Global Research Disclosures
This website provides clients of Standard Chartered Bank (SCB) and/or its affiliates with access to various disclosures required under the UK and EU Market Abuse Regulations (UK and EU MAR) regarding Investment Recommendations. An “Investment Recommendation” is defined under UK and EU MAR as “information recommending or suggesting an investment strategy, explicitly or implicitly, concerning one or several financial instruments or the issuers, including any opinion as to the present or future value or price of such instruments, intended for distribution channels or for the public”. UK and EU MAR requires that persons who produce or disseminate Investment Recommendations should be based on current public information that have been obtained from publicly available sources to ensure that Investment Recommendations (i) are objective and (ii) disclose their interests or indicate conflicts of interest concerning the securities or financial instruments to which it relates.
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12-month history for all Standard Chartered Research credit and rates recommendations is available upon request by emailing ResearchClientServices@sc.com.
Recommendation structure – Credit (effective 13 July 2020)
| Standard Chartered terminology | Impact | Definition | |
|---|---|---|---|
| Issuer recommendation | Overweight | Outperform | We expect the credit spreads of the issuer’s bond complex to <IMPACT> in comparison to other issuers in the relevant Bloomberg index over the next 6 months |
| Market weight | Perform in line | ||
| Underweight | Underperform |
Relevant Bloomberg indices
EM sovereigns: Bloomberg Emerging Markets Sovereign Total Return Index
EMEA corporates: Bloomberg EM USD Corporate Quasi Sov EMEA Index
Asia IG corporates: Bloomberg Asia Ex-Japan USD Credit Corporate IG
Asia HY corporates: Bloomberg Asia Ex-Japan USD Credit Corporate HY
Previous recommendation structure – Credit (effective prior to 13 July 2020)
| Standard Chartered terminology | Impact | Definition | |
|---|---|---|---|
| Issuer – Credit outlook | Positive | Improve | We expect the fundamental credit profile of the issuer to <IMPACT> over the next 12 months |
| Stable | Remain stable | ||
| Negative | Deteriorate |
Recommendation structure – Rates
| Standard Chartered terminology | Impact | Definition | |
|---|---|---|---|
| Issuer recommendation | Positive | Outperform | We expect the total return of the issuer's local-currency bond complex in USD terms to <IMPACT> in comparison to other issuers under our coverage* over the next 3 months |
| Neutral | Perform in line | ||
| Negative | Underperform |
*See https://research.sc.com/research/api/application/static/forecasts#rates for our full rates coverage universe and current recommendations.
Standard Chartered Research offers trade ideas with outright Buy or Sell recommendations on bonds as well as pair trade recommendations among bonds and/or CDS. In Trading Recommendations/Ideas/Notes, the time horizon is dependent on prevailing market conditions and may or may not include price targets.
Issuer recommendation history as of 25 April 2024 – Credit (within the past 12 months):
Issuer recommendation history as of 25 April 2024 – Rates (within the past 12 months):
* On 13 July 2020, SCB Credit Research changed its rating methodology from “credit outlook” (Positive, Negative, Stable) to “issuer recommendation” (Overweight, Market weight, Underweight), as described in the Definition Section of the Recommendation Structure above.
** Credit Outlook prior to 13 July 2020.
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