- The valuations contained in this document are provided by Nomura International plc (“NIplc”) which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, and is a member of the London Stock Exchange. This document is not intended for retail clients for the purposes of applicable regulatory rules in the European Economic Area.
- Valuations provided may be based upon a number of factors including, but not limited to, current prices quoted, valuation of underlying assets, market liquidity, NIplc and affiliates’ proprietary models and assumptions (which are subject to change without notice) and publicly available information. All assumptions, opinions and estimates constitute NIplc’s judgment as of this date and are subject to change without notice. In particular:
- Exchange traded products including those traded on liquid OTC markets are based on mid-market prices. Where NIplc has a position in the instrument being valued, the valuation reflects pricing in NIplc’s books and records, subject to applicable bid-offer spreads for that instrument. Where NIplc does not have a position in the instrument being valued, the mid-market valuation is based on a price that reflects the trader’s best estimate of the mid-market price.
- Illiquid and structured products (such as CMBS tranche notes) are valued based on proprietary models whose inputs for the underlying instruments use observable market prices and our own parameter estimates. Where NIplc has a position in the instrument being valued, the valuation reflects the pricing in NIplc’s books and records, subject to the amortisation policy set out below. Unless otherwise stated, valuations do not represent prices at which such products have recently been quoted or traded by Nlplc or other dealers or the actual prices for recent transactions or termination or assignment of existing transactions. Because such products are not exchange traded and there is no widely-accepted quotation system, valuations generated from proprietary models may vary significantly from dealer to dealer or third-party valuation providers. Valuations based upon other models or assumptions or calculated as of another date and time or quantum may result in significantly different values.
Unless otherwise advised, NIplc applies a straight line amortisation policy of up to six months, for early unwind adjustments which are made to model-based valuations of illiquid and structured products. However, to comply with Japanese and US regulations, no amortisation is made to products sold to Japanese clients by Nomura Securities Co Ltd and US clients under the 15A6 arrangements with Nomura Securities Inc. Valuations regarding notes are exclusive of any accrued coupon; valuations for all other products are inclusive of any accrued coupon unless otherwise indicated.
- No representation is made as to the reasonableness of the assumptions or the accuracy or completeness of the models or information used. No representation is made that such values could actually be achieved upon disposal of the relevant securities or product(s) by you or that such values are in any way indicative of future performance. The values do not include adjustments for transaction and hedging costs, accounting offsets and provisions, liquidity or credit considerations or other significant factors external to NIplc or its affiliates’ valuation models and/or prices, which may change the actual values materially.
- These valuations are indicative (i.e., not actionable) and are not an offer to purchase or sell any instrument or enter into, transfer or assign, or terminate any transaction. These valuations may differ substantially from an actionable value, particularly in volatile market conditions. Nlplc does not represent that any transaction can or could have been effected at such valuations.
- NIplc and its affiliates do not provide accounting, tax or legal advice; such matters shall be discussed with your advisors and/or counsel. NIplc is acting in the capacity of an arm’s-length contractual counterparty to you in connection with any transaction NIplc may enter into with you, and not as a financial advisor or fiduciary. You should make your own determination regarding how such products should be valued and/or reflected on your books and records, or for any other purpose. These valuations should not be considered investment advice or any form of recommendation to buy, sell or subscribe for any instruments discussed herein.
- NIplc and its affiliates shall not be liable for any losses or expenses arising directly or indirectly out of the use of or reliance on the information set out herein. NIplc makes no warranty, express or implied, regarding these valuations including, but not limited to, warranties as to correctness, quality or accuracy of the valuations.
The valuations are provided as a courtesy and without compensation, and are intended solely for your private use only. They may not be reproduced, distributed to any third party or otherwise published (in the case of the information contained herein, insofar as reference is made to the fact that NIplc has provided the information) without the prior written consent of NIplc.
Please advise our Valuations Department on the email address ClientValuations@uk.nomura.com if you no longer require valuations on any of these securities, amend your contact details or requirements on securities to be reported.