Bonds

Information quoted is from publicly available sources or proprietary data and subject to change without notice. This information is neither an offer to sell, purchase or subscribe for any investment nor a solicitation of such an offer. HSBC accepts no liability for any loss or damage arising out of the use of all or part of this material. This information is general and does not take into account a person's individual circumstances, objectives or needs.

The price of bonds can and does fluctuate, and any individual bond may experience upward or downward movements, and may even become valueless. There is an inherent risk that losses may be incurred rather than profit made as a result of buying and selling bonds. The secondary market for bonds may not provide significant liquidity or may trade at prices based on prevailing market conditions. Past performance is not a reliable indicator of future performance.

If you choose to invest in bonds, you are taking on the risk that the issuer of the bond may default on its repayment obligations. The holder of the bonds bears the credit risk of the issuer and has no recourse to HSBC unless the latter is the issuer itself. The decision to place the investment should be based on your own judgment without relying on any material provided or advice given by the bank or its representative. You should consider these matters and consult your financial adviser prior to making any investment decisions.

This document is provided for information only and is not intended as an offer to buy or sell securities. Opinions and estimates expressed are subject to change without notice and HSBC expressly disclaims any and all liability for representation or warranties, expressed or implied, contained herein or for omissions. As this document is circulated to all clients, the specific investment objectives, personal situation and particular needs of any specific person have not been taken into consideration. HSBC does not but may from time to time have an interest in the securities and may hold long or short positions for its own account or those of its clients.

All submitted orders will be transmitted to Interactive Brokers (U.K.) Limited, acting in their capacity as your broker. All holdings within your Investment Account will be held by Interactive Brokers (U.K.) Limited, acting in their capacity as your custodian.