Disclosure
Important information
The BBVA companies involved in the preparation of this Investment Recomendation (hereinafter the Idea) are identified by the author’s location as indicated in this document (the Producer of the Idea) or in the e-mail or chat/ or in any other form of distribution in the following manner: 1) Madrid, London or Europe: Banco Bilbao Vizcaya Argentaria, S.A., including its branches in the EU (hereinfater “BBVA”); 2) Mexico City: BBVA Bancomer, S.A. Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer (hereinafter “BBVA Bancomer”); 3) New York: BBVA Securities Inc. (hereinafter “BBVA Securities”); 4) New York Branch: BBVA New York Branch; 5) Lima: BBVA Perú; 6) Bogotá: BBVA Colombia, S.A.; 7) Hong Kong: BBVA, Hong Kong Branch.
For European Union recipients, this document is being distirbuted by BBVA, a bank under the supervision of the Banco de España and the Spanish Comisión Nacional del Mercado de Valores, registered in the Banco de España’s register under number 0182.
All traders and salesmen are under the “Investment Recommendations under Market Abuse Regulation” corporate procedure. The ideas that are being distributed are opinions belonging to the Producer of the Idea on the perspective of evolution of one or several related financial instruments, subject to market conditions, whether in absolute or relative terms depending on whether it is a directed or purchase or sale recommendation or relative when it is a long/short recommendation.
For recipients in Hong Kong, this document is being distributed by BBVA, whose Hong Kong Branch is under the supervision of the Hong Kong Monetary Authorithy.
For recipients in Colombia, this document is being distributed by BBVA Colombia, a bank under the supervision of the Superintendencia Financiera de Colombia.
For recipients in México, this document is being distributed by BBVA Bancomer, a bank under the supervision of the Comisión Nacional Bancaria y de Valores de México.
For recipients in Perú, this document is being distributed by BBVA Perú, a bank under the supervision of the Superintendencia de Banca, Seguros y Administradoras Privadas de Fondos de Pensiones.
For recipients in Singapore, this document is being distributed by BBVA, whose Singapore Branch is under the supervision of the Monetary Authority of Singapur.
For recipients in the United States, the analysis on products other than swaps, equity securities, and equity derivatives prepared by BBVA, are being distributed by BBVA Securities, and affiliate of BBVA authorised and under the supervision of the U.S. Securities and Exchange Commission, and registered with the Financial Industry Regulatory Authority (“FINRA”) and the Securities Investor Protection Corporation. U.S. persons wishing to undertake any transaction must do so exclusively thorugh a representative of BBVA Securities in the U.S. Unless the relevant national legislation state otherwise, non U.S. persons must contact and enter into transactions through a branch or an affiliate of BBVA located in their jurisdition of residence.
Analysis and Ideas on swaps are being distributed by BBVA, a swaps operator registered and under the supervision of the Commodity Futures Trading Commission (“CFTC”). U.S. persons wishing to undertake any transaction must do so exclusively thorugh a representative of BBVA Securities in the U.S. Unless the relevant national legislation state otherwise, non U.S. persons must contact and enter into transactions through a branch or an affiliate of BBVA located in their jurisdition of residence.
Analysis and Ideas produced by BBVA over equity securities and equity derivatives are being distributed by BBVA to “U.S. Qualified Institutional Buyers”, as per the exemption form the filing obligation under 15a-6 of the U.S. Securities and Exchange Act of 1934, as amended (the “Securities Act”). As BBVA is not registered as a broker in the U.S. it is not under the U.S. regulation on production of Research and independence of analists.
BBVA and BBVA Group companies (article 42 of the Spanish Commercial Code, passed by Royal Decree 22 August 1885) have in place a BBVA Group Policy on Conduct for the Security Market Operations that sets forth common standards applicable to persons belonging to these entities with activity in said markets. This policy is available in the following website: www.bbva.com.
Producers of Ideas with residence outside of the U.S. and that have taken part in the drafting of this report may not be registered with or recognised as analysts by FINRA nor by the New York Stock Exchange and must be considered “persons associated” to BBVA Securities (as per the FINRA definition of such term). As such, they will not be under the restrictions imposed by FINRA Rule 2242 to their communications to companies, public appeareances, nor to analists’ own account dealing.
The following schedule specifically develops obligations pertaining to the communications of interests or conflicts of BBVA and any of its affiliates as per EU Regulation 596/2014 on Market Abuse and its implementing EU Delegated Regulation 2016/958.
Conflicts of Interest
BBVA deals, or may deal as principal in debt securities or related derivatives object of this report or Idea.
BBVA is under the Internal Standards of Conduct on the Security Market Operations, implementing the aforementioned global policy in the scope of the EU, regulation that includes, among others, the conduct rules in place to prevent and avoid conflicts of interests, including, among others barriers of information. These Standards are available for your perusal in the following website: https://
BBVA Bancomer is under the Code of Conduct on the Security Market Operations and under the Internal Standards of Conduct on the Security Market Operations, implementing the aforementioned global policy within Mexico, and including, among others, conduct rules to prevent and avoid conflicts of interests, including information barriers. These Code and Standards are available for your perusal in the following website: https://investors.bbva.mx/en/
BBVA Continental is under a Code of Conduct and a Code of Ethics for Security Market Operations, implementing the aforementioned global policy within Perú, and including, among others, conduct rules to prevent and avoid conflicts of interests, including information barriers. Both codes are available for your perusal in the following website:: https://www.bbvacontinental.pe/meta/conoce-bbva/.
BBVA Securities is under a Capital Markets Code of Conduct, implementing the aforementioned global policy within the U.S., and including, among others, conduct rules to prevent and avoid conflicts of interests, including information barriers.
Exclusively for readers resident in México
The information related to the communications of interests or conflicts of interests that exclusively affects BBVA Bancomer is included in the schedule mentioned in the previous section.
BBVA Bancomer acts as market maker / market specialist in: MexDer Futures (U.S. Dollar (DEUA), 28 day-TIIE d (TE28), TIIE Swap, 91 day CETES (CE91)), M Bonds M, M3 Bonds, M10 Bond, BMV Prices and quotations index (IPC), Options (IPC, América Móvil Shares, Cemex, CPO, Femsa UBD, Gcarso A1, Telmex L), Udibonos.
BBVA Bancomer, and Grupo Financiero BBVA Bancomer entities, may from time to time hold investments in securities or derivatives whose underlying are securities object of the present recommendation, that represent 10% or more of its securities or investment portfolios, or such a percentage in an issuance or underluing of such securities.
Recommendation System, Distribution and Historical data.
Long/Buy/Positive: Recomendation to the Investor to purchase the financial instrument, as we expect its value to rise.
Hold/Neutral: Recomendation to the Investor not to purchase nor sell the financial instrument at current prices.
Short/Sell/Negative: Recomendation to the Investor to sell the financial instrument, as we expect its value to decrease.
Long/Short: Recomendation to Investor to purchase a financial instrument (Long) and to sell at the same time another financial instrument (Short) in the same notional o risk equivalent, or in the proportion specified in the Idea.
Relative Value: Recomendation to the Investor to combine two or more assets to obtain benefit from the differencial behaviour of one/several assets against another asset/assets.
This is an Idea that has been produced in an ad-hoc publication, not being any updates of the same being foreseen.
It must be understood that, unless a timeline is indicated in the Idea, there is no defined timeline in such Idea.
No defined evaluation or concrete methodology has been applied to produce the Idea. In case of any additional information being required, you need to contact the Producer of the Idea.
Group BBVA policy does not permit for drafts of resports or Ideas being sent to issuers prior to their publication or distribution.
In virtue of EU Regulation 596/2014 on Market Abuse and its implementing EU Delegated Regulation 2016/958, we include the following proportion or recommendations ande their category/sense as well as the averages of these recommendations for the last 12 months. In relation to each category/sense the average in which BBVA or any of the BBVA Group entities have rendered investment banking services or have acted as placement entities in public offerings of securities.
BBVA’s Ideas on Sales and Trading in the previous twelve months in relation to financial instruments or issuers related to this investment recommendation are the following:
Investment Recomendations
Certification by the Producers of Ideas
Producers of Ideas hereby certify that: (i) the opinions expressed in this Idea precisely reflect their personal opinions in respect of the companies and the securities under analysis; and that (ii) their remuneration may be linked to the trading or sales of instruments covered in this recommendation or related to the global sales and trading activity of BBVA or its group.