMES-AND-OPEN-INTEREST-UPDATE-EQUITY-VOLUME-EXPLOSION..pdf** PLEASE READ ** EQUITIES SPECIAL : POST THE FALLOUT, THE DAMAGE IS DONE.
EQUITIES SPECIAL : POST THE FALLOUT, THE DAMAGE IS DONE.
Some temporary support levels to note but remember in a significant number of cases the major damage has already been done. I have added moving averages across ALL charts as MANY notable ones have been breached.
Whilst bond yields continue their much publicized path lower, stocks are now showing signs of fatigue. Ultimately the very vocal and obstinate Mr Trump is helping matters, this definitely won’t end well.
UBER maybe a reflection of the “VALUE” stock, given its post IPO performance.
I HAVE INCLUDED BOTH US AND CHINA SINGLE STOCKS TO HIGHLIGHT DOWNSIDE POTENTIAL, APPLE BEING A FAVOURITE CHART, PAGE 23.
** THE US STOCK MARKET REMAINS THE MOST VULNERABLE GIVEN ITS RECENT PERFORMANCE. **
An interesting time, with a DOW chart forming a potential TRIPLE TOP, page 13.
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FW: Today's BREXIT BARRAGE... Here we go again...
BBG: May Seeks Support for Brexit Plan as Cross-Party Talks Falter
BBG: Nigel Farage’s Brexit Party Is Forecast to Win Big. But EU Populists May Still Fall Flat
FT: Theresa May to press ahead with Labour talks on Brexit
FT: Private equity cools on the UK over Brexit uncertainty
FT: Pro-Remain voters drift away from Labour as Brexit feud rages on
FT: Theresa May serves no one by clinging on to power
FT: The darkening gloom around Theresa May
BBC: Brexit: PM’s negotiator to explore changes to future EU relations
TEL: Theresa May considering ‘definitive votes’ as last throw of dice to break Brexit deadlock
TEL: Jeremy Corbyn warned Labour is haemorrhaging support as he agrees to simplify Brexit message
TEL: Cometh the hour, cometh the man – it’s time for the Tories to send for Boris
TEL: Thanks to the Brexit Party, the Conservatives can expect their worst ever result next week
More to come!
Mark
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Mark Funsch
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This research was prepared by Mark Funsch. He is a consultant with Astor Ridge. A history of his marketing commentaries can be provided upon request in compliance with the European Commission’s Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains recommendations, those recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the clients who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
Astor Ridge LLP is regulated by the Financial Conduct Authority (FCA): Registration Number 579287
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** PLEASE READ ** EQUITIES SPECIAL : Trade talk turmoil! The failure of equity markets up at recent highs could form a very terminal outlook.
EQUITIES SPECIAL : Trade talk turmoil! The failure of equity markets up at recent highs could form a very terminal outlook.
Whilst bond yields continue their much publicized path lower, stocks are now showing signs of fatigue. Ultimately the very vocal and obstinate Mr Trump is helping matters, this definitely won’t end well.
UBER maybe a reflection of the “VALUE” stock, given its post IPO performance.
I HAVE INCLUDED BOTH US AND CHINA SINGLE STOCKS TO HIGHLIGHT DOWNSIDE POTENTIAL, APPLE BEING A FAVOURITE CHART, PAGE 22.
** THE US STOCK MARKET REMAINS THE MOST VULNERABLE GIVEN ITS RECENT PERFORMANCE. **
An interesting time, with a DOW chart forming a potential TRIPLE TOP, page 12.
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BOND YIELD (SHORT-TERM) UPDATE : A POSITIVE START FROM US BOND FUTURES PUSHING NEW HIGHS, ULTIMATLEY KEEPING YIELDS ON THE LONGTERM TRAJECTORY LOWER!
BOND YIELD (SHORT-TERM) UPDATE : A POSITIVE START FROM US BOND FUTURES PUSHING NEW HIGHS, ULTIMATLEY KEEPING YIELDS ON THE LONGTERM TRAJECTORY LOWER!
US BOND FUTURES HAVE NEW HIGHS TODAY PROMPTING CTA’S TO BUY CONTACTS FOR THE REMAINDER OF THE DAY.
THE LONGTERM CHARTS CONTINUE TO CALL FOR MUCH LOWER YIELDS AND AN ACCELERATION POINT HAS BEEN REACHED.
EQUITIES CONTINUE TO BE DRAWN INTO FOCUS THANKS TO MR TRUMP AND THEY ALSO ARE SITTING ON MAJOR ACCELERATION POINTS.
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- • You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
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Today's FARAGE BARRAGE... Nigel wants control...
Farage is back in the spotlight in a major way as his Brexit Party gains a commanding share of expected vote on May 23…
BBG: May Aims to Reopen Brexit Talks With EU to Win Corbyn’s Support
BBG: The White Walkers of Brexit Ride Again
BBG: London Housing Is Taking the Hardest Brexit Hit, Acadata Says
BBG: No-Deal Brexit Risk Bigger Than Firms Think, Business Chief Says
FT: Pressure mounts on Theresa May to quit as Tory support collapses
FT: Britain’s Remainers are too divided
TEL: Jeremy Corbyn under fresh pressure as Tom Watson and Keir Starmer demand second Brexit referendum
TEL: Nikki Page on why she has ditched the Tories for the Brexit Party after 45 years
TEL: Our complacent MPs should be prepared for a political earthquake
TEL: ‘You’re in denial’: Furious Nigel Farage lashes out at BBC for ‘ridiculous’ Marr interview
TEL: Raab infuriating the EU with demands May ‘never dared’ make shows why he should be PM, allies say
TEL: The Conservative Party faces a Canada-style death blow
More to come…
Mark
image009.jpg@01D28D1B.42BD95C0">
Mark Funsch
O: +44 (0) 203 - 143 - 4177
M: +44 (0) 789 - 996 - 4051
UK: 14-16 Dowgate Hill, London UK EC4R 2SU
US: 245 Park Ave, 39th Floor, NY, NY, 10167
This research was prepared by Mark Funsch. He is a consultant with Astor Ridge. A history of his marketing commentaries can be provided upon request in compliance with the European Commission’s Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains recommendations, those recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the clients who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
Astor Ridge LLP is regulated by the Financial Conduct Authority (FCA): Registration Number 579287
Astor Ridge LLP is Registered in England and Wales with Companies House: Registration Number OC372185
Astor Ridge NA LLP is a member of FINRA/SIPC: CRD Number 282626
Astor Ridge NA LLP is a member of the National Futures Association (NFA): Firm ID Number 0499303
Astor Ridge NA LLP is Registered in England and Wales with Companies House: Registration Number OC401796
IK delivery - James Rice @Astor Ridge
What happens to a bond dropping out of Ik Delivery?
How can we profit from understanding the drop out process for the CTD to the IK?
What happened to Btps Mar26 and what do we expect for Btps Sep28?
Method
I have compared the Bloomberg spline Spread (exponential) here to remove some coupon effect and all the risk free curve component
Conclusions
- A current CTD can trade +2 to +13bp vs old LC issues
- They have traded cheap at the back end of their delivery cycle
- They have richened after dropping out – up to -6.5bp through the current CTD
- Sep 28 look to have already done what Mar26 did when it dropped out (trade approx 5bp richer than the incoming CTD)
Trade theme
Expect a cheapness as a CTD, Expect a richness out of the basket
However Sep28 confounds – it has already travelled its journey..
- Sep28 is already (and has been flat in RV to slightly short LC issues
- Sep28 is already trading as rich in drop out terms to the next CTD Mar30
Here’s how delivery looked historically in terms of CTDs
|
Yrs to mat. |
|||||
|
contract |
delivery |
ctd |
1-Mar-26 |
1-Sep-28 |
1-Mar-30 |
|
Mar-16 |
10-Mar-16 |
1-Mar-26 |
9.97 |
12.48 |
13.97 |
|
Jun-16 |
10-Jun-16 |
1-Mar-26 |
9.72 |
12.23 |
13.72 |
|
Sep-16 |
12-Sep-16 |
1-Mar-26 |
9.46 |
11.97 |
13.46 |
|
Dec-16 |
12-Dec-16 |
1-Mar-26 |
9.22 |
11.72 |
13.22 |
|
Mar-17 |
10-Mar-17 |
1-Mar-26 |
8.98 |
11.48 |
12.98 |
|
Jun-17 |
12-Jun-17 |
1-Mar-26 |
8.72 |
11.22 |
12.72 |
|
Sep-17 |
11-Sep-17 |
1-Sep-28 |
8.47 |
10.97 |
12.47 |
|
Dec-17 |
11-Dec-17 |
1-Sep-28 |
8.22 |
10.72 |
12.22 |
|
Mar-18 |
12-Mar-18 |
1-Sep-28 |
7.97 |
10.47 |
11.97 |
|
Jun-18 |
11-Jun-18 |
1-Sep-28 |
7.72 |
10.23 |
11.72 |
|
Sep-18 |
10-Sep-18 |
1-Sep-28 |
7.47 |
9.98 |
11.47 |
|
Dec-19 |
10-Dec-19 |
1-Sep-28 |
6.22 |
8.73 |
10.22 |
|
Mar-20 |
10-Mar-20 |
1-Mar-30 |
5.97 |
8.48 |
9.97 |
|
|
|
|
|
|
|
NB
|
Underlying Instrument: |
|
Notional long-term debt instruments issued by the Republic of Italy with an original maturity of no longer than 16 years and a remaining time of maturity of 8.5 to 11 years and a coupon of 6 percent |
Btps 4.5% Mar26 – CTD Mar 2016 (estimated) – exited the delivery basket after Jun 17
vs OLD 8YR bond
- Here’s BBG RV spread value vs the old on the run bond (dec25)
- bond richened as it lost its CTD status in June 2017
- it NEVER traded through (low of about +2bp) vs the olds
- it did not cheapen on that metric until the credit blow up H2 2018
- Max +13bp, min +2bp
Vs incoming CTD Sep28
- bond cheapened vs the incoming CTD from mar 2016 to mid 2016 – but it started to richen at hallway through its delivery cycle
- After it dropped out in Jun 2017 it continued to richen all the way to Q3 2018
- The cheapest the bond got to on RV anomaly spread was +13bp, the richest was -6.4bp
Btps 4.75% Sep28 – CTD Sep 2017 – expecting to exit the delivery basket after Dec 19
vs old local LC bond (Dec28) – the bond has traded fairly ‘flat’ in Rv terms throughout the last 9 months since Oct
I would expect the sep 28 to be bounded vs Dec28 at -3bp – another 2.5bp richer from where we are
Vs incoming CTD
The bond is already 5 richer then the incoming CTD – Mar30!
Let me know
James Rice
image001.jpg@01D21F13.B69A4950">
UK: 14-16 Dowgate Hill, London ec4r 2su
US: 12 East 49th Street, Suite 10-125, NY, NY, 10017
Office: +44 (0) 203 - 143 - 4178
Mobile: +44 (0) 754 - 011 - 7705
Email: James.Rice@AstorRidge.com
Web: www.AstorRidge.com
This marketing was prepared by James Rice, a consultant with Astor Ridge. It is not appropriate to characterize this e-mail as independent investment research as referred to in MiFID and that it should be treated as a marketing communication even if it contains a trade recommendation. A history of marketing materials and research reports can be provided upon request in compliance with the European Commission’s Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains opinions or recommendations, those opinions or recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the those who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of, and income from, any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
Astor Ridge LLP is regulated by the Financial Conduct Authority (FCA): Registration Number 579287
Astor Ridge LLP is Registered in England and Wales with Companies House: Registration Number OC372185
Astor Ridge NA LLP is a member of FINRA/SIPC: CRD Number 282626
Astor Ridge NA LLP is a member of the National Futures Association (NFA): Firm ID Number 0499303
Astor Ridge NA LLP is Registered in England and Wales with Companies House: Registration Number OC401796
Italian long bond Roll - James Rice @Astor Ridge
Italian Long Bond Roll Trade
Sell Btps 3.45% Mar48, €56.1MM (€100k/bp)
Buy Btps 3.85% Sep49, €53.7mm (€100k/bp)
+14.1bp
Bbg History
Currently @+14.1bp,
Add @ +15.6bp
Average entry +14.85bp
Long Term Target +9bp (PnL 5.85bp)
Stop @ +17.3bp (Loss to Avg – 2.45bp)
Italy announced on Thursday 10th May a tap of the Italian 30y
Btps 3.85 % Sep49 - €1 -1.5 bln
The bond looks cheap on RV – Bloomberg Spline Exponential Spread values
Roll and Carry is slightly positive (@same repo) for a curve where the context is giving carry and roll to extend…
As with buying cheap tap issues the key is determining NOT that they trade cheap but how cheap is too much…
Let’s look at the prior two thirty year issuances.. btps 3.45% Mar 48 and Btps 2.7 Mar 47
The question we pose is
‘During the whole issuance cycle and beyond, how cheap can the 30y role run get?’
Method
We use the Bloomberg spline exponential Spread value between two issues.
This gives an accurate anomaly value that we can compare old vs new 30y
Btps 47 vs Btps 48
The widest this spread anomaly got to is +24.3bp (at the recent wide in It/Ge spreads) – for an increase in coupon of 75bp
Btps 46 vs Btps 47
The wide this actually got to a pick-up of only 3.1bp – because here we were surrendering 55bp in coupon
Interpolation to figure out the right value for the coupon change…
If we linearly interpolate these two point we can estimate what we expect the extreme might be (in BBG spline spread terms) we might observe
Btps 48s -> 49s +40bp in coupon, max spread ??
Btps 47s -> 48s +75bp coupon, max spread +24.3bp
Btps 46s -> Btps 47s -55bp coupon, max spread +3.1bp
so by linear interpolation …
Theoretical Max Spread for 48s 49s to be
+18.6bp, which equates to a yield spread right now of +17.1bp
– stop positioned @ +17.3bp
NB the current yield spread equates to a BBG spline spread of another 1.3bp
Hence
Yield Spread +14.1bp ≡ Spline Spread +15.4bp
For further details please let me know
James Rice
image001.jpg@01D21F13.B69A4950">
UK: 14-16 Dowgate Hill, London ec4r 2su
US: 12 East 49th Street, Suite 10-125, NY, NY, 10017
Office: +44 (0) 203 - 143 - 4178
Mobile: +44 (0) 754 - 011 - 7705
Email: James.Rice@AstorRidge.com
Web: www.AstorRidge.com
This marketing was prepared by James Rice, a consultant with Astor Ridge. It is not appropriate to characterize this e-mail as independent investment research as referred to in MiFID and that it should be treated as a marketing communication even if it contains a trade recommendation. A history of marketing materials and research reports can be provided upon request in compliance with the European Commission’s Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains opinions or recommendations, those opinions or recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the those who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of, and income from, any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
Astor Ridge LLP is regulated by the Financial Conduct Authority (FCA): Registration Number 579287
Astor Ridge LLP is Registered in England and Wales with Companies House: Registration Number OC372185
Astor Ridge NA LLP is a member of FINRA/SIPC: CRD Number 282626
Astor Ridge NA LLP is a member of the National Futures Association (NFA): Firm ID Number 0499303
Astor Ridge NA LLP is Registered in England and Wales with Companies House: Registration Number OC401796