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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
Fixed Income Research Services16254 – Fixed Income Research &
Strategy
Calidad, confianza y compromiso social
2© Caixabank, S.A. Barcelona, 2015. Documento confidencial de uso exclusivamente interno.Se prohíbe su reproducción y comunicación o acceso a terceros no autorizados
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
Fixed Income Research Services16254 – Fixed Income Research &
Strategy
Calidad, confianza y compromiso social
3© Caixabank, S.A. Barcelona, 2015. Documento confidencial de uso exclusivamente interno.Se prohíbe su reproducción y comunicación o acceso a terceros no autorizados
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
Fixed Income Research Services16254 – Fixed Income Research &
Strategy
Calidad, confianza y compromiso social
4© Caixabank, S.A. Barcelona, 2015. Documento confidencial de uso exclusivamente interno.Se prohíbe su reproducción y comunicación o acceso a terceros no autorizados
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.
Fixed Income Research Services16254 – Fixed Income Research &
Strategy
Calidad, confianza y compromiso social
5© Caixabank, S.A. Barcelona, 2015. Documento confidencial de uso exclusivamente interno.Se prohíbe su reproducción y comunicación o acceso a terceros no autorizados
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.
Fixed Income Research Services16254 – Fixed Income Research &
Strategy
Calidad, confianza y compromiso social
6© Caixabank, S.A. Barcelona, 2015. Documento confidencial de uso exclusivamente interno.Se prohíbe su reproducción y comunicación o acceso a terceros no autorizados
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.
Fixed Income Research Services16254 – Fixed Income Research &
Strategy
Calidad, confianza y compromiso social
7© Caixabank, S.A. Barcelona, 2015. Documento confidencial de uso exclusivamente interno.Se prohíbe su reproducción y comunicación o acceso a terceros no autorizados
Lorem ipsum
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