research services and price list mifid ii · research services and price list mifid ii. fixed...

Fixed Income Research Services16254 – Fixed Income Research &

Strategy

Calidad, confianza y compromiso social

1© Caixabank, S.A. Barcelona, 2015. Documento confidencial de uso exclusivamente interno.Se prohíbe su reproducción y comunicación o acceso a terceros no autorizados

Research Services and Price ListMIFID II


Strategy



Fixed Income Research

� MIFID II, which comes into force on 3 January 2018, requiresthat research service fees be charged separately fromdealing commissions, as has been the case to date to ensureabsolute transparency and optimal oversight of potentialconflicts of interest.

� Generally speaking, the ESMA deems payment for research to represent a unpermitted incentive, and therefore research services will have to be charged for on a separate basis, provided that a series of aspects regarding content quality and the recommendations detailed in this report are in place.

� The attached document provides an overview of our research services, with a brief explanation of our various reports and their content, as well as a list of prices should you wish to continue receiving our reports.

� Should you have any queries, or require further information, please contact our fixed income sales and/or research teams.

Fixed Income Research & Strategy+34 91 5576941

caixabank.aná[email protected]

Institutional FICC Sales+34 91 5576979

[email protected]


Strategy



Fixed Income

• We have a team of 6 fixedincome analysts working as partof our CaixaBank CIB Division.

• The team focuses on analysis ofdomestic issues, with thesupport of our fixed incomesales team to provide servicethe bank's instuitional andcorporate clients.

• The team has been workingtogether for more than 10 yearson the analysis of Spanishcompanies and issuers.

• It boasts extensive expertise inthe local market, ensuringregular generation of investmentideas (absolute and relativevalue).

• Regular coordination with ourEquity Research, Treasury andStrategic Planning and MacroEconomy divisions providesgreater depth and coherence toour reports.

The Team

• Coverage includes the widerange of Spanish issuers(corporates, FIG & SSA),generating investmentrecommendations for fixedincome issues on the Iberianmarket.

• Our coverage encompassesperiphery public sector treasury(Spain, Portugal and Italy),regional governments andagencies, as well as privatesector issuers, such as Iberiancorporates (IG and HY) and FIG,with total coverage of 36 issuers(more than 90% of outstandingissues on the Spanish andPortuguese credit markets).

• We provide a strategic vision ofthe Iberian market, with furtherexpertise and experienceprovided by our StrategicPlanning and Macro Division.

• Greater emphasis on thebottom-up approach.

Coverage

• Fundamental analysis.

• Access to the various reportspublished via our researchwebsite: www.caixabankcib.com

• Access to our valuation models.

• Access to our analysts,depending on the asset ofinterest to the client.

• Events involving our analystsand the CaixaBank StrategicPlanning and Macro Division.

• Generation of model portfoliosand trading ideas.

• Access to and participation inevents related with thecompanies and public issuersunder our coverage universe.

• Segmentation of theaforementioned services basedon our clients' requirements.

Services Provided


Strategy



Public Fixed Income Reports

Iberian Public Sector Daily Treasury Auctions

Monthly Public Debt Report

A daily report featuring key

news affecting all the major

public issuers under our

coverage on the Iberian

market.

A monthly report that

discusses the key macro and

micro aspects to support our

recommendations, both in

terms of absolute and relative

value, on Periphery Debt.

First-reaction notes on

fortnightly bond auctions from

the Spanish Treasury.

Model Portfolio

A selection of our best trading

ideas, based both on our

fundamental analysis, from a

bottom-up perspective, and

our sectorial asset allocation

strategy for credit and

markets. These ideas may

take a tactical or strategic

approach, and include regular

performance monitoring.


Strategy



Private Fixed Income Reports

Iberian Credit Daily

Flash Notes / First ViewCorporate Investment Reports

A daily report covering all the

key news that could

potentially affect the curves of

the main Iberian Market

Corporate Issuers under our

coverage.

In-depth reports, taking a

bottom-up approach, on

private Iberian issuers under

our coverage, including

recommendations relative to

key benchmarks across the

various curve tranches.

First-reaction notes on any

events that could potentially

have a bearing on our

recommendations. These

include updates for estimates

and our view of issuers.

Asset and FI Flows Performance

Monthly reports summarising

Euro issue volumes and

performance, with a more in-

depth focus on Spanish FIG,

IG and HY corporate issuers.


Strategy



Strategy Reports and Macro Data

Markets Daily Report

Monthly Global Strategy

A monthly report featuring

comments on key macro

aspects, mainly in USA,

Japan, Europe and Spain, for

asset allocation (equity vs.

Public Debt vs. Corporate

Debt) proposals in the target

period.

A daily summary of key

developments on the main

global markets, as well as

comments on all significant

news, including any macro

data and corporate news

released the previous day.

Also included are strategy

updates and descriptions of

primary market fixed income

issues.

Macro Data and Estimates

First-reaction notes on

macroeconomic data

released for Spain, with

comments from our Strategy

Planning and Research

Department, as well as

revised estimates from the

same.


Strategy



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List of Prices for Fixed Income Research Services

MIFID II requires that research fees be charged separately from any other services provided by brokers. The

directive deems such research to constitute an unpermitted incentive, with the exception of: i) services expressly

paid for separately by a firm (i.e. corporate access), ii) minor non-monetary benefits, iii) research that is made

available to the general public and does not include specific investment recommendations. This affects any

investor providing investment services based on external research. Said services can be acquired from

CaixaBank based on modules.

I. Access to reports, sales and website

1. Public Fixed Income

a) Iberian Public Sector Daily

b) Sovereign Reports

c) Regional Government and Agencies Reports

d) First-Reaction Reports

e) Auctions

2. Private Fixed Income

a) Iberian Credit Daily

b) Corporate Reports

c) Sector Reports

d) First-Reaction Reports

e) Fixed Income Flows & Performance

f) Model Portfolio

3. Macro Strategy and Data

a) Market Daily

b) Strategy Reports

c) Macro Data Notes

d) Macro Data and Estimates

€3,750

€1,500

€1,500

€750

II. Value-Added Services

1. Access to Analysts

2. Access to Models

€1,250

€1,250

T.B.D.

Maximum Cost (excluding access to companies)

Access to Companies (separate fee)

€5,000

€1,500

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