THIS MESSAGE CONTAINS INSUFFICIENT INFORMATION TO MAKE AN INVESTMENT DECISION.
It is a commentary on market conditions and types of financial products. Please contact your Jefferies representative for copies of the most recent research reports on individual companies. This material has been produced by one of the following affiliates of Jefferies Group LLC (“Jefferies”):
United States: Jefferies LLC, an SEC-registered broker dealer, a CFTC-registered futures commission merchant and a member of FINRA and NFA; Jefferies Financial Services, Inc., a CFTC-provisionally registered swap dealer and NFA member; and Jefferies Financial Products LLC, a CFTC-provisionally registered swap dealer and NFA member, each located at 520 Madison Avenue, New York, NY 10022.
United Kingdom: Jefferies International Limited, authorized and regulated by the Financial Conduct Authority and registered in England and Wales No. 1978621; whose registered office is at Vintners Place, 68 Upper Thames Street, London EC4V 3BJ.
Switzerland: Jefferies (Schweiz) AG, authorized and regulated by the Swiss Financial Market Supervisory Authority and registered in Switzerland No. CH-020.3.005.806-7. Registered office: Uraniastrasse 12, CH-8021 Zürich, Switzerland.
Hong Kong: Jefferies Hong Kong Limited, licensed by the Securities and Futures Commission of Hong Kong, CE number ATS546; located at Suite 2201, 22nd Floor, Cheung Kong Center, 2 Queen's Road Central, Hong Kong.
India: Jefferies India Private Limited (CIN - U74140MH2007PTC200509), licensed by the Securities and Exchange Board of India for: NSE Capital Market Segment INB231491037; BSE Capital Market Segment INB011491033, Research Analyst INH000000701 and Merchant Banker INM000011443, located at 42/43, 2 North Avenue, Maker Maxity, Bandra-Kurla Complex, Bandra (East), Mumbai 400 051.
Japan: Jefferies (Japan) Limited, Tokyo Branch, registered by the Financial Services Agency of Japan and member of the Japan Securities Dealers Association; located at Hibiya Marine Bldg, 3F, 1-5-1 Yuraku-cho, Chiyoda-ku, Tokyo 100-0006.
Singapore: Jefferies Singapore Limited, registered in Singapore No. 200605049K and licensed by the Monetary Authority of Singapore; located at 80 Raffles Place #15-20, UOB Plaza 2, Singapore 048624.
This material is a marketing communication and is not and should not be construed as investment research or a research report prepared by a research analyst. Any views portrayed in this material may differ from those of the research department of Jefferies. This material has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and is not subject to any prohibition on dealing ahead of the dissemination of investment research. This information is not a solicitation or recommendation to purchase securities, or other financial instruments. No responsibility is accepted, and no representation, undertaking or warranty is made or given, in either case, expressly or impliedly, by Jefferies as to the accuracy, reliability or completeness of the information contained herein or as to the reasonableness of any assumptions on which any of the same is based or the use of any of the same. Accordingly, neither Jefferies nor its affiliates has employed appropriate expertise, and is of the belief that this material is clear, fair and not misleading. The information set forth herein was obtained from sources believed to be reliable, but has not been independently verified by Jefferies. Therefore, except for any obligation under applicable rules we do not guarantee its accuracy.
The information and any opinions contained herein are as of the date of this material and the Firm does not undertake any obligation to update them. All market prices, data and other information are not warranted as to the completeness or accuracy and are subject to change without notice. Past performance is not indicative of future results, and no representation or warranty, express or implied, is made regarding future performance. The information upon which this material is based was obtained from sources believed to be reliable, but has not been independently verified. The Firm is not providing investment advice, legal, tax, financial, accounting or other advice to you or any other party through this material. This material does not take into account individual client circumstances, objectives, or needs and is not intended as a recommendation to particular clients. As such, the financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions based upon their specific investment objectives and financial situation, utilizing their own financial advisors as they deem appropriate. Jefferies does not provide tax advice. As such, any information contained in Fixed Income Sales and Trading department communications relating to tax matters were neither written nor intended by Jefferies to be used for tax reporting purposes. Recipients should seek tax advice based on their particular circumstances from an independent tax advisor. In reaching a determination as to the appropriateness of any proposed transaction or strategy, clients should undertake a thorough independent review of the legal, regulatory, credit, accounting and economic consequences of such transaction in relation to their particular circumstances and make their own independent decisions. The price, value of and income from any of the financial instruments mentioned in this report can rise as well as fall and may be affected by changes in economic, financial and political factors, among other things. If a financial instrument is denominated in a currency other than the investor’s home currency, a change in exchange rates may adversely affect the price of, value of, or income derived from the financial instrument described in this report.
Jefferies transacts business with its clients on an arm’s length basis and on the understanding that each client is a sophisticated investor capable of independently evaluating the merits and risks of each transaction. This material is intended for use by sophisticated investors and Qualified Institutional Buyers as defined under U.S. Securities laws who have professional, institutional experience. This material is not intended for retail customer use.
The information and any opinions contained here are as of the date of this material and, if applicable, the time indicated, and Jefferies does not undertake any obligation to update the information. All market prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. The price and value of any investments referred to herein and the income from them may fluctuate. Any simulations, projections, valuations and statistical analyses contained herein have been provided to assist the recipient in the evaluation of the matters described herein; such simulations, projections, valuations and analyses may be based on subjective assessments and assumptions and may utilize one among alternative methodologies that produce differing results; accordingly, such simulations, projections, valuations and statistical analyses (historical or otherwise) are not to be viewed as facts and should not be relied upon as an accurate representation of future events. The information contained herein is based on data obtained from recognized statistical services and other sources believed to be reliable. However, such information has not necessarily been verified by Jefferies, and Jefferies does not make any representations as to its accuracy, timeliness, reliability, effectiveness, or completeness. Jefferies may from time to time issue futures reports based on fundamentals, such as expected trends in supply and demand, as well as reports based on technical factors, such as price and volume movements. Since such reports rely upon different criteria, there may be instances when Jefferies’ conclusions in individual reports are not in concert. Any market views or opinions expressed herein are those of the individual sender, except where such views or opinions are expressly attributed to Jefferies or a named individual. Market views and opinions are current opinions only; Jefferies and the individual sender accept no responsibility to update such views and opinions or to notify the recipient when they have changed.
Jefferies and its affiliates, officers, directors and employees may, directly or indirectly, effect or have effected a transaction for Jefferies’ own account in any investment referred to herein, either before or after this material is published, or may give advice to customers which may differ from or be inconsistent with the information and opinions contained herein or may from time to time hold long or short positions in, buy or sell (on a principal basis or otherwise), or act as market maker in, securities, derivatives, futures or other financial instruments or products related to matters discussed herein and may make trading decisions that are different from or contrary to any of those which may be discussed herein. We have made this disclosure because the organisational and administrative arrangements established under our conflicts of interest policies may not be sufficient to ensure with reasonable confidence that the risk of damage to your interests will be prevented.
This material may contain information obtained from third parties, including ratings from credit ratings agencies such as Standard & Poor's. Reproduction and distribution of third party content in any form is prohibited except with the prior written permission of the related third party. Third party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. Third party content providers give no express or implied warranties, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use. Third party content providers shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs) in connection with any use of their content, including ratings. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.
U.S. OPTIONS ARE NOT SUITABLE FOR ALL INVESTORS. Please ensure that you have read and understand the current U.S. options risk disclosure document before entering into any U.S. option transaction. The U.S. options disclosure document can be accessed at the following web address: http://optionsclearing.com/about/publications/character-risks.jsp. For additional information on trading U.S. options, please contact the U.S. Options group at +1 (212) 284-3480.
In the United Kingdom and European Economic Area this material is issued and/or approved for distribution by Jefferies International Limited and is intended for use only by persons who have, or have been assessed as having, suitable professional experience and expertise, or by persons to whom it can be otherwise lawfully distributed. In the member states of the European Economic Area this material is for distribution only to persons who are “qualified investors” within the meaning of article 2(1)(e) of The Prospectus Directive.
For Canadian investors, this material is intended for use only by professional or institutional investors. None of the investments or investment services mentioned or described herein is available to other persons or to anyone in Canada who is not a “Designated Institution” as defined by the Securities Act (Ontario).
In Singapore, this material is distributed by Jefferies Singapore Limited and is intended for use only by accredited, expert or institutional investors (as defined by the Securities and Futures Act (Cap. 289) of Singapore (the “SFA”)). Jefferies Singapore Limited is licensed under the SFA as a capital markets services license holder for the regulated activities of “dealing in securities” and "advising on corporate finance", and is also an exempt financial adviser under the Financial Advisers Act for advising on securities (including collective investment schemes) and contracts or arrangements for the purposes of foreign exchange trading. Apart from the foregoing, Jefferies Singapore Limited is not licensed to carry out or produce or issue any materials relating to any other regulated activities not otherwise described above.
In Japan this material is issued and/or approved for distribution by Jefferies (Japan) Limited, Tokyo Branch to institutional investors only. Jefferies (Japan) Limited will not issue or approve for distribution any material relating to any product that Jefferies (Japan) Limited is not licensed to deal in or provide services for, including commodities, foreign exchange, futures and options.
In Hong Kong, this material is issued and/or approved for distribution by Jefferies Hong Kong Limited and is intended for use only by professional investors as defined in the Hong Kong Securities and Futures Ordinance and its subsidiary legislation. Jefferies Hong Kong Limited is not licensed by the Securities and Futures Commission to conduct leveraged foreign exchange trading. Accordingly, any communications relating to leveraged foreign exchange contracts (as defined in the Securities and Futures Ordinance) are not issued or approved for distribution by Jefferies Hong Kong Limited or its staff.
In India this material is issued and/or approved for distribution by Jefferies India Private Limited. Jefferies India Private Limited is not permitted to be associated with or carry on any business relating to commodities or foreign exchange and therefore any material or communications relating to commodities or foreign exchange are not issued or approved for distribution by Jefferies India Private Limited or its staff.
In Australia this material is issued and/or approved for distribution by one of Jefferies LLC, Jefferies International Limited, Jefferies Hong Kong Limited or Jefferies Singapore Limited. It is directed solely at wholesale clients within the meaning of the Corporations Act 2001 of Australia (the “Corporations Act”), in connection with their consideration of any investment or investment service that is the subject of this material. Any offer or issue that is the subject of this material does not require, and this material is not, a disclosure document or product disclosure statement within the meaning of the Corporations Act. Jefferies LLC, Jefferies International Limited, Jefferies Hong Kong Limited and Jefferies Singapore Limited are each respectively authorized and regulated as described herein in their home jurisdictions all of which differ from Australian laws and have each obtained relief under Australian Law, which conditionally exempts them from holding an Australian financial services license under the Corporations Act in respect of the provision of certain financial services to wholesale clients.
Recipients of this material in any jurisdiction should inform themselves about and observe any applicable legal requirements in relation to the receipt of this material. Products and services mentioned herein may not be eligible for sale or available to residents of certain countries or certain categories of investors. The information contained herein does not constitute an offer or solicitation to buy or sell or otherwise deal in any security, currency, investment or any other product, service or information to anyone in any jurisdiction in which an offer or solicitation is not authorized or cannot legally be made, nor does it constitute an offer or solicitation by a Jefferies entity to any person to whom it is unlawful for the Jefferies entity to make an offer or solicitation.
This document and all information herein is comprised of information, data and other material owned by either Jefferies or its data providers, which is protected under copyright, trademark and other intellectual property laws. Jefferies and its data providers, as applicable, own all rights, title and interest, including without limitation, all copyrights, in and to all content of this document. All trademarks, service marks, and logos used in the document are the trademarks service marks, or logos of Jefferies or its data providers, as applicable. You may not use such names or logos without prior written consent of the relevant owner thereof. Other than the right to access the document and view information contained therein under the terms and conditions set forth herein, you acquire no ownership, title, right of interest, of any kind in or to any of the content of this document.
THIS PUBLICATION AND ALL CONTENT HEREOF ARE PROVIDED SOLELY ON AN AS IS BASIS, WITHOUT ANY REPRESENTATION OR WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, AND JEFFERIES HEREBY DISCLAIMS ALL SUCH REPRESENTATIONS AND WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. ANY USE OF OR RELIANCE UPON THIS PUBLICATION, IN WHOLE OR IN PART, IS SOLELY AT THE USER’S OWN RISK.
Jefferies makes no representation that (i) the content hereof is appropriate or available for use in any particular location or (ii) that any futures, options-on-futures or other products discussed in this document are appropriate or available for use or sale in any jurisdiction. Each user who accesses this material from any location does so on his or her own initiative and at his or her own risk, and is responsible for compliance with all applicable local laws. Jefferies reserves the right to limit the availability of this document to any person, geographic area, or jurisdiction it desires, at any time and in its sole discretion.
Please note that, with respect to the information in this document, Jefferies: (i) is not acting as a municipal advisor, financial advisor or fiduciary to any person or entity; (ii) will not have any duties or liability to any person or entity; and (iii) is not recommending an action to you. The information provided is not intended to be and should not be construed as “advice” within the meaning of Section 15B of the Securities Exchange Act of 1934. The recipient should consult with its own financial and/or municipal, legal, accounting, tax, and other advisors to the extent it deems appropriate.
All information contained herein is intended solely for your own personal, informational use, and you are not permitted to reproduce, retransmit, disseminate, sell, license, distribute, republish, broadcast, post, circulate or commercially exploit the information in any manner or media without the express written consent of Jefferies, or to use the information for any unlawful purpose.
© 2017 Jefferies Group LLC