Latest news with #BarclaysCapital
Forbes
13-07-2025
- Business
- Forbes
Economists Are The Only Barrier To A Return To The Gold Standard
SEOUL, REPUBLIC OF KOREA: Gold bars are displayed at Shinhan Bank in Seoul on 09 January 2004. Gold ... More prices hit 544.60 dollars per ounce on January 09, 2006, the highest level since January 1981, owing to geopolitical tensions in the Middle East and reports that China may increase its reserves of the metal. "Geopolitical tensions continue to provide reasons to be positive on gold, with deteriorating situations in both Iran and Iraq, while the possibility of Israels Prime Minister Ariel Sharon not returning to office causes concerns over the Middle East peace progress," said Barclays Capital analyst Yingxi Yu. AFP PHOTO/JUNG YEON-JE (Photo credit should read JUNG YEON-JE/AFP via Getty Images) AFP via Getty Images At least 66 countries peg their currencies to the dollar. The previous number undercounts the actual number. Figure that the growth of cryptocurrencies is largely a dollar peg story (think stablecoins), which means even more of the world is pegged to the U.S. dollar. Which is the point. As Nathan Lewis has long observed, the 'yes, but' arguments against a gold standard are completely bogus. To see why, contemplate the dollar once again. From 1944 to 1971, the dollar was pegged to gold at 1/35th of a gold ounce and the world's currencies were largely pegged to the dollar. Assuming Treasury secretary Scott Bessent were to announce a plan for substantial currency-price stability by tying the dollar's value to a fixed amount of the constant that is gold, it's no reach to speculate that much of the world would follow such a move by pegging their currencies to gold through their existing dollar pegs. This rates mention in the aftermath of a recent Monetarium event put on by Confusion Capital in Washington, D.C. The event was titled 'The Debt, the Dollar, and Our Options From Here.' Participants included a few former senators, a billionaire, CEOs, think tank types, etc. While conversation centered around what to do if and when the national debt leads to a dollar crack-up (my upcoming book, The Deficit Delusion , argues that the crisis narrative is backwards, that the real problem is way too much tax revenue now and in the future), the gold standard only rated mention (with some frequency) insofar as it was described as the one fix that would never happen. This didn't, nor does it ring true. Economists in particular dismiss the gold notion for obvious, easy-to-discredit reasons. For one, they claim a dollar tied to gold would limit so-called 'money supply.' No, not true. The only limit to money in circulation is production. Money is an effect of production (that's why there's so much in Palo Alto, CA, and so relatively little in El Monte, CA), and it's always where production is. This would be even truer with a dollar pegged to gold. If anything, dollars circulating would skyrocket to reflect the happy fact that savers would no longer need to hedge their currency exposure in wealth that already exists (think hard assets like land, rare art, housing, and – yes – gold), and would instead feel freer to invest in equities representing wealth that doesn't yet exist . Under such a scenario, production would rapidly increase as would dollars facilitating same. Markets at work. Still others claim all the debt would make a gold standard a non-starter, that the debt itself has only been possible without a gold standard. Quite the opposite. The national debt is just income streams in dollars months, years and decades in the future. If the dollar were more credible thanks to a gold definition, interest in Treasury income streams would be much greater. Which brings us to economists. They don't want a gold standard precisely because money with a strict definition via gold would render their raison d'etre anything but. Even allegedly 'free market' economists (see the laughable 'market monetarist' religion within the PhD crowd) see a center planner when they look in the mirror, thus the alleged 'impossibility' of a gold standard. Call the presumed impossibility of a gold standard a full employment act for economists. The world is pegged to the dollar either implicitly or explicitly. This would only become more viable and growth-oriented if the dollar had a more trusted definition. The barrier to a gold standard is economists rendered even more irrelevant by one, nothing else.
Yahoo
05-07-2025
- Business
- Yahoo
Reform MP James McMurdock resigns whip over allegations of business impropriety
A Reform UK MP has resigned the party whip pending an investigation into allegations of business impropriety before he was elected, the party's chief whip has said. James McMurdock will sit as an independent while a probe takes place over the allegations, which he said are likely to emerge in the press this weekend. Reform's chief whip Lee Anderson said: 'At Reform UK we take these matters very seriously and James has agreed to cooperate in full with any investigation.' It leaves Nigel Farage's insurgent right-wing party again with just four MPs, with Reform previously suspended Rupert Lowe for criticising the arch-Brexiteer's leadership. The suspension comes just one year after Mr McMurdock entered parliament almost by accident, having agreed to stand in the general election as a so-called paper candidate. He won his South Basildon and East Thurrock seat by 98 votes, having given up a high-paying job at a financial firm in the City of London to become an MP. The 38-year-old, who has previously worked for Barclays Capital, Goldman Sachs and Lehman Brothers, specialising in energy, infrastructure, and manufacturing, ran his campaign with only the help of his parents.
The Independent
05-07-2025
- Business
- The Independent
Reform MP James McMurdock resigns whip over allegations of business impropriety
A Reform UK MP has resigned the party whip pending an investigation into allegations of business impropriety before he was elected, the party's chief whip has said. James McMurdock will sit as an independent while a probe takes place over the allegations, which he said are likely to emerge in the press this weekend. Reform's chief whip Lee Anderson said: 'At Reform UK we take these matters very seriously and James has agreed to cooperate in full with any investigation.' It leaves Nigel Farage's insurgent right-wing party again with just four MPs, with Reform previously suspended Rupert Lowe for criticising the arch-Brexiteer's leadership. The suspension comes just one year after Mr McMurdock entered parliament almost by accident, having agreed to stand in the general election as a so-called paper candidate. He won his South Basildon and East Thurrock seat by 98 votes, having given up a high-paying job at a financial firm in the City of London to become an MP. The 38-year-old, who has previously worked for Barclays Capital, Goldman Sachs and Lehman Brothers, specialising in energy, infrastructure, and manufacturing, ran his campaign with only the help of his parents.
Yahoo
24-06-2025
- Business
- Yahoo
The United Mexican States Announces Pricing of its New Notes and Purchase Prices for its Tender Offer
Filed pursuant to Rule 433 Registration Statement No. 333-282373 June 23, 2025 MEXICO CITY, June 23, 2025 (GLOBE NEWSWIRE) -- New Notes Offering The United Mexican States ('Mexico') announced today that it priced a global offering (the 'New Notes Offering') of U.S.$3,949,715,000 aggregate principal amount of its 5.850% Global Notes due 2032 (the '2032 New Notes') and U.S.$2,850,768,000 aggregate principal amount of its 6.625% Global Notes due 2038 (the '2038 New Notes' and, together with the 2032 New Notes, the 'New Notes'). The aggregate principal amount of New Notes includes approximately U.S.$1,449,715,000 of 2032 New Notes and U.S.$850,768,000 of 2038 New Notes intended to fund the purchase of preferred tenders and non-preferred tenders, if accepted, in the concurrent tender offer described below, and the amount of New Notes issued may be adjusted based on final acceptances in the tender offer. The closing of the New Notes Offering is expected to occur on Wednesday, July 2, 2025. Barclays Capital Inc., BBVA Securities Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC and Morgan Stanley & Co. LLC served as Joint Lead Underwriters for the New Notes Offering. The New Notes Offering was made only by means of a preliminary prospectus supplement and an accompanying base prospectus. Copies of the preliminary prospectus supplement, the final prospectus supplement (when filed) and the related base prospectus for the New Notes Offering may be obtained from: Barclays Capital Inc., by calling +1 (212) 528-7581, BBVA Securities Inc., by calling +1 (212) 728-2446, Goldman Sachs & Co. LLC, by calling +1 (212) 357-1452, Mizuho Securities USA LLC, by calling +1 (212) 205-7741 or Morgan Stanley & Co., by calling +1 (212) 761-1057. Application will be made for the New Notes to be admitted to listing on the Luxembourg Stock Exchange and admitted to trading on the Euro MTF Market of the Luxembourg Stock Exchange. Tender Offer Mexico's previously announced tender offer (the 'Tender Offer') to purchase its outstanding notes of the series set forth in the tables below (collectively, the 'Old Notes' and each, a 'series' of Old Notes) on the terms and subject to the conditions contained in the Offer to Purchase, dated Monday, June 23, 2025 (the 'Offer to Purchase'), expired as scheduled for Non-Preferred Tenders at 12:00 noon, New York City time, today and for Preferred Tenders, at 2:00 p.m., New York City time, today. All capitalized terms used but not defined under the heading 'Tender Offer' in this communication have the respective meanings specified in the Offer to Purchase. The purchase prices to be paid for each series of the Old Notes validly tendered and accepted pursuant to the Tender Offer were calculated in accordance with the procedures set forth in the Offer to Purchase and Mexico's press release issued today, based on (i) the U.S. Treasury Rate for such series, which is a yield to maturity (or par call date) based on the bid-side price of the Reference U.S. Treasury Security identified for such series in the tables below and (ii) the fixed spread for such series set forth in the tables below. Table 1: Tranche A Old Notes Old Notes Outstanding Principal Amount as of Friday, June 20, 2025 ISIN CUSIP Reference U.S. Treasury Security U.S. Treasury Rate Fixed Spread (basis points) Purchase Price(1) 4.150% Global Notes due 2027 U.S.$2,374,850,000.00 US91087BAC46 91087B AC4 3.875% due 5/31/2027 3.863% +47 U.S.$996.88 3.750% Global Notes due 2028 U.S.$1,878,402,000.00 US91087BAE02 91087B AE0 3.875% due 6/15/2028 3.810% +59 U.S.$984.50 5.400% Global Notes due 2028 U.S.$1,250,000,000.00 US91087BAU44 91087B AU4 3.875% due 6/15/2028 3.810% +61 U.S.$1,023.28 4.500% Global Notes due 2029 U.S.$3,085,643,000.00 US91087BAF76 91087B AF7 4.000% due 5/31/2030 3.910% +93 U.S.$988.20 5.000% Global Notes due 2029 U.S.$1,000,000,000.00 US91087BAY65 91087B AY6 4.000% due 5/31/2030 3.910% +91 U.S.$1,006.13(1) Per $1,000 principal amount of Tranche A Old Notes validly tendered and accepted for purchase. Holders will also receive Accrued Interest on Old Notes validly tendered and accepted for purchase. Table 2: Tranche B Old Notes Old Notes Outstanding Principal Amount as of Friday, June 20, 2025 ISIN CUSIP Reference U.S. Treasury Security U.S. Treasury Rate Fixed Spread (basis points) Purchase Price(1) 3.250% Global Notes due 2030 U.S.$2,259,237,000.00 US91087BAH33 91087B AH3 4.000% due 5/31/2030 3.910% +114 U.S.$923.95 6.000% Global Notes due 2030 U.S.$2,000,000,000.00 US91087BBB53 91087B BB5 4.000% due 5/31/2030 3.910% +116 U.S.$1,039.16 2.659% Global Notes due 2031 U.S.$3,396,062,000.00 US91087BAM28 91087B AM2 4.000% due 5/31/2030 3.910% +142 U.S.$866.00 8.300% Global Notes due 2031 U.S.$1,156,895,000.00 US91086QAG38 91086Q AG3 4.000% due 5/31/2030 3.910% +100 U.S.$1,177.71(1) Per $1,000 principal amount of Tranche B Old Notes validly tendered and accepted for purchase. Holders will also receive Accrued Interest on Old Notes validly tendered and accepted for purchase. Tomorrow, Tuesday, June 24, 2025, Mexico expects (i) to instruct Goldman Sachs & Co. LLC as the Billing and Delivering Bank to accept, subject to proration and other terms and conditions as described in the Offer to Purchase, valid Preferred Tenders and Non-Preferred Tenders and (ii) to announce the Tranche A Maximum Purchase Amount, the Tranche B Maximum Purchase Amount, the Maximum Purchase Amount for each series, the aggregate principal amount of Preferred Tenders and Non-Preferred Tenders of each series of Old Notes that has been accepted and whether any proration has occurred. The Offer to Purchase may be downloaded from the Information Agent's website at or obtained from the Information Agent, D. F. King & Co., Inc., at ums@ or from any of the Dealer Managers. The Dealer Managers for the Tender Offer are: Barclays Capital Inc. 745 7th Ave New York, NY 10019 Tel: +1 (212) 528-7581 Toll Free: +1 (800) 438-3242 BBVA Securities Inc. Two Manhattan West 375 Ninth Avenue, 9th floor New York, NY 10001 Tel: +1 (212) 728-2446 Toll Free: +1 (800) 422-8692 Goldman Sachs & Co. LLC 200 West Street New York, NY 10282 Tel: +1 (212) 357-1452 Toll Free: +1 (800) 828-3182 Mizuho Securities USA LLC 1271 Avenue of the Americas New York, NY 10020 Tel: + (212) 205-7741 Toll Free: +1 (866) 271-7403 Morgan Stanley & Co. LLC 1585 Broadway Avenue New York, NY 10036 Tel: +1 (212) 761-1057 Toll Free: +1 (800) 624-1808 The Billing and Delivering Bank for this Tender Offer is: Goldman Sachs & Co. LLC. Questions regarding the Tender Offer may be directed to the Dealer Managers at the above contact. * * * Mexico has filed a registration statement (including the prospectus) and the preliminary prospectus supplement with the SEC for the New Notes Offering. Before you invest, you should read the prospectus in that registration statement and other documents Mexico has filed with the SEC for more complete information about Mexico and the New Notes Offering. You may get these documents for free by visiting EDGAR on the SEC website at Alternatively, the Joint Lead Underwriters, the Dealer Managers or the Information Agent, as the case may be, will arrange to send you the prospectus supplement and the prospectus if you request it by calling any one of them at the numbers specified above. Important Notice The distribution of materials relating to the New Notes Offering and the Tender Offer and the transactions contemplated by the New Notes Offering and the Tender Offer may be restricted by law in certain jurisdictions. Each of the New Notes Offering and the Tender Offer is void in all jurisdictions where it is prohibited. If materials relating to the New Notes Offering or the Tender Offer come into your possession, you are required by Mexico to inform yourself of and to observe all of these restrictions. The materials relating to the New Notes Offering or the Tender Offer, including this communication, do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law. If a jurisdiction requires that the New Notes Offering or the Tender Offer be made by a licensed broker or dealer and a Dealer Manager or any affiliate of a Dealer Manager is a licensed broker or dealer in that jurisdiction, the New Notes Offering or the Tender Offer, as the case may be, shall be deemed to be made by the Dealer Manager or such affiliate on behalf of Mexico in that jurisdiction. Owners who may lawfully participate in the Tender Offer in accordance with the terms thereof are referred to as 'holders.' This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. The offering of these securities will be made only by means of the preliminary prospectus and the accompanying prospectus supplement and prospectus. The New Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area ('EEA'). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, 'MiFID II'); or (ii) a customer within the meaning of Directive (EU) 2016/97, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the 'PRIIPs Regulation') for offering or selling the New Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the New Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. The New Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investors in the United Kingdom ('UK'). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended, 'EUWA'); or (ii) a customer within the meaning of the provisions of the UK Financial Services and Markets Act 2000 (as amended, the 'FSMA') and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA. Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended) as it forms part of domestic law by virtue of the EUWA (as amended, the 'UK PRIIPs Regulation') for offering or selling the New Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the New Notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation. Neither this communication, the preliminary prospectus supplement, the Offer to Purchase nor any other offer material relating to the New Notes Offering or the Tender Offer has been approved by an authorized person for the purposes of section 21 of the FSMA. This communication, the preliminary prospectus supplement and the Offer to Purchase are only being distributed to and are only directed at (i) persons who are outside the UK or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the 'Order') or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as 'relevant persons'). The New Notes will only be available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such notes will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this communication, the preliminary prospectus supplement, the Offer to Purchase or any of their contents. In Belgium, the New Notes Offering and the Tender Offer are not directly or indirectly, being made to, or for the account of, any person other than to qualified investors (gekwalificeerde beleggers/investisseurs qualifiés) within the meaning of Article 2(e) Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC. (Règlement (UE) 2017/1129 du 14 juin 2017 du Parlement européen et du Conseil concernant le prospectus à publier en cas d'offre au public de valeurs mobilières ou en vue de l'admission de valeurs mobilières à la négociation sur un marché réglementé, et abrogeant la directive 2003/71/CE / Verordening (EU) 2017/1129 van het Europees Parlement en de Raad van 14 juni 2017 betreffende het prospectus dat moet worden gepubliceerd wanneer effecten aan het publiek worden aangeboden of tot de handel op een gereglementeerde markt worden toegelaten en tot intrekking van Richtlijn 2003/71/EG), as amended or replaced from time to time (Belgian Qualified Investor), that do not qualify as consumers (consumenten/consommateurs) within the meaning of Article I.1, 2° of the Belgian Code of Economic Law of February 28, 2013 (Wetboek van economisch recht/Code de droit économique), as amended or replaced from time to time (Consumers). A Consumer within the meaning of Article I.1, 2° of the Belgian Code of Economic Law is any natural person who is acting for purposes which are outside their trade, business, craft or profession. As a result, the New Notes Offering and the Tender Offer do not constitute a public takeover bid pursuant to Articles 3, §1, 1° and 6, § 1 of the Belgian law of April 1, 2007 on public takeover bids (Wet op de openbare overnamebiedingen/Loi relative aux offres publiques d'acquisition), as amended or replaced from time to time. Consequently, the New Notes Offering and the Tender Offer and any material relating thereto have not been and will not be, notified or submitted to, nor approved by the Belgian Financial Services and Markets Authority (Autoriteit voor Financiële Diensten en Markten/Autorité des Services et Marchés Financiers) pursuant to the Belgian laws and regulations applicable to the public offering or tendering of securities. The New Notes Offering and the Tender Offer as well as any materials relating thereto may not be advertised, nor distributed, directly or indirectly, to any person in Belgium other than Belgian Qualified Investors acting for their own account who are not Consumers, and may not be used in connection with any offering in Belgium except as may otherwise be permitted by law. The New Notes and the Old Notes will not be registered under Chilean Law No. 18,045, as amended, with the (Financial Market Commission of Chile, or 'CMF') and, accordingly, the New Notes and the Old Notes cannot and will not be offered or sold to persons in Chile except in circumstances which have not resulted and will not result in a public offering under Chilean law, and in compliance with (Rule) No. 336, dated June 27, 2012, issued by the CMF. The New Notes may not be offered, sold or negotiated in Colombia, except in compliance with Part 4 of Decree 2555 of 2010. The Offer to Purchase and the New Notes Offering do not constitute and may not be used for, or in connection with, a public offering as defined under Colombian law. The New Notes Offering and the Tender Offer have not been and will not be approved by the Danish Financial Supervisory Authority, as neither constitute a public offer in accordance with the EU Prospectus Regulation (Regulation (EU) 2017/1129) nor the Danish Capital Market Act. This announcement does not constitute an offer to the public in France. It is not a prospectus within the meaning of the Prospectus Regulation. No prospectus (including any amendment, supplement or replacement thereto) has been prepared in connection with the New Notes Offering that has been approved by the French ('AMF') or by the competent authority of another Member State of the EEA and notified to the AMF under the Prospectus Regulation; the materials relating to the New Notes have not been distributed or caused to be distributed and will not be released, issued or distributed or caused to be released, issued or distributed, directly or indirectly, to the public in France, or used in connection with any offer for subscription, exchange or sale of the notes to the public in France. Any such offers, sales and distributions have been and shall only be made in France to (i) qualified investors () acting for their own account, and/or to (ii) investment services providers authorized to engage in portfolio management services on behalf of third parties and/or to (iii) a limited group of investors () acting for their own account, all as defined in, and in accordance with, Articles L.411-2, II, D.411-1, D.411-4, D.744-l, D.754-l and D.764-1 of the French . In the event that the New Notes purchased or subscribed by investors listed above are offered or resold, directly or indirectly, to the public in France, the conditions relating to public offers set forth in Articles L.411-1, L.411-2, L.412-1 and L.621-8 to L.621-8-3 of the French must be complied with. Investors in France and persons into whose possession offering materials come must inform themselves about, and observe, any such restrictions. In the Federal Republic of Germany ('Germany'), this communication and the Tender Offer are directed exclusively at existing holders of the Old Notes. Neither the Offer to Purchase nor the prospectus supplement or the base prospectus constitutes a prospectus compliant with the Prospectus Regulation. No prospectus () within the meaning of the Prospectus Regulation and the German Securities Prospectus Act () or any other applicable laws in Germany has been or will be published in Germany, nor has any prospectus or prospectus supplement been filed with, approved by or notified to the German Federal Financial Supervisory Authority () for publication in Germany. The prospectus supplement is strictly for use of the person who has received it. It may not be forwarded to other persons or published in Germany. With respect to persons in Hong Kong, the New Notes Offering and the Tender Offer are only made to, and are only capable of acceptance by, 'professional investors' within the meaning of the Securities and Futures Ordinance (Cap. 571) of Hong Kong (the 'SFO') and any rules made thereunder. No person or entity may issue or have in its possession for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to the New Notes, Old Notes or the Tender Offer, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to the Old Notes which are or are intended to be tendered, or New Notes which are intended to be purchased, only by persons outside Hong Kong or only by 'professional investors' as defined in the SFO and any rules made under thereunder. The Old Notes and the New Notes, and the Offer to Purchase and the New Notes Offering prospectus supplement, and any other documents or materials related to such offers have not and will not be registered with the Italian Securities Exchange Commission (, or 'CONSOB') pursuant to applicable Italian laws and regulations. The Offer to Purchase and the New Notes Offering are being carried out pursuant to the exemptions provided for, with respect to the Offer to Purchase, in Article 101 bis, paragraph 3 bis of Legislative Decree No. 58 of 24 February 1998, as amended (the 'Consolidated Financial Act') and Article 35 bis, paragraph 4, of CONSOB Regulation No. 11971 of 14 May 1999, as amended; and, with respect to the New Bonds Offering, in Article 1, paragraph 4, letter c), of Regulation (EU) 2017/1129. Holders or beneficial owners of the Old Notes that are resident and/or located in Italy can tender the Old Notes for purchase, and the New Notes Offerings can be offered, sold and delivered, through authorized persons (such as investment firms, banks or financial intermediaries permitted to conduct such activities in Italy in accordance with Regulation (EU) 2017/1129, the Consolidated Financial Act, the CONSOB Regulation No. 20307 of 15 February 2018, as amended, and Legislative Decree No. 385 of September 1, 1993, as amended) and in compliance with any other applicable laws and regulations or with any requirements imposed by CONSOB or any other Italian authority. Each intermediary must comply with the applicable laws and regulations concerning information duties vis à vis its clients in connection with the bonds or the relevant offering. Neither the Offer to Purchase, nor any other documents or materials relating to the Offer to Purchase have been approved by or will be submitted for the approval of, the Mexican National Banking and Securities Commission (, or the 'CNBV') and, the New Notes have not been and will not be registered with the Mexican National Securities Registry () maintained by the CNBV, and therefore the Old Notes and New Notes have not and may not be offered or sold publicly in Mexico. However, investors that qualify as institutional or qualified investors pursuant to the private placement exemption set forth in Article 8 of the Mexican Securities Market Law (), may be contacted in connection with, and may participate in the Offer to Purchase, and can be offered with or purchase New Notes. The participation in the Offer to Purchase or the acquisition of New Notes will be made under such investor's own responsibility. In Norway, the New Notes Offering and the Tender Offer are made only in accordance with applicable exemptions from the requirement to prepare a prospectus or offer document in accordance with the Norwegian Securities Trading Act. Accordingly, the New Notes Offering and the Tender Offer have not been and will not be filed with or approved by the Norwegian Financial Supervisory Authority, the Oslo Stock Exchange or the Norwegian Registry of Business Enterprises. The Tender Offer is not intended for any person who is not qualified as an institutional investor, in accordance with provisions set forth in Resolution SMV No. 021-2013-SMV-01 issued by (Superintendency of Capital Markets) of Peru, and as subsequently amended. No legal, financial, tax or any other kind of advice is hereby being provided. None of the offer materials related to the New Notes Offering or Tender Offer have been approved or registered in the administrative registries of the Spanish Securities Market Commission (). Consequently, the securities may not be offered, sold or distributed in Spain except in circumstances which do not constitute a public offer of securities in Spain within the meaning of Article 35 of the restated text of the Securities Markets Act approved by Royal Legislative Decree 4/2015, dated October 23, 2015 (), Royal Decree 1310/2005, dated November 4, 2005 (), or otherwise in reliance on an exception from registration available thereunder. The prospectus supplement is not intended to constitute an offer or solicitation to purchase or invest in the New Notes described therein in Switzerland, except as permitted by law. The New Notes may not be publicly offered, directly or indirectly, in Switzerland within the meaning of the Swiss Financial Services Act ('FinSA') and will not be admitted to any trading venue (exchange or multilateral trading facility) in Switzerland. Neither the prospectus supplement nor any other offering or marketing material relating to the New Notes constitutes a prospectus as such term is understood pursuant to the FinSA, and neither the prospectus supplement nor any other offering or marketing material relating to the New Notes may be publicly distributed or otherwise made publicly available in Switzerland. The New Notes Offering and the Tender Offer qualifies as a private placement pursuant to section 2 of Uruguayan law 18.627. The New Notes and the Old Notes are not and will not be registered with the Central Bank of Uruguay to be publicly offered in Uruguay. Contact information: D. F. King & Co., Inc. 28 Liberty, Floor 53 New York, NY 10005E-mail: ums@ Collect: +1-212-269-5550Call Toll-Free: +1-800-791-3320website: ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR AFTER THIS MESSAGE ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
16-06-2025
- Business
- Globe and Mail
Bank of Nova Scotia: Barclays Capital Lowers Valuation on Headwinds
Bank of Nova Scotia (BNS:CA) (BNS) Barclays Capital has lowered its 12 month target forecast for Bank of Nova Scotia from C$81 to C$78, reflecting a more cautious outlook on the bank's ability to achieve its medium-term strategic objectives in the face of mounting economic challenges. While Barclays has not changed its overall rating, the downward revision signals a degree of skepticism about the near-to-mid-term growth trajectory of one of Canada's largest financial institutions. The adjustment comes amid concerns about a slowing Canadian economy, which is expected to weigh on consumer spending, business activity, and overall loan demand. In particular, Barclays flagged headwinds related to mortgage repricing, which could compress net interest margins as fixed-rate mortgages reset at higher rates, increasing financial strain on borrowers and potentially leading to higher credit losses. Moreover, the bank's international operations, particularly in Latin America, may face increased volatility due to currency risks and varying regional economic pressures. While Bank of Nova Scotia has been pursuing a strategic transformation—including digital modernization and operational efficiencies—Barclays believes these initiatives may take longer than previously expected to bear fruit, especially in the current economic environment. Overall, the revised price target reflects a more conservative stance on earnings potential and shareholder returns in the short to medium term, while still recognizing the bank's long-term value proposition and capital strength.
