15 July 2013 Economics Research


China: Growth slowed to 7.5% yoy in 2Q13
Research Analysts Dong Tao +852 2101 7469 dong.tao@credit-suisse.com Weishen Deng +852 2101 7162 weishen.deng@credit-suisse.com

 China’s headline GDP growth was at 7.5% yoy in 2Q13, weaker than its prior reading of 7.7% yoy in 1Q13. This is in line with market expectations, but slightly stronger than our projection of 7.4%. In June, industrial production slowed to 8.9% yoy, retail sales accelerated to 13.3% yoy. FAI rose by 20.1% yoy for 1H13, weaker than the 20.2% expected by the market.  We were a little surprised by the data, as they seem to indicate that the spikes in SHIBOR and the much tightened credit conditions in June had little impact on production and investment. Certainly, more impact could surface in July, but still, given that banks lent out very little in the second half of June, infrastructure investment and inventory rebuild seem to have slowed down.  The government emphasised two points about this set of data: (1) the major economic indicators are within the expected ranges; and (2) the moderation in growth is a result of pro-active structural adjustment. In other words, Beijing does not believe that the current growth momentum is threatening the bottom line of its policy growth target, perceived around 7.0% yoy by China watchers. That seems to imply that Beijing is in no hurry to boost growth.  As such, we do not expect imminent expansionary policies to boost growth momentum. Still, we believe that growth momentum is probably weaker than the headline suggested and could weaken further amid tightened liquidity conditions.  Should that scenario play out, with modest growth deceleration, we would expect some form of policy reaction, including providing additional liquidity to local governments in late summer, as the country embraces the third plenary session of the party congress in October, though the scale would not be comparable to what was launched in 2009. Our growth forecast remains at 7.4% for 2013.

Exhibit 1: Headline growth slowed, sequential growth is a surprise
13 12 11 10 9 8 Real GDP Growth( %yoy) Real GDP Growth(% SAAR)

7 6

Source: NBS, Credit Suisse










BEYOND INFORMATION® Client-Driven Solutions, Insights, and Access










We estimate that the FAI for June alone rose 19. weaker than Bloomberg consensus of 9. On a quarter-on-quarter seasonally adjusted basis. weaker than its prior reading of 7. Credit Suisse China: Growth slowed to 7. Fixed asset investment rose by 20.2% yoy in May. On a seasonally adjusted sequential basis.7% yoy. retail sales growth was 1.68% mom in June.7% in the month. though retail sales improved slightly 25 China: Industrial production (%yoy.26% mom (sa) in June. IP grew by 9. below the 20. retail sales grew by 11.15% mom seen in the previous month and the average monthly sequential growth of 0. stronger than the 1.9% yoy. Exhibit 2: Headline growth slowed.2% yoy.6% yoy.9% yoy. retail sales grew by 12. weaker than the 20.RHS 35 40 14 13 12 Real GDP Growth( %yoy) Real GDP Growth(% SAAR) 11 10 9 15 30 25 10 20 8 7 6 5 5 15 Jun-10 Jun-11 Jun-12 Jun-13 Sep-10 Dec-10 Sep-11 Dec-11 Sep-12 Dec-12 Mar-11 Mar-12 Mar-13 Source: NBS. In real terms.4%. On a sequential basis. FAI expanded by 20. Sequentially. Retail sales accelerated to 13. For the first half of the year. For 1H13 as a whole. the economy expanded by 1.LHS China: Retail Sales (%yoy. IP grew by 0.9% yoy expected by the Bloomberg consensus and its prior reading of 12. with an annualised growth rate of 7.5% yoy in 2Q13 3Q09 4Q09 2010 2Q10 3Q10 4Q10 2011 2Q11 Industrial production for June grew by 8. In real terms.7% qoq.15 July 2013 Headline growth slowed China’s headline GDP growth was at 7. sequential growth is a surprise Exhibit 3: Both industrial production and FAI growth weakened in the quarter. 3m mav) . FAI grew by 1. the economy grew by 7.3% yoy growth seen in the previous month.5% yoy in 2Q13.1% yoy for the first half of the year.0% SAAR. Credit Suisse 2 .3%.8%.51% mom (sa). lower than 2012’s annual growth of 7. 3m mav) . For the first half of the year.43% mom (sa) in May. This is in line with market expectations. stronger than the 12.LHS 20 China: Fixed asset investment (%yoy. 3Q11 4Q11 2012 2Q12 3Q12 4Q12 1Q13 2Q13 Source: NBS. slightly weaker than the average monthly sequential growth of 0. stronger than the 1.1% yoy and that of 9. but slightly stronger than our projection of 7.3% yoy in June.2% expected by the market.97% mom seen between January and May. 3m mav) .7% yoy in 1Q13.69% mom seen between January and May.1% yoy for 1H13.

given that banks lent out very little in the second half of June.0 3.15 July 2013 Exhibit 4: June’s headline IP growth slid below 9.9% and 9.0 2.0 11..0 14.0 7.0%.9 12 11 10 5 0 Source: NBS. while the rural population saw 11. Certainly.5% yoy in 2Q13 Jun-13 Apr-12 Oct-12 Apr-13 1997 1998 1999 2000 2001 2002 2003 2004 Urban disposable income per capita (year-to-date growth.Credit Suisse Exhibit 6: Urban disposable income growth is still above 9. Credit Suisse Source: NBS. more impact could surface in July.4% in real growth for 1H13 and 13.0 14. with the urban population seeing a 9.0 8.0 10.0 13. but still.7% in nominal growth and 11.2% in nominal and real income growth.0 Jun-12 Jul-12 Jan-13 Mar-12 Sep-12 Aug-12 Nov-12 Dec-12 Mar-13 Feb-13 May-13 May-12 Jun-13 Apr-12 Oct-12 Apr-13 Jan-13 Jun-12 Jul-12 Mar-12 Nov-12 Dec-12 Aug-12 May-12 Sep-12 Feb-13 Mar-13 Source: NBS.. the Bloomberg Professional Service. %) 3 .0 12.0 11. respectively.0 Rural cash income per capita (year-to-date growth.0 5. as they seem to indicate that the spikes in SHIBOR and the much tightened credit conditions in June had little impact on production and investment. Credit Suisse Exhibit 7:…while income growth in rural area is still at double digit 17.0 12. during 1H13. %) 2005 2006 Data surprise We were a little surprised by the data.0 8. we surmise that infrastructure investment and inventory rebuild probably slowed down.0% again 25 Exhibit 5: Retail sales growth accelerated in June to beat the expectation for the first time in six months Bloomberg consensus of retail sales growth 16 15 14 13 Retail sales growth (%yoy) Industrial production (% yoy) 20 15 10 8. Credit Suisse May-13 China: Growth slowed to 7.0 9. The good news is that income growth remained robust.0 4.0 9.0 16. That lifted retail sales by 12.0 10.0 13.7% (real yoy) for June. 2007 2008 2009 2010 2011 2012 2013 Source: NBS.5% in real terms.3% (nominal yoy) and 11.0 6. 15.0 15.1% year-to-date income increase in nominal terms and 6.

we do not expect imminent expansionary policies to boost growth momentum.58 1.7 1038.2 1247.9 0.1 -0.2 3.5 0.8 -1. PBoC.81 15.1 1780.5 1052.9 454.0 860.8 2.2 1.7 0.0 4.2 21.4 1.6 1122.6 1.09 1.1 13. Credit Suisse The government emphasised two points about this set of data: (1) the major economic indicators are within the expected ranges.9 2.0 28.5 0. Beijing does not believe that the current growth momentum is threatening the bottom line of its policy growth target.1 0.5 2.5 14.6 0.7 1.0 -1.1 2.6 3.6 16.6 6.2 522.1 3.3 0.9 2.4 2. As such.0 0.0% yoy by China watchers.26 2.15 2.2 1. as the country embraces the third plenary session of the party congress in October.6 20.1 -0.6 0.7 0.9 0.29 2.93 9.0 2.0 2.1 620.79 14.2 2.24 2.3 0.4 0.1 0.19 2. We have no plan to revise our growth forecast. we would expect some form of policy reaction.3 -2.6 1070. annualized Fixed asset investments %mom.1 2.8 15.6 May Apr Mar 7.0 0. China: Growth slowed to 7. sa Headline CPI %mom.0 -2.0 0.5% yoy in 2Q13 4 . Under the leadership of Premier Li.97 3. it seems the government is more reluctant to launch large-scale fiscal stimulus unless absolutely necessary and is more keen to improve the efficiency of current monetary and fiscal policies. seasonally adjusted (sa) %qoq.9 2549. In other words.9 0.7 1.2 1.6 1.9 1.4% for 2013.6 2.72 13. sa Retail sales %mom.1 11.27 8.8 14.8 -15.1 15.82 Feb Jan Dec 7.5 1290.2 0.3 -3.43 9.2 703. though the scale would not be comparable to what was launched in 2009.6 622.6 14.4 1.7 13.3 1.86 12.0 6.8 -0.2 -1.0 1.3 1.9 0.1 1.3 0.65 12.2 22.5 0. including providing additional liquidity to local governments in late summer. unless otherwise stated) Real GDP %qoq.5 1.2 1.9 1.9 0.72 9.7 0.6 0.0 -3.5 20.87 9.9 1185.6 -2.0 8.7 20.36 1. and (2) the moderation in growth is a result of pro-active structural adjustment.80 13.2 1.9 1.8 9.5 0.1 14.9 0.3 1.9 1.0 1.6 1.3 19.8 0.3 2.8 4.7 -2.5 0.7 1.4 0.6 667.0 2.4 15. nsa Services CPI %mom.1 -0.6 0. sa Industrial production %mom.1 0.78 14.3 -2.68 13.97 9.3 2.4 1.4 0.1 6.7 7.8 -1. General Administration of Customs.61 12.7 1.1 1.3 0.0 0.2 4.2 0.84 8.2 1. nsa Food CPI %mom.8 505.8 13.5 16.4 14.9 25.0 1.1 0.7 -2.6 3.6 11.1 1.0 -1.9 7.51 8.6 2544.5 2.7 0.9 1.15 July 2013 Exhibit 8: Summary of China’s macroeconomic indicators (% yoy.0 1.9 0.8 0.1 2.37 9.4 -1.0 2.8 0.3 -0.2 0.1 3.2 0.0 1.8 792.1 8.7 -3.9 2.2 2.12 2.8 -0.77 12.2 -2.8 1.9 21.2 Nov Oct Sep 7.6 1072.3 6.2 1625.0 13.7 10.5 1.3 13.8 0.0 0.0 -0.8 1.2 2.38 10.17 1.1 2.8 20.1 22.9 Aug Jul Jun 7.9 540.0 19.6 0.7 1. Still.6 -0.4 2. we believe that growth momentum is probably weaker than the headline suggests and could weaken further amid tightened liquidity conditions.18 2.0 4. currently standing at 7. perceived around 7. nsa PPI Total social financing (RMB bn) New loan (RMB bn) M2 Exports Imports Jun 7. with modest growth deceleration.6 1646.0 20.5 1.1 1.7 21.0 15.2 -0. Should that scenario play out.69 13. That seems to imply that Beijing is in no hurry to boost growth.3 -2.4 1.8 1.7 0.2 0. nsa Non-food CPI %mom.1 2.2 -2.9 0.3 1761.2 1.8 Source: NBS.2 919.4 -0.9 0.6 1.6 3.7 -0.32 9.3 2.8 1.79 14.0 2.0 1.0 0.3 20.0 14.3 1062.3 0.01 10.

Kazakhstan Sergei Voloboev. Director +27 11 012 8054 carlos.com South Africa Natig Mustafayev. Director +81 3 4550 7171 tomohiro.com Brazil Paulo Coutinho.wan@credit-suisse.com Christel Aranda-Hassel. Associate +1 212 538 1906 isaac. Neal Soss. Neal Soss. Managing Director Global Head of Fixed Income and Economic Research +1 212 538 6480 eric.tuntono@credit-suisse.com Regional. Director +1 212 325 7634 jay. Associate +55 11 3701 6345 iana.basile@credit-suisse. Managing Director Head of NJA Economics +852 2101 7469 dong.brown@credit-suisse.com Tomohiro Miyasaka. Analyst +44 20 7883 7360 steven. Associate +55 11 3701 6348 leonardo. Director +44 20 7888 1383 christel. Kazakhstan Shahzad Hasan.com Jonathan Basile. Director +44 20 7888 6827 giovanni. Australia Weishen Deng.com Colombia.com Henry Mo.com NON-JAPAN ASIA ECONOMICS Dong Tao. Latam Strategy Di Fu.sathirathai@credit-suisse.com Mexico.voloboev@credit-suisse. Hungary. Managing Director Chief Economist and Global Head of Economic Research +1 212 325 3335 neal. Managing Director +81 3 4550 7117 hiromichi.com Brazil EURO AREA AND UK ECONOMICS Neville Hill. Vice President +1 212 325 1578 jill.com LATIN AMERICA ECONOMICS AND STRATEGY Alonso Cervera. Director +1 212 538 0327 henry. Ukraine. Analyst +65 6212 3418 michael.com Czech Republic.cervera@credit-suisse.com Giovanni Zanni.com Brazil Daniel Chodos.shrirakawa@credit-suisse.com Steven Bryce. Managing Director Head of Brazil Economics +55 11 3701 6288 nilson.lavarda@credit-suisse. MIDDLE EAST & AFRICA ECONOMICS AND STRATEGY Berna Bayazitoglu. Managing Director Head of US Economics +1 212 325 3335 neal.soss@credit-suisse.hill@credit-suisse. Associate +44 20 7888 1257 nimrod.dicanossa@credit-suisse. Ukraine.com Casey Reckman. Poland Nimrod Mevorach.reckman@credit-suisse.com Hong Kong.com China Christiaan Tuntono.3@credit-suisse. Philippines Robert Prior-Wandesforde. Managing Director Head of Non-Brazil Latam Economics +52 55 5283 3845 alonso. Taiwan Santitarn Sathirathai.alexopoulos@credit-suisse. Director +1 212 538 3163 dana.miyasaka@credit-suisse.bayazitoglu@credit-suisse.deng@credit-suisse.com Russia. Associate +44 20 7888 1065 natig.com US AND CANADA ECONOMICS Dr.fu@credit-suisse. Chile Nilson Teixeira.com Violante di Canossa.feldman@credit-suisse.com Peggy Riordan. Managing Director Head of European Economics +44 20 7888 1334 neville.com Argentina. Malaysia.mo@credit-suisse. Vice President +65 6212 5675 santitarn. Vice President +33 1 7039 0103 gergely. Analyst +1 212 538 4125 di. Vice President +7 495 967 8772 alexey. AVP +1 212 325 7525 peggy. Associate +81 3 4550 7189 takashi.coutinho@credit-suisse.com Jill Brown.pogorelov@credit-suisse.aranda-hassel@credit-suisse.teixeira@credit-suisse.GLOBAL FIXED INCOME AND ECONOMIC RESEARCH Dr.com Russia. Vice President +852 2101 7409 christiaan. Managing Director Head of EEMEA Economics +44 20 7883 3431 berna.hudecz@credit-suisse.com EEMEA Strategy. Director +44 20 7888 3694 sergei.lang@credit-suisse. Vice President +55 11 3701 6352 daniel.miller.com Jay Feldman.com Turkey Alexey Pogorelov. Vice President +1 212 325 5570 casey.com Singapore.com Yiagos Alexopoulos.bryce@credit-suisse.tao@credit-suisse.fonseca@credit-suisse. Vice President +44 20 7883 4192 violante.hasan@credit-suisse.lebwohl@credit-suisse.com EM and EEMEA cross-country analysis Gergely Hudecz. Venezuela Daniel Lavarda. Analyst +44 20 7888 7536 yiagos. Associate +55 11 3701-6353 paulo.com Brazil Leonardo Fonseca.shiono@credit-suisse.com Eric Miller.com Regional.mevorach@credit-suisse.com EEMEA Strategy Carlos Teixeira. Vice President +1 212 325 7708 daniel. Vice President +1 212 325 2003 shahzad.saporta@credit-suisse.com Isaac Lebwohl.com Axel Lang.com EASTERN EUROPE.soss@credit-suisse. Thailand .com China Michael Wan.chodos@credit-suisse. India. Analyst +852 2101 7162 weishen.mustafayev@credit-suisse.com Iana Ferrao. Korea.ferrao@credit-suisse. Associate +44 20 7883 3738 axel.riordan@credit-suisse. Indonesia. Director +1 212 538 1436 jonathan.com Takashi Shiono.priorwandesforde@credit-suisse. Director +65 6212 3707 robert. Israel JAPAN ECONOMICS AND STRATEGY Hiromichi Shirakawa.com Dana Saporta.zanni@credit-suisse.teixeira@credit-suisse.

or other investments related thereto. Research on Taiwanese securities produced by Credit Suisse AG. INB010970631. This report is not to be relied upon in substitution for the exercise of independent judgment. The information. there is no agreement. CS is not acting for direct or indirect compensation to solicit the municipality on behalf of an unaffiliated broker. and elsewhere in the world by the relevant authorised affiliate of the above. or risks. express or implied. except that this exclusion of liability does not apply to the extent that such liability arises under specific statutes or regulations applicable to CS. without the prior express written permission of CS. CS will not treat recipients of this report as its customers by virtue of their receiving this report. 27 Floor. Thailand. within the last three years. Some investments referred to in this report will be offered solely by a single entity and in the case of some investments solely by CS. in respect of any financial advisory service which Credit Suisse AG. municipal securities dealer.S. Japanese corporate bonds) from CS as a seller. Tel. opinions and estimates contained in this report reflect a judgment at its original date of publication by CS and are subject to change without notice. in Japan by Credit Suisse Securities (Japan) Limited. direct or indirect. the values of which are influenced by currency volatility. Research provided to residents of Malaysia is authorised by the Head of Research for Credit Suisse Securities (Malaysia) Sdn Bhd. CS may have. The investments and services contained or referred to in this report may not be suitable for you and it is recommended that you consult an independent investment advisor if you are in doubt about such investments or investment services. Unit 2701. For more information on our structure. having registered address at 990 Abdulrahim Place. CS accepts no liability for loss arising from the use of the material presented in this report. India. This report may contain material that is not directed to. that (1) the views expressed in this report accurately reflect his or her personal views about all of the subject companies and securities and (2) no part of his or her compensation was. and reach different conclusions from. Those communications reflect the different assumptions. CS has not reviewed any such site and takes no responsibility for the content contained therein. is or will be directly or indirectly related to the specific recommendations or views expressed in this report. management. This report is being distributed in Germany by Credit Suisse Securities (Europe) Limited Niederlassung Frankfurt am Main regulated by the Bundesanstalt fuer Finanzdienstleistungsaufsicht ("BaFin"). Indeed. or a representation that any investment or strategy is suitable or appropriate to your individual circumstances.Disclosure Appendix Analyst Certification Dong Tao and Weishen Deng each certify. Non-U. This report has been prepared and issued for distribution in Singapore to institutional investors. All rights reserved. Investment principal on bonds can be eroded depending on sale price or market price. dealer. CS may. Those losses may equal your original investment. The value of securities and financial instruments is subject to exchange rate fluctuation that may have a positive or adverse effect on the price or income of such securities or financial instruments. S. Accessing such website or following such link through this report or CS's website shall be at your own risk. and further details as to where this may be the case are available upon request in respect of this report. but CS makes no representation as to their accuracy or completeness. transmitted to. or other material interest. This report does not constitute investment advice by Credit Suisse to the clients of the distributing financial institution. Such address or hyperlink (including addresses or hyperlinks to CS's own website material) is provided solely for your convenience and information and the content of any such website does not in any way form part of this document. Any investor interested in purchasing a structured product should conduct their own investigation and analysis of the product and consult with their own professional advisers as to the risks involved in making such a purchase. Except to the extent to which the report refers to website material of CS. legal. This report is issued and distributed in Europe (except Switzerland) by Credit Suisse Securities (Europe) Limited. but not limited to. None of the material. financial and political factors (including. In jurisdictions where CS is not already registered or licensed to trade in securities. Some investments may not be readily realisable and it may be difficult to sell or realise those investments. England. participate or invest in financing transactions with the issuer(s) of the securities referred to in this report.A. Ceejay House. Mumbai 18. the issuance of municipal securities. to which such an investment is exposed. Principal is not guaranteed. When you purchase non-listed Japanese fixed income securities (Japanese government bonds. or an associate of CS or CS may be the only market maker in such investments. Bangrak. 66.com/who_we_are/en/. CS may have issued. Information and opinions presented in this report have been obtained or derived from sources believed by CS to be reliable. Japanese government guaranteed bonds. Structured securities are complex instruments. Taipei Securities Branch. and/or have a position or holding. there are bonds on which investment principal can be eroded due to changes in redemption amounts. the Financial Advisers Regulations and the relevant Notices and Guidelines issued thereunder. Credit Suisse Equities (Australia) Limited. Any services CS provides to municipalities are not viewed as "advice" within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. accounting or tax advice. Commission is the commission rate or the amount agreed with a customer when setting up an account or at any time after that. a member of Japan Securities Dealers Association. One Cabot Square. or its affiliates. All material presented in this report. any or all of the entities mentioned in this report or may be providing. All trademarks. and neither Credit Suisse AG. INF010970631). in consequence. (transactions related to the securities mentioned in this report will only be effected in compliance with applicable regulation). or intended for distribution to or use by. Copyright © 2013 CREDIT SUISSE AG and/or its affiliates. state. Chapter 110 of Singapore (the “FAA”). is under copyright to CS. availability or use would be contrary to law or regulation or which would subject Credit Suisse AG or its affiliates ("CS") to any registration or licensing requirement within such jurisdiction. accredited investor. PT Credit Suisse Securities Indonesia. Additional information is. Worli. you may be required to pay more money to support those losses. value of and income from any of the securities or financial instruments mentioned in this report can fall as well as rise. Bangkok 10500. Road. In addition.. unless specifically indicated otherwise. or of an investment adviser to provide investment advisory services to or on behalf of the municipality. any person or entity who is a citizen or resident of or located in any locality. Director-General of Kanto Local Finance Bureau (Kinsho) No. in Mexico by Banco Credit Suisse (México). Please note that this research was originally prepared and issued by CS for distribution to their market professional and institutional investor customers. Credit Suisse AG. nor any copy of it. London E14 4QJ. Investors in securities such as ADR's. If this report is being distributed by a financial institution other than Credit Suisse AG. Seoul Branch. between any municipality (including the officials. municipal advisor. In addition. and is also distributed by Credit Suisse AG. to whom they should direct any queries on +603 2723 2020. similarly it may prove difficult for you to obtain reliable information about the value. This research may not conform to Canadian disclosure requirements. CS does not advise on the tax consequences of investments and you are advised to contact an independent tax adviser. and their respective officers. Silom. accredited investors and expert investors (each as defined under the Financial Advisers Regulations) only.B. Some investments discussed in this report may have a high level of volatility. U. and the credit quality of any issuer or reference issuer.credit-suisse. Singapore Branch. Past performance should not be taken as an indication or guarantee of future performance. Japan Investment Advisers Association. Type II Financial Instruments Firms Association. . to the extent permitted by law. in Switzerland by Credit Suisse AG. Singapore branch is exempted from complying with certain compliance requirements under the Financial Advisers Act. that financial institution is solely responsible for distribution. with respect to the companies or securities that he or she analyzes. Please note in particular that the bases and levels of taxation may change. the information presented in this report.+91-22 6777 3777. subject to duties of confidentiality. available on request. is made regarding future performance. In addition. served as manager or co-manager of a public offering of securities for. The Financial Futures Association of Japan. Income yields from investments may fluctuate and. Japanese municipal bonds. market conditions and volatility. or otherwise constitutes a personal recommendation to you. or effect transactions. typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved. Singapore branch may provide to you. elsewhere in Asia/ Pacific by whichever of the following is the appropriately authorised entity in the relevant jurisdiction: Credit Suisse (Hong Kong) Limited. and no representation or warranty. Rama IV Road. The price. it may make markets in the securities mentioned in the material presented in this report. Disclaimer References in this report to Credit Suisse include all of the subsidiaries and affiliates of Credit Suisse operating under its investment banking division. including suggesting individual transactions or trades and entering into such transactions. employees or agents thereof) and CS for CS to provide advice to the municipality. which is regulated in the United Kingdom by The Financial Services Authority ("FSA"). Nothing in this report constitutes investment. nor its content. CS may not have taken any steps to ensure that the securities referred to in this report are suitable for any particular investor. customers wishing to effect a transaction should do so only by contacting a representative at Credit Suisse Securities (USA) LLC in the U. This research may relate to investments or services of a person outside of the UK or to other matters which are not regulated by the FSA or in respect of which the protections of the FSA for private customers and/or the UK compensation scheme may not be available. in such securities or options thereon. its affiliates. or contain hyperlinks to. spot and forward interest and exchange rates). customers wishing to effect a transaction should contact a CS entity in their local jurisdiction unless governing law permits otherwise. CS may provide various services to US municipal entities or obligated persons ("municipalities"). Clients of that institution should contact that institution to effect a transaction in the securities mentioned in this report or require further information. Recipients who are not market professional or institutional investor customers of CS should seek the advice of their independent financial advisor prior to taking any investment decision based on this report or for any necessary explanation of its contents. service marks and logos used in this report are trademarks or service marks or registered trademarks or service marks of CS or its affiliates.S. accounting and legal advisors regarding any such services provided by CS. or currently may make a primary market in issues of. transactions will only be effected in accordance with applicable securities legislation. country or other jurisdiction where such distribution. Credit Suisse Securities (Malaysia) Sdn Bhd. websites. which will vary from jurisdiction to jurisdiction and may require that the trade be made in accordance with applicable exemptions from registration or licensing requirements. Taipei Securities Branch has been prepared by a registered Senior Business Person. expert investor or overseas investor. Care is required when investing in such instruments.A. and may in the future issue. Credit Suisse Securities (India) Private Limited regulated by the Securities and Exchange Board of India (registration Nos. In connection with the provision of the any such services. +66 2614 6000. in the case of some investments the potential losses may exceed the amount of initial investment and. This report is being distributed in the United States and Canada by Credit Suisse Securities (USA) LLC. significant advice or investment services in relation to the investment concerned or a related investment. High volatility investments may experience sudden and large falls in their value causing losses when that investment is realised. you will be requested to pay the purchase price only. publication. The market value of any structured security may be affected by changes in economic. initial capital paid to make the investment may be used as part of that income yield. having registered address at 9th Floor. INB230970637. Credit Suisse Securities (Thailand) Limited. Credit Suisse AG.A or its affiliates. This report may provide the addresses of. or have provided within the previous 12 months. or investment adviser for the purpose of obtaining or retaining an engagement by the municipality for or in connection with Municipal Financial Products. Municipalities should consult with their financial. views and analytical methods of the analysts who prepared them and CS is under no obligation to ensure that such other communications are brought to the attention of any recipient of this report. CS is providing any such services and related information solely on an arm's length basis and not as an advisor or fiduciary to the municipality. Credit Suisse Securities (Europe) Limited. other communications that are inconsistent with. in such circumstances. effectively assume this risk. Information. Financial Instruments Firm. please use the following link: https://www. may be altered in any way. By virtue of your status as an institutional investor. time to maturity. perform services for or solicit business from such issuers. directors and employees accept any liability whatsoever for any direct or consequential loss arising from their use of this report or its content.S. in Brazil by Banco de Investimentos Credit Suisse (Brasil) S. tools and material presented in this report are provided to you for information purposes only and are not to be used or considered as an offer or the solicitation of an offer to sell or to buy or subscribe for securities or other financial instruments. Credit Suisse Securities (Philippines ) Inc. INF230970637. Singapore branch to overseas investors (as defined under the Financial Advisers Regulations). T.Dr. copied or distributed to any other party. Credit Suisse AG.

Sign up to vote on this title
UsefulNot useful