全球利率交易追踪：交易想法的12个月概述

THIS CONTENT MAY NOT BE DISTRIBUTED TO MAINLAND CHINA GlobalRates Trade Tracker 12-month overview of trade ideas Below isa history of recommended trade ideasthat have been opened or closed inthe following publications in the past 12 months: Daniela RussellHead of UK Rates StrategyHSBC Bank plcdaniela.russell@hsbcib.com+44 20 7991 1352 ◆Global Rates Ideas◆Green Bond Insights◆Asia-PacificRates◆CEEMEA Rates◆LatAm Rates◆Ad-hoc trade flashnotes Steven Major, CFAGlobal Head of Fixed Income ResearchHSBC Bank Middle East Ltd, DIFCsteven.j.major@hsbc.com+971 4 5093323 Issuer of report:HSBC Bank plc ViewHSBC Global Research at:https://www.research.hsbc.com Disclosure appendix Analyst Certification The following analyst(s), economist(s), or strategist(s) who is(are) primarily responsible for this report, including any analyst(s)whose name(s) appear(s) as author of an individual section or sections of the report and any analyst(s) named as the coveringanalyst(s) of a subsidiary company in a sum-of-the-parts valuation certifies(y) that the opinion(s) on the subject security(ies) orissuer(s), any views or forecasts expressed in the section(s) of which such individual(s) is(are) named as author(s), andany otherviews or forecasts expressed herein, including any views expressed on the back page of the research report, accurately reflecttheir personal view(s) and that no part of their compensation was, is or will be directly or indirectly related to thespecificrecommendation(s) or views contained in this research report: Daniela Russell, Steven Major, CFA, Dhiraj Narula, ShubhamSharma, Chris Attfield, Guy Baverstock, CFA, Himanshu Malik, CFA, Kristian Bolso, Robert Preston, Mario Robles, Pin Ru Tan,Soumya Mohanty, CFA, Duncan Tan, Frank Will and Justin Heng Important disclosures Fixed income: Basisfor financial analysis This report is designed for, and should only be utilised by, institutional investors.Furthermore, HSBC believes an investor'sdecision to make an investment should depend on individual circumstances such as the investor's existing holdings and otherconsiderations. HSBC believes that investors utilise various disciplines and investment horizons when making investment decisions, whichdepend largely on individual circumstances such as the investor's existing holdings, risk tolerance and other considerations.Giventhese differences, HSBC has two principal aims in its fixed income research: 1) to identify long-term investment opportunitiesbased on particular themes or ideas that may affect the future earnings or cash flows of companies in corporate credit and basedoncountry-specific ideas or themes that may affect the performance of these bonds in the case of covered bonds, in both caseson a six-month time horizon; 2) to identify trade ideas on a time horizon of up to four months, relating to specific instruments,which are predominantly derived from relative value considerations or driven by events and which, in the case of credit research,may differ from our long-term opinion on an issuer. Buy or Sell refer to a trade call to buy or sell that given instrument; HSBChasassigned a fundamental recommendation structure, as described below, only for its longer-term investment opportunities. HSBC believes an investor's decision to buy or sell a bond should depend on individual circumstances such as the investor'sexisting holdings and other considerations. Different securities firms use a variety of terms as well as different systems todescribetheir recommendations. Investors should carefully read the definitions of the recommendations used in each research report. Inaddition, because research reports contain more complete information concerning the analysts' views, investors should carefullyread the entire research report and should not infer its contents from the recommendation. In any case, recommendations shouldnot be used or relied on in isolation as investment advice. HSBC Global Research is not and does not hold itself out to be a Credit Rating Agency as defined under the Hong Kong Securities Definitions for fundamental credit and covered bond recommendations Overweight:For corporate credit, the issuer’s fundamental credit profile is expected to improve within the next six months. Forcovered bonds, the bonds issued in this country are expected to outperform those of the other countries in our coverage overthenext sixmonths. Neutral:For corporate credit, the issuer’s fundamental credit profile is expected to remain stable for up to six months. For coveredbonds, the bonds issued in this country are expected to perform in line with those of the other countries in our coverage over thenext six months. Underweight:For corporate credit, the issuer’s fundamental credit profile is expected to deteriorate within the next six months.For covered bonds, the bonds issued in this country are expected to underperform those of other countries in our coverage overthe next six months. Definitions for trades (Rat