NatWest US Publication Disclaimer

Invitation to Consider a Derivatives Transaction: This communication is prepared by the sales and trading desk and is marketing material and/or trader commentary. It does not constitute research. This material constitutes an invitation to consider entering into a derivatives transaction under U.S. CFTC Regulations 1.71 and 23.605, where applicable, but is not a binding offer to buy/sell any financial instrument. The views of the author may differ from others at NatWest Markets Plc, NatWest Markets N.V. and/or NatWest Markets Securities Inc. (collectively "NatWest Markets").


Copyright © NatWest Markets Securities Inc. All rights reserved. Securities business in the United States is conducted through NatWest Markets Securities Inc. a FINRA registered broker-dealer (, a SIPC member ( and a wholly owned indirect subsidiary of NatWest Markets Plc.


The author of this material is an economist, desk strategist, salesperson or trader and will be compensated based in part on the author’s own performance, the firm’s performance and the performance of the sales or trading desk for which the author works. This material is informational only. It is not considered research and is not a product of any research department. NatWest Markets Securities Inc. is not, by making this material available, providing investment, legal, tax, financial, accounting or other advice to you or any other party. NatWest Markets Securities Inc. is not acting as an advisor or fiduciary in any respect in connection with providing this information, and no information or material contained herein is to be construed as either projections or predictions. Past performance is not indicative of future results. NatWest Markets Securities Inc. transacts business with counterparties on an arm’s length basis and on the basis that each counterparty is sophisticated and capable of independently evaluating the merits and risks of each transaction and that each counterparty is making an independent decision regarding any transaction. Counterparties must make their own independent decisions regarding any securities, financial instruments or strategies mentioned herein. This material is intended for institutional investors only and should not be forwarded to third parties.


NatWest Markets Securities Inc., its affiliates, and/or any of their respective employees, clients and officers, including persons involved in the preparation or issuance of this material, act as a market maker for or deal as principal in the financial instruments mentioned and may have a long or short position in, or engaged in transactions in, these financial instruments. As part of the sales or trading desk, the author may have consulted with the trading desk while preparing this material and the trading desk may have accumulated positions in the financial instruments or related derivatives products that are the subject of this material. Accordingly, information included in or excluded from this material is not independent from the proprietary interests of NatWest Markets Securities Inc., which may conflict with your interests.


Except as to securities issued by the U.S. government and debentures issued by government-sponsored enterprises, NatWest Markets Securities Inc. does not permit the author of this material to hold, or engage in transactions in, the securities or other financial instruments discussed herein in any personal account of the author or a member of the author’s household.


Certain transactions, including those involving futures, options, derivatives and high yield securities, give rise to substantial risk and are not suitable for all investors. Foreign currency denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of or income derived from any investments discussed herein. In addition, investors in securities such as ADRs, the values of which are influenced by foreign currencies, effectively assume currency risk. Please ensure that you have read and understood the current options disclosure document before entering into any options transactions. United States listed options disclosure documents are available from our sales representatives or at Unless otherwise specifically stated, all statements contained herein (including any views, opinions or forecasts) are as of the date indicated only, and are subject to change without notice. Changes to assumptions made in the preparation of such material may have a material impact on returns. NatWest Markets Securities Inc. does not undertake a duty to update this material or to notify you when or whether the analysis has changed. While the information contained in this material is believed to be reliable, no representation or warranty, whether express or implied, is made and no liability or responsibility is accepted by NatWest Markets Securities Inc. or its affiliates as to the accuracy or completeness thereof, except with respect to any disclosures relative to NatWest Markets Securities Inc. and/or its affiliates and the author’s involvement with an issuer that is the subject of this material.


NatWest Markets Securities Inc. makes no representations that this material or any information contained herein are appropriate for use in all locations or that transactions, securities, products, instruments or services discussed herein are available or appropriate for sale or use in all jurisdictions, or by all investors or counterparties. Investors who receive this material may not necessarily be able to deal directly with NatWest Markets Securities Inc. and should contact the NatWest Markets Securities Inc. entity or affiliate in their home jurisdiction unless governing law permits otherwise. Those who utilize this information do so on their own initiative and are responsible for compliance with applicable local laws or regulations.


This material is made available in the European Economic Area ("EEA") by NatWest Markets Plc, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority ("PRA") and/or by NatWest Markets N.V. which is incorporated with limited liability in the Netherlands, authorised by De Nederlandsche Bank and regulated by De Nederlandsche Bank and the Autoriteit Financiële Markten. NatWest Markets Securities Inc. distributes this material in the U.S. With respect to the execution of interest rate derivatives, credit derivatives and foreign exchange transactions, NatWest Markets Securities Inc. generally acts as agent for NatWest Markets which will be the principal in such transactions.


This website and its contents have not been reviewed by any regulatory authority in Hong Kong. NatWest Markets Securities Inc. does not conduct, nor holds itself out as conducting a business in investment advisory or dealing services in Hong Kong, nor any other regulated activity. It holds no Hong Kong regulatory licenses. This material is distributed in Singapore by The NatWest Markets Plc (Singapore branch), Level 26, One Raffles Quay, south Tower, Singapore 048583, which is regulated by the Monetary Authority of Singapore. In Singapore, this material is intended solely for distribution to institutional investors, accredited investors, and expert investors as defined under the (Singapore) Financial Advisers Act, Chapter 110. Persons receiving this material in Singapore should contact NatWest Markets Singapore Plc (Singapore branch) in respect of any matters in connection with the material.


NatWest Markets Securities Japan Limited is regulated by the Japan Financial Services Agency. This Material is provided for information only and it does not constitute an offer or a solicitation to deal in any specific products or to enter into any legal relations, nor an advice or a recommendation with respect to such products. Clients should independently evaluate particular investments before dealing in any products herein referred to. Persons obtaining this information through NatWest Markets Plc’s website are limited to Professional Investors (as defined in Article 2-31 of Financial Instruments and Exchange Law) only. The access to the website is provided by NatWest Markets Securities Japan Limited to its respective Clients in Japan who are classified as Professional Investors. However some Material is intended to be provided only to Qualified Institutional Investors (as defined in Article 10 of Cabinet Office Ordinance concerning Definitions provided in Article 2 of Financial Instruments and Exchange Law).


NatWest Markets Plc, Singapore branch [UEN: S85FC3595J] is regulated and authorised by the Monetary Authority of Singapore.


The views expressed in this publication accurately reflect the author’s personal views about the subject financial instruments and issuers, and no part of the author’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained herein.