Today's BREXIT BARRAGE... Tories and Labour spanked in local elections...
Mess with the bulls, you get the horns! Voters sent a message – let’s hope May and Corbyn were listening…
FT: Will Jeremy Corbyn really do a deal with Theresa May?
FT: Tories and Labour suffer early losses (in election)
FT: EU to prepare for post-Brexit era with pledge to speak with ‘one voice’
BBG: Brexit Backlash Hits Main Parties in U.K. Local Elections
BBG: Carney Struggles to Make Himself Heard Above the Brexit Bedlam
TEL: Britain needs a ‘national deal’ with Labour on Brexit to stop future governments dismantling it, says Rory Stewart (Podcast)
TEL: Small wonder that big business has lost its voice: it’s deeply responsible for the mess we are in
Short and sweet today!
Mark
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Mark Funsch
O: +44 (0) 203 - 143 - 4177
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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.
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Trade Radar - 2nd May 2019 James Rice @Astor Ridge
A few trades on my Radar for the coming weeks
Italy
Trade
Long on the run 10y vs short IK and mar30
Mechanism
-ik +aug29 -mar30
-0.1bp /3mo carry (@same repo)
high coupon into low coupon
buying the tap bond
200 * (yield[BTPS 3 08/01/29 Govt]-0.35*yield[BTPS 4.75 09/01/28 Govt]-0.65*yield[BTPS 3.5 03/01/30 Govt])
3mo Carry Curve…
Italy
Trade
Long cheap 5y vs richer wider wings, cheap sector, cheap bond
Mechanism
-aug23 +jul24 -ik
HC -> LC
buying otr 5y
200 * (yield[BTPS 1.75 07/01/24 Govt]-0.75*yield[BTPS 4.75 08/01/23 Govt]-0.25*yield[BTPS 4.75 09/01/28 Govt])
Bloomberg 3mo exponential spline model spread/anomaly values…
France
Trade
Reverse 30y roll – long Frtr48 short Frtr50
Mechanism
+frtr48 -frtr50
Selling on the run to buy old 30y
counter-intuitive trade - I see 50s still cheap by 1.6bp using conventional analysis, but as a new 50y and using BBGs govy spread value (taking into account the steep curve) it looks rich
Spread has come from +7.2 to +6.6bp - at less than 6.3bp we're supposed to take a look at the reverse roll here
Additionally there could be selling pressure in the 2050s benchmark from the 50yrs which have cheapened to the 30y and cause the fitted curve to get steeper from 2048 to 2050 and beyond…
100 * (YIELD[FRTR 1.5 5/50 Corp] - YIELD[FRTR 2 5/48 Corp])
France
Trade
Long anomaly HC oct25 vs
Short Apr26 & OAT future
Mechanism
+Frtr 6% oct25 / -3.25% apr26 / +OATA
+.8 / -1 / +.2
+ve carry @ +0.4bp @same repo
Leveraged community is gun shy on short apr26 but I think that was a function of being premature and looking only at yield (IRR). Even on a stripped valuation now, apr26 looks rich. This trade sells a rich medium coupon to buy a super cheap high coupon (usually they trade rich) - the OATA component (20%) provides some liquidity and curve 'anchor' to the structure
BBG 3mo exponential spline model spread/anomaly values…
CIX & history
200 * (YIELD[FRTR 3.5 04/25/26 Corp] - 0.8 * YIELD[FRTR 6 10/25/25 Corp] - 0.2 * YIELD[FRTR 0.75 05/25/28 Corp])
Germany
Trade
Short old CTD vs 204 and buxl contract
Mechanism
+jul40 -jul42 +uba
.45 / -1 / +.55
cix:
200 * (yield[DBR 3.25 07/04/42 Govt]-0.45*yield[DBR 4.75 07/04/40 Govt]-0.55*yield[DBR 2.5 07/04/44 Govt])
jul42 are rich - just need slightly better than flat carry to get into this one
42s are rich but carry in the shorter longs is too good vs uba - hence the need for the jul40 component
Look for -2.25bp to pay this structure
History
More to follow
If you’d like any further detail please let me know
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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Today's BREXIT BARRAGE... Election Day in the UK today...
FT: Brexit drains £30bn from UK funds
FT: Brexit makes case for an independent Scotland
FT: Williamson sunk by leak that could not pass unpunished
FT: May weighs remaining in EU customs union
BBG: U.K.’s May and Corbyn Hint Brexit Deal Could Be in Sight
BBG: Brexit Gives Some London Homebuyers Biggest Discount in Decade
BBG: May’s Conservatives Face Big Losses in U.K. Local Elections
TEL: Brexit makes a united Ireland more likely as Irish love affair with the EU deepens, poll finds
TEL: I’m very clear: no one dodges questions quite like Theresa May
Best,
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.
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Today's BREXIT BARRAGE... More on May on May Day...
FT: Why Boris Johnson looms large over the Brexit endgame
FT: Corbyn sees off calls to back second Brexit referendum
FT: Theresa May’s allies accept her premiership is drawing to a close
FT: UK government is grinding to a halt
BBG: Theresa May Faces Triple Brexit Questions as She Runs Out of Moves
BBG: Labour Agrees to Support Second Brexit Vote Only as Last Resort
BBG: May Seeks to End Brexit Talks With Labour Next Week
BBG: Hunt Urges Tories Not to Challenge PM May Until Brexit Done
TEL: Theresa May preparing to cave in to Labour demands on Brexit, Eurosceptics fear
TEL: Theresa May will have ‘no option’ but to agree to a customs union, says Labour
TEL: The Tories must wake up to the existential calamity about to engulf them
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.
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Today's BREXIT BARRAGE... Are the wheels turning...?
BBG: U.K.’s May Facing Challenge From Grassroots Tories Over Brexit
BBG: U.K. Retailers Are Being Hit Hard by Brexit Uncertainty
BBG: U.K. Labour’s Split on Brexit Referendum Threatens Election Push
FT: Labour pressure builds on Corbyn over second referendum
FT: Conservatives are drawing the wrong lesson from the Brexit party
FT: Donald Trump can deliver Britain a post-Brexit trade boost
TEL: Dutch steal UK’s crown as most attractive destination in Europe for foreign investment
TEL: Theresa May set to delay Queen’s speech as her authority continues to wane
TEL: Jeremy Hunt warns Theresa May Brexit deal with Labour could alienate more Tory MPs
TEL: The collapse of Spain’s centre-Right could be taste of things to come for the UK
TEL: What does the City need to do to regain its political capital?
BBC: Labour to discuss ‘confirmatory ballot’ for Brexit
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.
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Today's Brexit Barrage...
Brexit news has become more of a trickle than a barrage I suppose… Here’s the latest:
FT: Brexit threatens pound’s status as global currency, survey says
FT: EU students to pay more to study in England under Brexit plan
BBG: Carney’s Not Sorry About Brexit Forecasts as Next Round Unveiled
BBG: U.K. Conservatives Still Seeking Brexit Deal Before EU Election
BBG: U.K. Markets Vulnerable to Any BOE Hawkish Surprise This Week
TEL: Tories braced for local election wipeout as deputy chairman warns of mounting anger on the doorstep
TEL: Brexit uncertainty is making UK assets a screaming buy, but not quite yet
TEL: Brexit and eco doom-mongers are driving us to despair, but in fact we’ve never had it so good
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.
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BOND YIELD (SHORT-TERM) UPDATE : ITS GONNA GET LIVELY! YIELDS CONTINUE TO GRIND LOWER IN A REGIMENTED FASHION, THIS WILL BE FURTHER ENHANCED BY THE LATE MONTH END RUSH!
BOND YIELD (SHORT-TERM) UPDATE : ITS GONNA GET LIVELY! YIELDS CONTINUE TO GRIND LOWER IN A REGIMENTED FASHION, THIS WILL BE FURTHER ENHANCED BY THE LATE MONTH END RUSH!
** REMEMEMBER ANY US BOND THAT CLOSE ON THEIR HIGHS WILL BE ABOVE THIS WEEKS SUPPLY LEVELS, I.E. BOND POSITIVE. **
This week has been a very orderly drop from the NUMEROUS moving average resistance, across SO MANY yield charts. We have NUMEROUS new futures HIGHS TODAY, prompting CTA’S to BUY and continue buying into the close.
We also need to extend some of the MINOR ranges we currently have.
The best contract to highlight KEY resistance across all maturities is US 5yr yields, failing MOST moving averages. We do need new yield lows on todays close.
It does feel we will have a concentration of activity around a month end!
Yields will need to fail into month end OR the BIGGER YIELD call lower will “PAUSE”.
The LONGTERM charts remain unaffected BUT the recent daily volumes indicate significant profit taking especially in Germany.
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Astor Ridge Data, Supply and Events Calendars for Apr 29-May 3
Quick comment…
VERY busy week for data in both the US and Europe, including the US Payrolls data. From BBG’s consensus estimates of the data, it doesn’t strike me that the US and even European economies are about to plunge off a cliff.
The FOMC and MPC meetings will be very closely watched given the G-10’s assumed pivot to a more dovish outlook and the press’s focus on the loss of independence among the major CBs. There’s been a LOT of curve activity in the US this week, especially block trades in futures like TUM9 v USM9 which could be inclined to reverse course if the data/FED/MPC come in more neutral/bullish.
Supply in the US and UK is light but if Belgium, Italy and France bring what’s expected, we’ll have a chunky ~130k worth of RXM9 to deal with from Mon-Thurs. Index extension this month is large, especially in France but Thursday’s long-end supply arrives too late for inclusion. Market’s also watching the outcome of S&Ps ratings review of Italy this evening and Sunday’s Spanish elections to gauge demand into next week.
Calendars attached.
Best,
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
Astor-Ridge-Rates-Events-Calendar-Apr-29-May-3.pdf Astor-Ridge-Econ-Data-Apr-29-May3.pdf Astor-Ridge-Supply-calendar-Apr29-May3.pdfMULTI ASSET UPDATE : ITS ALL ABOUT TO GET VERY INTERESTING! Sorry for the large file BUT a lot about to happen!
MULTI ASSET UPDATE : ITS ALL ABOUT TO GET VERY INTERESTING!
WHATS THE REASON :
BOND YIELDS STALLED LAST WEEK CONTINUING THE OVERALL THEME LOWER AND HOPEFULLY THIS WEEK THAT VIEW IS ENDORSED BY A MONTH END MOVE. IT WILL BE INTERESTING IF FUTURES CLOSE ABOVE THIS WEEKS US ACUTION LEVEL.
THE US HAS ALSO PERSISTED IN FAILING NUMEROUS HISTORICAL MOVING AVERAGES. A LOT RIDING ON TONIGHTS AUCTION OUTCOME.
US CURVES CONTINUE TO SEE THE PERFORMANCE SHIFT MORE TO THE FRONT END AND THE US 2-5 HAS A NICE BASE.
FX WATCH THIS IS NOW BACK IN VOGUE AS THE DXY BREACHES ITS RECENT HIGHS, QUESTION IS HOW FAR DOES IT GO? THE EURO IS ALSO ON THE VERGE OF MAJOR COLLAPSE.
EM FX, THE LATEST USD POP HAS LIMITED THE TREND PROGRESS OF LATE.
EQUITIES, THE LESS SAID THE BETTER, I STILLL THINK WE SELL OFF THEIR PERFORMANCE SEEMS WRONG WHILST THE HANG SENG IS QUIETLY ROLLING OVER.
OIL IS RALLYING BUT IS RUNNING INTO A HEADWIND WHILST GOLD HAS BREACHED A MAJOR RETRACEMENT.
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Today's BREXIT BARRAGE... Will She Stay or Will She Go?
FT: Tories rule out early leadership challenge to Theresa May
FT: The dangerous allure of a fudged Brexit
TEL: Get set for higher taxes as Hammond warns on cost of ageing population
TEL: Why the next Governor (of the BoE) needs to be a Brexiteer
BBG: U.K.’s Brexit Woe Is an Extreme Microcosm of Global Trade War
BBG: Watch Out, U.K. Conservatives. Nigel Farage Is Coming After You
Short and sweet today!
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
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