Skip to content

Disclaimer

This is to inform that by clicking on the hyperlink, you will be leaving sc.com/ke and entering a website operated by other parties.

Such links are only provided on our website for the convenience of the Client and Standard Chartered Bank does not control or endorse such websites, and is not responsible for their contents.

The use of such website is also subject to the terms of use and other terms and guidelines, if any, contained within each such website. In the event that any of the terms contained herein conflict with the terms of use or other terms and guidelines contained within any such website, then the terms of use and other terms and guidelines for such website shall prevail.

Thank you for visiting www.sc.com/ke


Proceed
Market views on-the-go
Tap into our global resources to analyse the financial markets around the world
Featured Articles
3 February 2023 This week, three of the world’s most powerful central banks raised rates to new 14-year highs and signalled they are likely to hike at least… 16 December 2022In 2023, we expect recessions in the US and Europe, a recovery in China, a slowdown in global inflation, and a pause in Fed rates in… 28 October 2022We continue to see multi-asset income generation strategies providing some of the best opportunities, given the decade-high yields… 21 October 2022Hong Kong Chief Executive John Lee delivered his Policy Address on 19 October. The Hang Seng Index fell 2.4% on the day…
Read Less
House Views across asset classes
Overweight
Underweight
Neutral
AS AT 16 DECEMBER 2022
Display All
Equity
  • United States of America
  • Europe ex-UK
  • United Kingdom (UK)
  • Non-Asia Emerging Markets
  • Japan
  • Asia ex-Japan
Bonds
  • DM IG Government bonds
  • DM IG Corporate bonds
  • DM HY Corporate bonds
  • EM USD Government bonds
  • EM LCY Government bonds
  • Asia USD bonds
Commodities
  • Crude Oil
  • Gold
Alternatives
    Multi-Asset
      Equity – at a glance
      16 DECEMBER 2022
      • We enter 2023 Underweight equities given our central scenario of a recession in the US and Europe. Central bank tightening and weakening consumption patterns are likely to pose downside risks to earnings estimates on a 12-month horizon.
      • We are Overweight Asia ex-Japan, with China’s economic recovery likely to support an improved earnings growth profile. Meanwhile, a potential deceleration in Fed rate hikes and a weaker USD are expected to support fund flows into Emerging Markets in 2023. Within Asia ex-Japan, we are Overweight China equities given easing mobility restrictions and favourable fiscal and monetary policies. However, we have an equal preference for onshore vs offshore equities as we believe the regulatory risks for the internet sector and ADR delisting risks are fading. We are Neutral Indian equities given the trade-off between relatively strong earnings and high valuations. Within Indian equities, we prefer large cap over small and mid-cap.
      • We are Neutral US equities and remain cautious due to relatively expensive valuations and the risk of further earnings downgrades. Elsewhere, we are Neutral UK equities amid heightened recession worries, and Underweight Japan equities as we expect a stronger JPY to hurt corporate earnings. We are Neutral Euro area equities that continue to suffer from the impact of the Russia-Ukraine war, but the significant valuation discount is pricing in much of the bad news, in our view.
      US equities – Core holding
      16 DECEMBER 2022

      The bullish case:

      • Recession risk largely priced in
      • Potential Fed pivot
      • Healthy labour market conditions

      The bearish case:

      • Fed’s potential overtightening
      • Weakening consumption and wealth effect
      • Strong USD hinders earnings
      Europe ex-UK equities – Core holding
      16 DECEMBER 2022

      The bullish case:

      • Resilient margins
      • Extreme valuation discount
      • Gas reserves for the winter

      The bearish case:

      • Heightened recession risk
      • Geopolitical risks from Russia-Ukraine war
      • Still-elevated energy costs
      UK equities – Core holding
      16 DECEMBER 2022

      The bullish case:

      • Weaker GBP to support foreign revenue
      • High dividend yields and valuation discount
      • Heavily weighted towards Value equities

      The bearish case:

      • Record inflation levels
      • Tightening monetary conditions
      • Geopolitical risks from Russia-Ukraine war
      Japan Equities – Less Preferred holding
      16 DECEMBER 2022

      The bullish case:

      • Japan and China reopening to support earnings growth
      • Attractive valuations

      The bearish case:

      • Strengthening JPY to hurt company earnings
      • Consumption momentum remains weak
      • Prolonged supply chain issues
      • Risk of BoJ policy tightening if inflation rises
      Asia ex-Japan equities – Preferred holding
      16 DECEMBER 2022

      The bullish case:

      • China’s fiscal and monetary stimulus
      • Relaxing mobility restrictions in China
      • High projected EPS growth in 2023

      The bearish case:

      • Chinese ADR delisting risk
      • Unexpected regulatory reforms in China
      • Supply chain disruption hurting production
      Bonds – at a glance
      16 DECEMBER 2022
      • We are Overweight bonds, including both government and high-quality corporate debt, over equities, as the developed world is expected to head into recession in 2023. The 10-year US government bond yield is expected to rise towards 3.75%-4.0% in Q1 23 as the Fed seeks to maintain tight financial conditions for now. However, the 10-year US yield is likely to edge lower towards 3.25% by end-2023 as a likely decline in US inflation and rising recession risks lead the Fed to pause rate hikes in H1 23 and start cutting rates by end-2023.
      • Within a larger-than-usual allocation to bonds, Asian USD bonds are Overweight given their high aggregate credit quality, relatively stronger regional economic outlook and growing policy support in China. Developed Markets (DM) Investment Grade (IG) government and corporate bonds are Neutral within bond allocations. DM High Yield (HY) corporate bonds, though, are Underweight as we believe the impact from a recession is not fully priced in. Our expectation of a weaker USD, but still-tight Fed policy, leads us to hold a Neutral stance on both EM local currency and EM USD government bonds.
      Developed Market Investment Grade government bonds – Core holding
      16 DECEMBER 2022

      The bullish case:

      • Flight-to-safety demand amid rising recession risk
      • Peak inflation and Fed pivot

      The bearish case:

      • Risk of tighter monetary policies against a strong economic growth backdrop
      • Unfavourable demand-supply balance
      Developed Market Investment Grade corporate bonds – Core holding
      16 DECEMBER 2022

      The bullish case:

      • Strong corporate credit quality
      • Attractive yield of over 5%
      • Long duration positive when rates are cut

      The bearish case:

      • Earnings growth slowdown
      • Ratings downgrade amid weakening credit fundamentals
      Developed Market High Yield corporate bonds – Less preferred holding
      16 DECEMBER 2022

      The bullish case:

      • Strong corporate credit fundamentals
      • Highest absolute yield on offer among various bond asset classes

      The bearish case:

      • Ratings downgrade amid weakening credit
      • Surge in default risks as the economy heads into recession
      Emerging Market USD government bonds – Core holding
      16 DECEMBER 2022

      The bullish case:

      • Long duration benefitting from a peak in interest rates
      • Attractive absolute yield on offer

      The bearish case:

      • Challenging EM economic outlook
      • Commodity price disinflation
      • Interest rate differentials with DM
      Emerging Market Local currency government bonds – Core holding
      16 DECEMBER 2022

      The bullish case:

      • Supportive EM currencies given our weak 12m USD outlook
      • Central bank policy flexibility

      The bearish case:

      • Challenging EM economic outlook
      • Commodity price disinflation
      • Interest rate differentials vs DM
      Asia USD bonds – Preferred holding
      16 DECEMBER 2022

      The bullish case:

      • Strong aggregate credit quality (BBB+)
      • Signs of policy easing in China
      • Attractive yield relative to onshore markets

      The bearish case:

      • Likelihood of elevated defaults in China
      • Lower yields vs other EM bonds
      Commodities – at a glance
      16 DECEMBER 2022
      • Gold shines again. We are Neutral on gold vs other major asset classes as we view it as a portfolio ballast with a 12-month forecast of USD 1,890. We expect gold to rise over the next 12 months as the Fed rate-hiking cycle pauses and the focus shifts to rate cuts amid rising recession risks. Gold has been a superior hedge in the past recessions, and it arguably retains its safe-haven properties during times of crisis. A weaker USD and central bank and physical demand are other key drivers behind our constructive view. On a three-month horizon, though, the precious metal is expected to initially remain under pressure as inflation slows ahead of nominal interest rates, keeping real (net of inflation) yields supported in Q1 23.
      • Oil prices are likely to stabilise. Over a 12-month horizon, we expect WTI oil to remain around USD 75/bbl as weaker oil demand from a slowing global economy is balanced by tighter-than-usual supply and upside demand risk from rising Chinese mobility. We expect OPEC+ to intervene to keep oil well-supported at its breakeven price – estimated to be c.USD 70/bbl – should global demand weaken. Over the next three months, though, prices are likely to initially rise. The EU embargo on Russian oil, Russia’s yet-unknown response and low global oil inventories combined with low producer elasticity add risks to supply. A mobility-led growth rebound in China could also front-load a rebound in its energy demand.
      Crude Oil
      16 DECEMBER 2022

      The bullish case:

      • Inventory levels remain low; limited spare capacity
      • Supply constraints from EU embargo on Russian crude
      • OPEC+ supply cuts
      • Resurgent Chinese demand

      The bearish case:

      • Rising rates and any resulting recession could slow global demand
      • Greater redirection of Russian oil flows to China/India
      • US-Iran deal bringing back Iran oil supply
      • Easing supply tightness
      Gold
      16 DECEMBER 2022

      The bullish case:

      • A peak in Fed rates as growth weakens
      • Escalation of geopolitical tensions
      • Gold usually outperforms during recessions
      • Reserve diversification is a key theme for central banks
      • Strong central bank and physical demand

      The bearish case:

      • Rising real yields increase opportunity costs of holding gold
      • Extended USD strength
      • Geopolitical risk premium in gold tends to be short-lived
      Alternatives at a glance
      16 DECEMBER 2022
      • We believe the unusual rise in stock-bond correlations in 2022 is unlikely to last into 2023. Nevertheless, the experience means the demand for relatively uncorrelated assets, or less volatile substitutes for traditional asset classes, is likely to sustain.
      • This is where a neutral allocation to alternative strategies can help. Liquid alternative strategies are one potential route. While many of these tend to be relatively less volatile ‘substitutes’ for equities, ‘diversifiers’ such as macro/CTA strategies tend to outperform during recessionary and/or trending markets. Private asset classes can be another route. Private credit strategies, for example, fit well into our preference for income and are a preferred substitute for riskier bonds (such as leveraged loans or High Yield bonds).
      Multi-Asset – at a glance
      16 DECEMBER 2022
      • Income assets are one of the key investment opportunities in 2023, in our view. Our model, diversified multi-asset income (MAI) strategy, is offering a yield of over 6%, levels last seen before the Global Financial Crisis. We believe investors have a window to lock in an attractive yield given the Fed is likely to approach the peak of its hiking cycle in H1 23 and potentially cut thereafter. 
      • Within our MAI allocation, we have a larger-than-benchmark tilt towards fixed income assets. While the 10-year US government bond yield has declined recently, yields of other income assets are still trading near the top end of their historical range. High-quality fixed income assets have tended to trough around the last Fed hike, as markets start to price an economic slowdown and eventual rate cut. We expect the US economy to enter a mild recession in 2023. Today’s higher starting yields and relatively wide credit spreads mean the chances of earning returns in excess of the average yields across most bond assets is much higher than a year ago. We add a tilt towards Developed Market Investment Grade and Emerging Market bonds within the fixed income sleeve and have closed our relative preference for leverage loans vs High Yield bonds. 
      • We have a smaller-than-usual allocation to high dividend equities, given our expectations of a recession in the US and Europe in 2023. Having said that, we are acutely mindful of the risk of under-allocating to equities over longer horizons. High dividend equities remain an important source of income and growth within our MAI allocation and they usually outperform global equities during such recessionary periods. A still-reasonable allocation to high dividend equities also helps mitigate the long-term risk of losing value in inflation-adjusted terms if one allocates solely to cash and fixed income.
      FX views (12-month outlook)
      • USD
      • EUR
      • JPY
      • GBP
      • AUD
      • ASIA EX-JAPAN
      16 DECEMBER 2022
      The bullish case:
      + Hawkish Fed policy vs G3
      + Recession-linked safe-haven demand
      + Spike in geopolitical risk
      The bearish case:
      – Global growth rotation ex-US
      – Lower real rate differentials
      – Valuation close to multi-decade highs
      16 DECEMBER 2022
      The bullish case:
      + ECB rate hikes
      + Rising real rates as EU inflation falls
      + Improved Balance of Payments (BOP)
      The bearish case:
      – Energy dependency
      – Persistent inflation hurting growth
      – Real rates
      16 DECEMBER 2022
      The bullish case:
      + Monetary policy divergence
      + Japan’s low nominal yields
      The bearish case:
      – Reduction in yield differentials
      – Potential BoJ hawkish pivot
      – Cheap valuations
      16 DECEMBER 2022
      The bullish case:
      + Hawkish BoE
      + Reduction in UK’s twin deficits
      The bearish case:
      – Recession risks
      – Elevated inflation
      16 DECEMBER 2022
      The bullish case:
      + Cheap vs Terms of Trade
      + China growth rebound
      The bearish case:
      – Capped commodity prices
      – Risk-off sentiment
      16 DECEMBER 2022
      USD/CNY
      The bullish case:
      + China mobility restrictions
      + Dovish PBoC

      USD/SGD
      The bullish case:
      + SGD vulnerable to weak global growth
      + Strong USD

      USD/INR
      The bullish case:
      + Current account deficit; low investment inflows
      + Oil price vulnerability

      USD/MYR
      The bullish case:
      + Global recession risk
      + Downside growth surprise in China

      USD/KRW
      The bullish case:
      + Vulnerability to global growth and trade
      + US-China tensions

      The bearish case:
      – China growth rebound
      – Capital inflows


      The bearish case:
      – Resilient growth
      – Tighter MAS FX policy to curb inflation


      The bearish case:
      – Decline in oil prices
      – Strong growth; inflows bolstering FX reserves


      The bearish case:
      – Strong Terms of Trade, FDI inflows
      – Resilient GDP growth


      The bearish case:
      – Hawkish Bank of Korea
      – Cheap valuation and stable investment flows
      Webinar Videos
      Outlook 2023:
      Playing it SAFE
      In 2023, we expect recessions in the US and Europe, a recovery in China, slower inflation, and a pause, followed by cuts, in Fed rates. In this fast-changing environment, we prefer a SAFE approach to building foundation portfolios by: i) Securing your yield via income strategies, ii) Allocating to Asian assets that offer long-term value, iii) Fortifying against surprises via defensive assets, and iv) Expanding through alternative strategies.
      CIO Bitez
      Do optimists usually win?One of the most over-used phrases of the past decade has been ‘buy-on-dips’. Many market analysts, including ourselves, have often… Why inflation outlook matters?The news media is awash with concerns about inflation. Why does it matter for investors?…
      Read Less
      Podcast Series

      Standard Chartered Money Insights

      Standard Chartered Money Insights is a podcast series created to bring you the latest market views on-the-go. Join experts from Standard Chartered Bank as we deep dive into the global insights and financial analysis that matter to help you make better financial decisions.
      This podcast channel and its contents are being distributed for general information only. It is not and does not constitute research material, independent research, an offer, recommendation or solicitation to enter into any transaction or adopt any hedging, trading or investment strategy, in relation to any securities or other financial instruments. The podcast content is for general evaluation only. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person or class of persons and it has not been prepared for any particular person or class of persons. Opinions, projections and estimates are solely those of SCB at the date of the podcast content and subject to change without notice. Past performance is not indicative of future results and no representation or warranty is made regarding future performance. Any forecast contained herein as to likely future movements in rates or prices or likely future events or occurrences constitutes an opinion only and is not indicative of actual future movements in rates or prices or actual future events or occurrences (as the case may be).

      Hosted by:
      Wealth Management Chief Investment Office

      episodes

      Disclosure

      This document is confidential and may also be privileged. If you are not the intended recipient, please destroy all copies and notify the sender immediately. This document is being distributed for general information only and is subject to the relevant disclaimers available at our Standard Chartered website under Regulatory disclosures. It is not and does not constitute research material, independent research, an offer, recommendation or solicitation to enter into any transaction or adopt any hedging, trading or investment strategy, in relation to any securities or other financial instruments. This document is for general evaluation only. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person or class of persons and it has not been prepared for any particular person or class of persons. You should not rely on any contents of this document in making any investment decisions. Before making any investment, you should carefully read the relevant offering documents and seek independent legal, tax and regulatory advice. In particular, we recommend you to seek advice regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs, before you make a commitment to purchase the investment product. Opinions, projections and estimates are solely those of SCB at the date of this document and subject to change without notice. Past performance is not indicative of future results and no representation or warranty is made regarding future performance. Any forecast contained herein as to likely future movements in rates or prices or likely future events or occurrences constitutes an opinion only and is not indicative of actual future movements in rates or prices or actual future events or occurrences (as the case may be). This document must not be forwarded or otherwise made available to any other person without the express written consent of the Standard Chartered Group (as defined below). Standard Chartered Bank is incorporated in England with limited liability by Royal Charter 1853 Reference Number ZC18. The Principal Office of the Company is situated in England at 1 Basinghall Avenue, London, EC2V 5DD. Standard Chartered Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Standard Chartered PLC, the ultimate parent company of Standard Chartered Bank, together with its subsidiaries and affiliates (including each branch or representative office), form the Standard Chartered Group. Standard Chartered Private Bank is the private banking division of Standard Chartered. Private banking activities may be carried out internationally by different legal entities and affiliates within the Standard Chartered Group (each an “SC Group Entity”) according to local regulatory requirements. Not all products and services are provided by all branches, subsidiaries and affiliates within the Standard Chartered Group. Some of the SC Group Entities only act as representatives of Standard Chartered Private Bank and may not be able to offer products and services or offer advice to clients. ESG data has been provided by Morningstar and Sustainalytics. Refer to the Morningstar website under Sustainable Investing and the Sustainalytics website under ESG Risk Ratings for more information. The information is as at the date of publication based on data provided and may be subject to change.

      Copyright © 2023, Accounting Research & Analytics, LLC d/b/a CFRA (and its affiliates, as applicable). Reproduction of content provided by CFRA in any form is prohibited except with the prior written permission of CFRA. CFRA content is not investment advice and a reference to or observation concerning a security or investment provided in the CFRA SERVICES is not a recommendation to buy, sell or hold such investment or security or make any other investment decisions. The CFRA content contains opinions of CFRA based upon publicly-available information that CFRA believes to be reliable and the opinions are subject to change without notice. This analysis has not been submitted to, nor received approval from, the United States Securities and Exchange Commission or any other regulatory body. While CFRA exercised due care in compiling this analysis, CFRA, ITS THIRD-PARTY SUPPLIERS, AND ALL RELATED ENTITIES SPECIFICALLY DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, to the full extent permitted by law, regarding the accuracy, completeness, or usefulness of this information and assumes no liability with respect to the consequences of relying on this information for investment or other purposes. No content provided by CFRA (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of CFRA, and such content shall not be used for any unlawful or unauthorized purposes. CFRA and any third-party providers, as well as their directors, officers, shareholders, employees or agents do not guarantee the accuracy, completeness, timeliness or availability of such content. In no event shall CFRA, its affiliates, or their third-party suppliers be liable for any direct, indirect, special, or consequential damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with a subscriber’s, subscriber’s customer’s, or other’s use of CFRA’s content.

      Market Abuse Regulation (MAR) Disclaimer

      Banking activities may be carried out internationally by different branches, subsidiaries and affiliates within the Standard Chartered Group according to local regulatory requirements. Opinions may contain outright “buy”, “sell”, “hold” or other opinions. The time horizon of this opinion is dependent on prevailing market conditions and there is no planned frequency for updates to the opinion. This opinion is not independent of Standard Chartered Group’s trading strategies or positions. Standard Chartered Group and/or its affiliates or its respective officers, directors, employee benefit programmes or employees, including persons involved in the preparation or issuance of this document may at any time, to the extent permitted by applicable law and/or regulation, be long or short any securities or financial instruments referred to in this document or have material interest in any such securities or related investments. Therefore, it is possible, and you should assume, that Standard Chartered Group has a material interest in one or more of the financial instruments mentioned herein. Please refer to our Standard Chartered website under Regulatory disclosures for more detailed disclosures, including past opinions/ recommendations in the last 12 months and conflict of interests, as well as disclaimers. A covering strategist may have a financial interest in the debt or equity securities of this company/issuer. This document must not be forwarded or otherwise made available to any other person without the express written consent of Standard Chartered Group.

      Country/Market Specific Disclosures

      Botswana: This document is being distributed in Botswana by, and is attributable to, Standard Chartered Bank Botswana Limited which is a financial institution licensed under the Section 6 of the Banking Act CAP 46.04 and is listed in the Botswana Stock Exchange. Brunei Darussalam: This document is being distributed in Brunei Darussalam by, and is attributable to, Standard Chartered Bank (Brunei Branch) | Registration Number RFC/61 and Standard Chartered Securities (B) Sdn Bhd | Registration Number RC20001003. Standard Chartered Bank is incorporated in England with limited liability by Royal Charter 1853 Reference Number ZC18 and Standard Chartered Securities (B) Sdn Bhd, which is a limited liability company registered with the Registry of Companies with Registration Number RC20001003 and licensed by Brunei Darussalam Central Bank as a Capital Markets Service License Holder with License Number AMBD/R/CMU/S3-CL and authorised to conduct Islamic investment business through an Islamic window. China Mainland: This document is being distributed in China by, and is attributable to, Standard Chartered Bank (China) Limited which is mainly regulated by China Banking and Insurance Regulatory Commission (CBIRC), State Administration of Foreign Exchange (SAFE), and People’s Bank of China (PBOC). Hong Kong: In Hong Kong, this document, except for any portion advising on or facilitating any decision on futures contracts trading, is distributed by Standard Chartered Bank (Hong Kong) Limited (“SCBHK”), a subsidiary of Standard Chartered PLC. SCBHK has its registered address at 32/F, Standard Chartered Bank Building, 4-4A Des Voeux Road Central, Hong Kong and is regulated by the Hong Kong Monetary Authority and registered with the Securities and Futures Commission (“SFC”) to carry on Type 1 (dealing in securities), Type 4 (advising on securities), Type 6 (advising on corporate finance) and Type 9 (asset management) regulated activity under the Securities and Futures Ordinance (Cap. 571) (“SFO”) (CE No. AJI614). The contents of this document have not been reviewed by any regulatory authority in Hong Kong and you are advised to exercise caution in relation to any offer set out herein. If you are in doubt about any of the contents of this document, you should obtain independent professional advice. Any product named herein may not be offered or sold in Hong Kong by means of any document at any time other than to “professional investors” as defined in the SFO and any rules made under that ordinance. In addition, this document may not be issued or possessed for the purposes of issue, whether in Hong Kong or elsewhere, and any interests may not be disposed of, to any person unless such person is outside Hong Kong or is a “professional investor” as defined in the SFO and any rules made under that ordinance, or as otherwise may be permitted by that ordinance. In Hong Kong, Standard Chartered Private Bank is the private banking division of Standard Chartered Bank (Hong Kong) Limited, a subsidiary of Standard Chartered PLC. Ghana: Standard Chartered Bank Ghana Limited accepts no liability and will not be liable for any loss or damage arising directly or indirectly (including special, incidental or consequential loss or damage) from your use of these documents. Past performance is not indicative of future results and no representation or warranty is made regarding future performance. You should seek advice from a financial adviser on the suitability of an investment for you, taking into account these factors before making a commitment to invest in an investment. To unsubscribe from receiving further updates, please send an email to feedback.ghana@sc.com. Please do not reply to this email. Call our Priority Banking on 0302610750 for any questions or service queries. You are advised not to send any confidential and/or important information to the Bank via e-mail, as the Bank makes no representations or warranties as to the security or accuracy of any information transmitted via e-mail. The Bank shall not be responsible for any loss or damage suffered by you arising from your decision to use e-mail to communicate with the Bank. India: This document is being distributed in India by Standard Chartered Bank in its capacity as a distributor of mutual funds and referrer of any other third party financial products. Standard Chartered Bank does not offer any ‘Investment Advice’ as defined in the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 or otherwise. Services/products related securities business offered by Standard Charted Bank are not intended for any person, who is a resident of any jurisdiction, the laws of which imposes prohibition on soliciting the securities business in that jurisdiction without going through the registration requirements and/or prohibit the use of any information contained in this document. Indonesia: This document is being distributed in Indonesia by Standard Chartered Bank, Indonesia branch, which is a financial institution licensed, registered and supervised by Otoritas Jasa Keuangan (Financial Service Authority). Jersey: In Jersey, Standard Chartered Private Bank is the Registered Business Name of the Jersey Branch of Standard Chartered Bank. The Jersey Branch of Standard Chartered Bank is regulated by the Jersey Financial Services Commission. Copies of the latest audited accounts of Standard Chartered Bank are available from its principal place of business in Jersey: PO Box 80, 15 Castle Street, St Helier, Jersey JE4 8PT. Standard Chartered Bank is incorporated in England with limited liability by Royal Charter in 1853 Reference Number ZC 18. The Principal Office of the Company is situated in England at 1 Basinghall Avenue, London, EC2V 5DD. Standard Chartered Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. The Jersey Branch of Standard Chartered Bank is also an authorised financial services provider under license number 44946 issued by the Financial Sector Conduct Authority of the Republic of South Africa. Jersey is not part of the United Kingdom and all business transacted with Standard Chartered Bank, Jersey Branch and other SC Group Entity outside of the United Kingdom, are not subject to some or any of the investor protection and compensation schemes available under United Kingdom law. Kenya: This document is being distributed in Kenya by, and is attributable to Standard Chartered Bank Kenya Limited. Investment Products and Services are distributed by Standard Chartered Investment Services Limited, a wholly owned subsidiary of Standard Chartered Bank Kenya Limited (Standard Chartered Bank/the Bank) that is licensed by the Capital Markets Authority as a Fund Manager. Standard Chartered Bank Kenya Limited is regulated by the Central Bank of Kenya. Malaysia: This document is being distributed in Malaysia by Standard Chartered Bank Malaysia Berhad. Recipients in Malaysia should contact Standard Chartered Bank Malaysia Berhad in relation to any matters arising from, or in connection with, this document. Nigeria: This document is being distributed in Nigeria by Standard Chartered Bank Nigeria Limited (“the Bank”), a bank duly licensed and regulated by the Central Bank of Nigeria. The Bank accepts no liability for any loss or damage arising directly or indirectly (including special, incidental or consequential loss or damage) from your use of these documents. You should seek advice from a financial adviser on the suitability of an investment for you, taking into account these factors before making a commitment to invest in an investment. To unsubscribe from receiving further updates, please send an email to clientcare.ng@sc.com requesting to be removed from our mailing list. Please do not reply to this email. Call our Priority Banking on 01-2772514 for any questions or service queries. The Bank shall not be responsible for any loss or damage arising from your decision to send confidential and/or important information to the Bank via e-mail, as the Bank makes no representations or warranties as to the security or accuracy of any information transmitted via e-mail. Pakistan: This document is being distributed in Pakistan by, and attributable to Standard Chartered Bank (Pakistan) Limited having its registered office at PO Box 5556, I.I Chundrigar Road Karachi, which is a banking company registered with State Bank of Pakistan under Banking Companies Ordinance 1962 and is also having licensed issued by Securities & Exchange Commission of Pakistan for Security Advisors. Standard Chartered Bank (Pakistan) Limited acts as a distributor of mutual funds and referrer of other third-party financial products. Singapore: This document is being distributed in Singapore by, and is attributable to, Standard Chartered Bank (Singapore) Limited (Registration No. 201224747C/ GST Group Registration No. MR-8500053-0, “SCBSL”). Recipients in Singapore should contact SCBSL in relation to any matters arising from, or in connection with, this document. SCBSL is an indirect wholly owned subsidiary of Standard Chartered Bank and is licensed to conduct banking business in Singapore under the Singapore Banking Act, 1970. Standard Chartered Private Bank is the private banking division of SCBSL. IN RELATION TO ANY SECURITY OR SECURITIES-BASED DERIVATIVES CONTRACT REFERRED TO IN THIS DOCUMENT, THIS DOCUMENT, TOGETHER WITH THE ISSUER DOCUMENTATION, SHALL BE DEEMED AN INFORMATION MEMORANDUM (AS DEFINED IN SECTION 275 OF THE SECURITIES AND FUTURES ACT, 2001 (“SFA”)). THIS DOCUMENT IS INTENDED FOR DISTRIBUTION TO ACCREDITED INVESTORS, AS DEFINED IN SECTION 4A(1)(a) OF THE SFA, OR ON THE BASIS THAT THE SECURITY OR SECURITIES-BASED DERIVATIVES CONTRACT MAY ONLY BE ACQUIRED AT A CONSIDERATION OF NOT LESS THAN S$200,000 (OR ITS EQUIVALENT IN A FOREIGN CURRENCY) FOR EACH TRANSACTION. Further, in relation to any security or securities-based derivatives contract, neither this document nor the Issuer Documentation has been registered as a prospectus with the Monetary Authority of Singapore under the SFA. Accordingly, this document and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the product may not be circulated or distributed, nor may the product be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons other than a relevant person pursuant to section 275(1) of the SFA, or any person pursuant to section 275(1A) of the SFA, and in accordance with the conditions specified in section 275 of the SFA, or pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. In relation to any collective investment schemes referred to in this document, this document is for general information purposes only and is not an offering document or prospectus (as defined in the SFA). This document is not, nor is it intended to be (i) an offer or solicitation of an offer to buy or sell any capital markets product; or (ii) an advertisement of an offer or intended offer of any capital markets product. Deposit Insurance Scheme: Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured. This advertisement has not been reviewed by the Monetary Authority of Singapore. Taiwan: Standard Chartered Bank (“SCB”) or Standard Chartered Bank (Taiwan) Limited (“SCB (Taiwan)”) may be involved in the financial instruments contained herein or other related financial instruments. The author of this document may have discussed the information contained herein with other employees or agents of SCB or SCB (Taiwan). The author and the above-mentioned employees of SCB or SCB (Taiwan) may have taken related actions in respect of the information involved (including communication with customers of SCB or SCB (Taiwan) as to the information contained herein). The opinions contained in this document may change, or differ from the opinions of employees of SCB or SCB (Taiwan). SCB and SCB (Taiwan) will not provide any notice of any changes to or differences between the above-mentioned opinions. This document may cover companies with which SCB or SCB (Taiwan) seeks to do business at times and issuers of financial instruments. Therefore, investors should understand that the information contained herein may serve as specific purposes as a result of conflict of interests of SCB or SCB (Taiwan). SCB, SCB (Taiwan), the employees (including those who have discussions with the author) or customers of SCB or SCB (Taiwan) may have an interest in the products, related financial instruments or related derivative financial products contained herein; invest in those products at various prices and on different market conditions; have different or conflicting interests in those products. The potential impacts include market makers’ related activities, such as dealing, investment, acting as agents, or performing financial or consulting services in relation to any of the products referred to in this document. UAE: DIFC – Standard Chartered Bank is incorporated in England with limited liability by Royal Charter 1853 Reference Number ZC18.The Principal Office of the Company is situated in England at 1 Basinghall Avenue, London, EC2V 5DD. Standard Chartered Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Standard Chartered Bank, Dubai International Financial Centre having its offices at Dubai International Financial Centre, Building 1, Gate Precinct, P.O. Box 999, Dubai, UAE is a branch of Standard Chartered Bank and is regulated by the Dubai Financial Services Authority (“DFSA”). This document is intended for use only by Professional Clients and is not directed at Retail Clients as defined by the DFSA Rulebook. In the DIFC we are authorised to provide financial services only to clients who qualify as Professional Clients and Market Counterparties and not to Retail Clients. As a Professional Client you will not be given the higher retail client protection and compensation rights and if you use your right to be classified as a Retail Client we will be unable to provide financial services and products to you as we do not hold the required license to undertake such activities. For Islamic transactions, we are acting under the supervision of our Shariah Supervisory Committee. Relevant information on our Shariah Supervisory Committee is currently available on the Standard Chartered Bank website in the Islamic banking section For residents of the UAE – Standard Chartered Bank UAE does not provide financial analysis or consultation services in or into the UAE within the meaning of UAE Securities and Commodities Authority Decision No. 48/r of 2008 concerning financial consultation and financial analysis. Uganda: Our Investment products and services are distributed by Standard Chartered Bank Uganda Limited, which is licensed by the Capital Markets Authority as an investment adviser. United Kingdom: Standard Chartered Bank is incorporated in England with limited liability by Royal Charter 1853 Reference Number ZC18. The Principal Office of the Company is situated in England at 1 Basinghall Avenue, London, EC2V 5DD. Standard Chartered Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Standard Chartered Bank (trading as Standard Chartered Private Bank) is an authorised financial services provider (license number 45747) in terms of the South African Financial Advisory and Intermediary Services Act, 2002. Vietnam: This document is being distributed in Vietnam by, and is attributable to, Standard Chartered Bank (Vietnam) Limited which is mainly regulated by State Bank of Vietnam (SBV). Recipients in Vietnam should contact Standard Chartered Bank (Vietnam) Limited for any queries regarding any content of this document. Zambia: This document is distributed by Standard Chartered Bank Zambia Plc, a company incorporated in Zambia and registered as a commercial bank and licensed by the Bank of Zambia under the Banking and Financial Services Act Chapter 387 of the Laws of Zambia.