Non-collateralized Nature of Structured Products
When a CBBC is being called before expiry, there is no residual value for Category N CBBC, and investor may lose all his investment. Category R CBBC, however, may have possible residual value. The calculation of its residual value is as following:
Residual value of Bull contract = (The lowest underlying price in the observation period - strike price) / Conversion ratio
Residual value of Bear contract = (Strike price - the highest underlying price in the observation period) / Conversion ratio
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In respect of each issue of warrants and/or CBBCs issued by MBL, the terms and conditions of the warrants and/or CBBCs, together with financial and other information on the Issuer, are set out in the Base Listing Document and the relevant Supplemental Listing Document. Both the English version and Chinese translation of such documents are available in this internet site.
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Macquarie Capital Limited (C.E. No. AAC534) (“MCL”) is a market maker and/or liquidity provider of the exchange-traded options and/or warrants and/or CBBCs issued by MBL which relate to the securities of the listed corporation(s) referred to herein. MCL and its related bodies corporate or persons associated with those entities may maintain a long or short position in all securities, loans or other instruments referred to in the Material, or in other securities, loans or other instruments of issuers named in the Material, or in related derivatives. MCL may purchase, sell, make a market in or engage in other transactions involving such securities, loans or instruments of such issuers or related derivatives, and/or provide investment banking, credit or other services to any issuer named in the Material. MCL may be entitled to receive or have received a fee for the provision of such services.
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The prices/values shown in this site in relation to different series of warrants and/or CBBCs are based on the prices notified to MCL as the last sale price of the relevant securities on the Hong Kong Exchanges and Clearing Limited ("HKEx") as at the time and date shown. MCL has not verified some of the information contained on this website and it should be verified separately before relying on it. Prices and values shown herein may vary throughout the course of, and between, HKEx trading days. The actual prices/values may be different from the date on which the material on this page was prepared. Different prices might apply to warrants in your portfolio, or which you wish to purchase, at the time that you view this material. To the extent permitted by law, neither MCL nor any of its related entities or persons associated with those entities gives any warranty of reliability, accuracy or completeness in relation to the information contained in this website nor is any responsibility accepted for any loss or damage arising out of, or in relation to, this material or any print-out thereof, whether such loss or damage is caused by negligence or otherwise.
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Non-collateralized Nature of Structured Products
Macquarie Capital Limited (CE No. AAC 534) ("MCL") provides the information in good faith and derived from sources believed to be reliable, MCL does not represent or warrant the completeness, reliability, accuracy, timeliness or fitness for any purpose of any of the material and it accepts no responsibility for the accuracy, completeness or timeliness of the information.
This internet site is produced by MCL, a licensed corporation with the Securities and Futures Commission of Hong Kong. MCL is the market maker and/or liquidity provider of warrants and/or Callable Bull/Bear Contracts (“CBBCs”) issued by Macquarie Bank Limited (ABN 46 008 583 542) (“MBL”) and/or exchange traded options, which relate to the securities of the listed corporation(s) referred to herein. The information on this internet site is directed and available to residents of Hong Kong only, and is not directed to residents of any U.S. persons or other countries. Any materials provided on this internet site, including any indicative terms are provided for information purposes only and do not constitute an offer, a solicitation of an offer, or any advice or recommendation to conclude or participate in any transaction, or provide any investment advice or service. The price of structured products may go down as well as up, and under certain circumstances investors may sustain some or a total loss of investment. An investor should read the full details of the warrants and CBBCs, including the risk factors, which are set out in the listing documents. An investor should make an appraisal of the risks involved in investing in these products and should consult their own legal, financial, tax, accounting and other professional advisors, to ensure that any decision made is suitable with regards to that investor's circumstances and financial position.
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Please also note that CBBCs have a mandatory call feature and may therefore be subject to early termination, upon which (i) investors in category N CBBCs will lose all of their investments in the CBBCs; and (ii) the residual value of category R CBBCs may be zero.
At times there may be no counterparty; the issuer and/or the designated liquidity provider, MCL, may be the only persons quoting prices for the warrants and/or CBBCs issued by MBL on the Hong Kong Exchanges and Clearing Limited. An investor should make an appraisal of the risks involved in investing in these products and should consult his own independent, qualified legal, financial, tax, accounting and other professional advisors, where necessary, to ensure that any decision made is suitable with regards to his own circumstances and financial position. Where past performance is referred to, it is not indicative of future performance.
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Other than MBL, any Macquarie Group entity noted on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). That entity's obligations do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise. Structured products do not represent deposits or other liabilities of MBL or any Macquarie group entity. Structured products are non-collateralised and investors are relying on the issuer's creditworthiness. This is a non-collateralised product. If the issuer is insolvent or defaults, investors may not recover part or all of the amount due.
We will make available a copy of the listing documents and announcements in printed form during usual business hours on any weekday (Saturdays, Sundays and holidays excepted) at 22/F, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong to holders of our listed structured products free of charge upon request until the expiry date of the relevant products.
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