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	BANK OF SINGAPORE – MEDIA COVERAGE Bahren Shaari on succession at BoS: Our business is not defined by personality (Asian Private Banker)
	NEWSFLOW
	US Market Recap (Previous trading session) US markets ended higher on Thursday on a more favourable outlook with regards to the extension of the US debt ceiling.		% Change       Close Day YTD     Dow Jones 34754.94 0.98 13.55     S&P 500 4399.76 0.83 17.14     NASDAQ 14654.02 1.05 13.70     VIX 19.54 -6.95 -14.11
	Econ Data			Earnings Schedule
	US Initial Jobless Claims Oct 2 326k vs 362k prior. US Continuing Claims Sep 25 2714k vs 2802k prior. US Langer Consumer Comfort Oct 3 53.4 vs 54.7 prior.			Conagra Brands Inc EPS 0.50 vs 0.48 est.
	European Market Recap (Previous trading session) European markets closed higher as concerns over the energy crisis eased and on reassurance by the European Central Bank of potential fresh support when PEPP is phased out.		% Change       Close Day YTD     MSCI Europe 151.93 1.62 15.01     FTSE100 7078.04 1.17 9.56     DAX 15250.86 1.85 11.17     CAC 6600.19 1.65 18.89
	Econ Data			Earnings Schedule
	Germany Industrial Production SA MoM Aug -4.0% vs 1.0% prior. Germany Industrial Production WDA YoY Aug 1.7% vs 5.7% prior. Italy Retail Sales MoM Aug 0.4% vs -0.4% prior. Italy Retail Sales YoY Aug 1.9% vs 6.7% prior.			None today.
	Asia Pacific Recap (Previous trading session) Asian markets ended higher led by a rebound in technology shares and optimism over the progress of the US debt-ceiling accord.			% Change       Close Day YTD     MSCI AC Asia Pacific 194.04 1.37 -2.94     S&P/ASX 200 7256.66 0.70 10.91     Nikkei 225 27678.21 0.54 2.94     Hang Seng 24701.73 3.07 -9.29     Shanghai Composite 3568.17 0.00 2.74     Shenzhen Composite 2395.05 0.00 2.82     Straits Times Index 3101.99 0.03 9.08     BSE SENSEX 59677.83 0.82 24.98
	Econ Data			Earnings Schedule
	Japan Leading Index CI Aug P 101.8 vs 104.1 prior. China Foreign Reserves Sep $3200.63b vs $3232.12b prior. Hong Kong Foreign Reserves Sep $495.0b vs $497.0b prior. Japan Household Spending YoY Aug -3.0% vs 0.7% prior. Japan Labor Cash Earnings YoY Aug 0.7% vs 1.0% prior. Japan BoP Current Account Balance Aug ¥1665.6b vs ¥1910.8b prior.			None today.
	MARKET COMMENTARY
	·         The Senate made progress on legislation to temporarily increase the US debt ceiling, as a sufficient number of Republicans voted with Democrats to end a partisan clash that has shaken financial markets and led to concerns of the nation’s first default on government obligations later this month. The vote Thursday night was 61-38, just one more than needed to allow legislation lifting the statutory debt ceiling by $480 billion to a vote on passage. That second critical vote can clear by majority, and Democrats who lead the Senate are confident that they have enough support in their own party to clear the vote. Government operations funding also expires on the 3rd of December, potentially culminating in a government shutdown unless lawmakers can complete agency budgets for this fiscal year. ·         Oil is on track for a seventh weekly gain, marking the longest such run since December, as a global energy crunch roiled financial markets. Futures in New York extended gains in early Asian trading to near $79 a barrel after the US Energy Department said that it had no plans currently to tap the nation’s oil reserves. Crude rallied to the highest since 2014 earlier this week after OPEC+ stuck with a gradual boost in supply next month despite a tightening market, exacerbated by the energy crisis. Singapore News Flows ·         The STI Index gained 0.84 points to close at 3101.99 on Thursday. ·         Singapore shared ended higher on Thursday, tracking broader regional gains and rotation into value-centric stocks. Keppel New Energy, a subsidiary of Keppel Corporation’s infrastructure arm, has signed a memorandum of understanding (MOU) with Thai renewables firm BCPG in a partnership which aims to provide low-carbon, sustainable energy solutions and infrastructure in the ASEAN region. Both firms will work together on renewable energy generation and interconnected transmission, as well as projects that generate high-quality renewable energy certificates and carbon offsets for the growing carbon offset markets in the region. They also intend to jointly develop a carbon credit marketplace and trading platform to be utilised in Thailand, Laos and Singapore in the future.
	NEWSFLOW
	Treasury Market Overnight the 10-year U.S. Treasury yield increased to 1.58% (+4bp).  Focus remain on federal debt ceiling into December, a move that would avert a historic default later this month.				Treasury Run     Tenor 7/10 Today               2yrs 0.30 0.31     3yrs 0.54 0.56     5yrs 1.00 1.03     10yrs 1.54 1.58     30yrs 2.10 2.13
	Credit Markets Asia Weak sentiment continues, along with soft macro backdrop. China HY, saw better sellers today with Single B names weaker again, including KAISAG/GRNLGR/YUZHOU/RONXIN, down another 4-8pts with one way selling. Names like KWGPRO/CIFIHG/LOGPH saw some demand from RM accounts but lost support later without strong buying interest. Chinese IG bonds widened 3-7bp generally.   AT1 AT1 closed the day about ¼ lower as European investors sell bonds in the wake of continued equity weakness.   CEEMEA In CEEMEA market it was relatively quiet.  Selling across Turkey bonds seem to be stabilized and in HY, Oman saw buyers and closed unchanged/-15c.  HY reached lows of -1.25pts and generally closed -25c/-65c with some demand coming out into the close.   LatAm Latam credit overnight flows were very active, seeing notable selling of paper in Mexico, Colombia and buyers of Chile and Brazil.  Flows were mixed with a skew to selling, with bonds closed at – 1/8 to -1/4 point.
	NEWSFLOW & MARKET COMMENTARY
	·           Risk sentiment improved and USD mildly under-performed, as US Senate agreed to lift debt ceiling until 3 December and European gas prices fell. China market will reopen, hopefully to provide updates on Chinese property developers debt issues. AUD crosses out-performed overnight, possibly supported by Australia’s surging trade surplus, as coal and LNG rescue exports from the iron ore plunge. US Treasury yields continued to rise, and the curve steepened further amid confirmation that Democrats and Republicans had reached a deal to raise the debt ceiling by USD480bn. The strain in the Treasury market has moved away from T-bills trading in late-October into those maturing in early- to mid-December. Separately, Fatih Birol, head of the International Energy Agency, said Russia has the capacity to raise gas exports by around 15% of peak winter supply to Europe. ·           The Fed should give greenlight to start tapering on November unless today’s US payroll print (8.30pm SGT/HKT) surprises to the downside significantly. The risk of a more hawkish Fed shift hastening USD’s transition to a stronger path drives the recent downgrades of our 12-month forecasts for the EURUSD, USDJPY and gold.  Consensus looks for Sep non-farm payroll to rise 500k. It would likely take a much weaker number below 200k or closer to flat to dissuade the Fed from signaling taper at its November meeting. Separately, last week’s US initial jobless claims fell more than expected to 326k (exp: 348k, prev: 364k). This was the lowest number in a month. Overall, the data is encouraging, showing continued improvement in the US labour market, despite a recent uptick in weekly jobless claims. ·           Increased China growth headwinds warrants further caution on the CNY outlook even as we expect the CNY to remain broadly stable. We raised the 12-month USDCNY forecast to 6.50 from 6.40. Despite strength in the broad USD index, the USDCNY bilateral exchange rate was range-bound over the past month, and we see limited scope for much movement given uncertainty around US-China trade talks and the prospects for easing by the PBoC. US officials announced plans to schedule a virtual Biden-Xi call in the coming weeks. US-China relationship may turn into a major market theme later this year. Recent US-China presidential call agreed on engagement, with no direct reference to tariffs. US-China relations continue to pose two-way risks, skewed more to the downside for USDCNY, especially on any easing in relations and/or lower tariffs. The Biden administration has set out its approach to trade with China, which involves re-engaging on the Phase One trade deal and restarting a tariff exclusion process.
	USD Performance Table Return in US$ Spot 1 Day YTD EURUSD 1.1554 0.0% -5.4% GBPUSD 1.3614 0.3% -0.4% USDJPY 111.7400 0.3% 8.2% USDCHF 0.9289 0.2% 4.9% USDCAD 1.2553 -0.3% -1.4% AUDUSD 0.7312 0.6% -5.0% NZDUSD 0.6932 0.3% -3.5% USDSGD 1.3581 0.0% 2.8% EURGBP 0.8485 -0.2% -5.1% USDCNH 6.4509 0.0% -0.8%
	Previous Session Returns %     Close NetChange % Change Low High YTD 2020     Precious Metals Gold Spot 1,762.48 2.51 0.14 1,750.60 1,766.70 (7.45) 25.02     Silver Spot 22.59 (0.07) (0.29) 22.35 22.81 (14.34) 47.83     Energy Crude(CL1) 77.43 (1.50) (1.90) 74.96 78.89 62.83 (20.89)     Brent(CO1) 81.08 (1.48) (1.79) 79.08 82.50 59.42 (21.66)     Base Metals Aluminum 3M 2,897.00 (24.00) (0.82) 2,897.00 2,957.50 48.22 8.97     Copper 3M 9,250.50 122.50 1.34 9,100.00 9,306.00 17.89 25.77     Softs Corn 532.25 (5.25) (0.98) 527.50 535.25 10.05 25.39     Wheat 746.00 1.25 0.17 739.50 752.50 15.43 14.85     Soybean 1,242.00 (8.50) (0.68) 1,233.50 1,249.50 (5.01) 40.28     Sugar 19.77 (0.08) (0.40) 19.76 20.02 28.00 15.50
	Clients are reminded that the products ideas contained herein do not take into account the client’s risk profile and may not be suitable nor appropriate for everyone. Please refer to the individual Product Risk ratings stated in the attached documents. Products risk rated “1” by BOS suggests a very low downside risk of loss, while products risk rated “5” carry very high downside risk. Please discuss with your Relationship Manager in order to understand which products are suitable for you. No recommendation (whether implied or otherwise) is being made in the absence of any such discussion. General product suitability in view of client’s Risk Profile is provided in the table below for reference:   Client Risk Profile Allowable Products with Risk Ratings Conservative Profile 1 Moderate Profile 1, 2 Balanced Profile 1, 2, 3 Growth Profile 1, 2, 3, 4 Aggressive Profile 1, 2, 3, 4, 5
	Disclaimer            This material is prepared by Bank of Singapore Limited (Co Reg. No.: 197700866R) (the “Bank”) for information purposes only. It is intended only for the recipient, and may not be published, circulated, reproduced or distributed in whole or in part to any other person without the Bank’s prior written consent.   This material is not intended for distribution, publication or use by any person in any jurisdiction outside Singapore, Hong Kong or such other jurisdiction as the Bank may determine in its absolute discretion, where such distribution, publication or use would be contrary to applicable law or would subject the Bank or its related corporations, connected persons, associated persons or affiliates (collectively “Affiliates”) to any licensing, registration or other requirements in such jurisdiction.   This material and other related documents or materials have not been reviewed by, registered with or lodged as a prospectus, information memorandum or profile statement with the Monetary Authority of Singapore, the Hong Kong Securities and Futures Commission or any other regulator in any jurisdiction.   This material by itself, is not and should not be construed as an offer or a solicitation to deal in any investment product or to enter into any legal relations.    This material does not constitute advice (whether financial, legal, accounting, tax or otherwise) on or a recommendation with respect to any investment product, and should not be relied on as advice or a recommendation or for any other purpose. This material has been prepared for and is intended for general circulation. This material does not take into account the specific investment objectives, investment experience, financial situation or particular needs of any particular person. You should independently evaluate the contents of this material, and consider the suitability of any service or product mentioned in this material taking into account your own specific investment objectives, investment experience, financial situation and particular needs. If in doubt about the contents of this material or the suitability of any service or product mentioned in this material, you should obtain independent financial, legal, accounting, tax or other advice from your own financial or other professional advisers, taking into account your specific investment objectives, investment experience, financial situation and particular needs, before making a commitment to obtain any service or purchase any investment product.           Previous Session Returns %     Close NetChange % Change Low High YTD 2020     Precious Metals Gold Spot 1,759.96 (9.54) (0.54) 1,744.84 1,764.95 (7.07) 25.02     Silver Spot 22.66 0.00 0.00 22.18 22.71 (14.28) 47.83     Energy Crude(CL1) 78.93 1.31 1.69 76.83 79.78 58.88 (20.89)     Brent(CO1) 82.56 1.30 1.60 80.60 83.47 56.26 (21.66)     Base Metals Aluminum 3M 2,921.00 5.00 0.17 2,872.00 2,922.50 45.65 8.97     Copper 3M 9,250.50 122.50 1.34 8,992.00 9,250.50 17.89 25.77     Softs Corn 537.50 (3.25) (0.60) 531.50 544.75 9.69 25.39     Wheat 744.75 (11.75) (1.55) 742.25 756.75 15.93 14.85     Soybean 1,250.50 14.75 1.19 1,239.25 1,255.50 (5.49) 40.28     Sugar 19.85 0.16 0.81 19.65 19.87 27.35 15.50                                                       The Bank and its Affiliates and their respective officers, employees, agents and representatives do not make any express or implied representations, warranties or guarantees as to the accuracy, timeliness, completeness or reliability of the information, data or any other contents of this material. Past performance is not a guarantee or indication of future results. Any forecasts or projections contained in this material is not necessarily indicative of future or likely performance.   The Bank forms part of the OCBC Group (being for this purpose Oversea-Chinese Banking Corporation Limited and its subsidiaries, related and affiliated companies). The Bank, OCBC Group, their respective directors and employees (collectively “Related Persons”) may or might have in the future interests in the product(s) or the issuer(s) mentioned in this material. Such interests include effecting transactions in such product(s), and providing broking, investment banking and other financial services to such issuer(s). The Bank, OCBC Group and its Related Persons may also be related to, or receive commissions, fees or other remuneration from, providers of such product(s).   This material has not been prepared by research analysts, and the information in this material is not intended, by itself, to constitute independent, impartial or objective research or a recommendation from the Bank and should not be treated as such. Unless otherwise indicated, any reference to a research report or recommendation is not intended to represent the whole report and is not in itself considered a research report or recommendation.   Structured deposits, dual currency investments and other investment products are not insured by the Singapore Deposit Insurance Corporation or the Hong Kong Deposit Protection Scheme.   This advertisement has not been reviewed by the Monetary Authority of Singapore.   The Bank is not licensed as an insurer or insurance broker and its employees and representatives are not registered as insurance agents. The Bank is not licensed to, and will not, provide any advice or recommendation on, or arrange or sell any insurance policy. Upon your request, the Bank may refer you to insurers or insurance brokers for the purchase of insurance policies. When referring you to any such insurer or insurance broker, the Bank will not give advice or provide recommendations on any insurance policy, or arrange any insurance policy for you. The Bank may receive commissions or fees in respect of the insurance policies purchased by you. Any insurance policy referred to in this document is issued by a third-party insurer.   If this material pertains to an offer, it may only be offered (i) in Hong Kong, to qualified Private Banking Customers and Professional Investors (as defined under the Securities and Futures Ordinance); (ii) in Singapore to Accredited Investors (as defined under the Securities and Futures Act; and (iii) in the Dubai International Financial Center, to Professional Clients (as defined under the Dubai Financial Services Authority rules). No other persons may act on the contents of the material.     Other Disclosures   Singapore   Where this material relates to securities or securities-based derivatives contracts, this clause applies:   This material has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this material and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the securities or securities-based derivatives contracts may not be circulated or distributed, nor may the securities or securities-based derivatives contracts be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined in the Securities and Futures Act, Chapter 289 of Singapore, as amended or modified (the “SFA”)) pursuant to Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA and, where applicable, the conditions specified in Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.   Where securities or securities-based derivatives contracts are subscribed or purchased under Section 275 of the SFA by a relevant person which is:   (a)    a corporation (which is not an accredited investor (as defined in the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or   (b)    a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,  securities (as defined in Section 2(1) of the SFA) or securities-based derivatives contracts (as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the securities or securities-based derivatives contract pursuant to an offer made under Section 275 of the SFA except: (1)       to an institutional investor or to a relevant person, or to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(i)(B) of the SFA; (2)       where no consideration is or will be given for the transfer; (3)       where the transfer is by operation of law; (4)       as specified in Section 276(7) of the SFA; or (5)       as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) Regulations 2018 of Singapore.    Where this material relates to units of the collective investment scheme, this clause applies:   The offer or invitation of the units of the collective investment scheme, which is the subject of this material, does not relate to a collective investment scheme which is authorised under Section 286 of the Securities and Futures Act, Chapter 289 of Singapore, as amended or modified (the “SFA”) or recognised under Section 287 of the SFA. The collective investment scheme is not authorised or recognised by the Monetary Authority of Singapore (the “MAS”) and the units are not allowed to be offered to the retail public. This material and any other document or material issued in connection with the offer or sale is not a prospectus as defined in the SFA and, accordingly, statutory liability under the SFA in relation to the content of prospectuses does not apply, and you should consider carefully whether the investment is suitable for you.   This material has not been registered as a prospectus with the MAS. Accordingly, this material, and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the units may not be circulated or distributed, nor may the units be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined in the SFA) pursuant to Section 304 of the SFA, (ii) to a relevant person (as defined in Section 305(5) of the SFA) pursuant to Section 305(1), or any person pursuant to Section 305(2), and in accordance with the conditions specified in Section 305, of the SFA, and where applicable, the conditions specified in Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.   Where units are subscribed or purchased under Section 305 of the SFA by a relevant person which is: (a)       a corporation (which is not an accredited investor (as defined in the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or (b)       a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,   securities (as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the units pursuant to an offer made under Section 305 of the SFA except:   (1)       to an institutional investor or to a relevant person, or to any person arising from an offer referred to in Section 275(1A) or Section 305A(3)(i)(B) of the SFA; (2)       where no consideration is or will be given for the transfer; (3)       where the transfer is by operation of law; (4)       as specified in Section 305A(5) of the SFA; or (5)       as specified in Regulation 36A of the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005 of Singapore.]       Where this material relates to structured deposits, this clause applies:   The product is a structured deposit. Unlike traditional deposits, structured deposits have an investment element and returns may vary. You may wish to seek independent advice from a financial adviser before making a commitment to purchase this product. In the event that you choose not to seek independent advice from a financial adviser, you should carefully consider whether this product is suitable for you.   Where this material relates to dual currency investments, this clause applies:   The product is a dual currency investment. A dual currency investment product (“DCI”) is a derivative product or structured product with derivatives embedded in it. A DCI involves a currency option which confers on the deposit-taking institution the right to repay the principal sum at maturity in either the base or alternate currency. Part or all of the interest earned on this investment represents the premium on this option.   By purchasing this DCI, you are giving the issuer of this product the right to repay you at a future date in an alternate currency that is different from the currency in which your initial investment was made, regardless of whether you wish to be repaid in this currency at that time. DCIs are subject to foreign exchange fluctuations which may affect the return of your investment. Exchange controls may also be applicable to the currencies your investment is linked to. You may incur a loss on your principal sum in comparison with the base amount initially invested. You may wish to seek advice from a financial adviser before making a commitment to purchase this product. In the event that you choose not to seek advice from a financial adviser, you should carefully consider whether this product is suitable for you.   Hong Kong   This document has not been delivered for registration to the Registrar of Companies in Hong Kong and its contents have not been reviewed by any regulatory authority in Hong Kong. Accordingly: (i) the shares/notes may not be offered or sold in Hong Kong by means of any document other than to persons who are “Professional Investors” within the meaning of the Securities and Futures Ordinance (Cap. 571) of Hong Kong and the Securities and Futures (Professional Investor) Rules made thereunder or in other circumstances which do not result in the document being a “prospectus” within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance; and (ii) no person may issue any invitation, advertisement or other document relating to the shares/notes whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to the shares/notes which are or are intended to be disposed of only to persons outside Hong Kong or only to “Professional Investors” within the meaning of the Securities and Futures Ordinance and the Securities and Futures (Professional Investor) Rules made thereunder.   Where this material relates to a Complex Product, this clause applies:   Warning Statement and Information about Complex Product (Applicable to accounts managed by Hong Kong Relationship Manager) –       Investor should exercise caution in relation to Complex Products; –       Investor should take note that the past performance of a Complex Product is not indicative of future   performance; –       All Complex Products offered by the Bank are only available to Professional Investors (except for   derivative fund without loss absorption features which have been authorized by the SFC and listed derivatives); and –       All Complex Products are not principal protected        Where this material relates to a Complex Product – Funds and ETFs, this clause applies additionally:   –       For Complex Products where offering documents or information provided by the issuer have not been reviewed by the SFC, investors should exercise caution in relation to the offer and take note that such offering documents have not been reviewed by the SFC; –       For Complex Products described as having been authorised by the SFC, investors should take note that the authorisation does not amount to an official recommendation and that the SFC’s  authorisation is not a recommendation or endorsement of that Complex Product nor does it guarantee the commercial merits of that Complex Product or its performance.   Where this material relates to a Complex Product (Options and its variants, Swap and its variants, Accumulator and its variants, Reverse Accumulator and its variants, Forwards), this clause applies additionally:    –  Investor may incur losses which exceed the amount invested   Where this material relates to a Loss Absorption Product, this clause applies:   Warning Statement and Information about Loss Absorption Products (Applicable to accounts managed by Hong Kong Relationship Manager) Before you invest in any Loss Absorption Product (as defined by the Hong Kong Monetary Authority), please read and ensure that you understand the features of a Loss Absorption Product, which may generally have the following features: The product is subject to the risk of being written down or converted to ordinary shares (as the case may be); The contingent write-down or conversion may happen upon certain circumstances (e.g. at the point of non-viability or the capital ratio falls to a specified level), and the product may potentially result in a substantial loss; The product is a high risk transaction and a Complex Product, as the circumstances in which the product may be required to bear loss are difficult to predict and ex ante assessments of the quantum of loss will also be highly uncertain; The product is targeted at professional investors only and is generally not suitable for retail clients; The credit ranking of the product is usually subordinated. In the event of liquidation or insolvency of the issuer, investors would only be entitled to be paid after other senior creditors are paid and this may result in a substantial loss of the amount invested.   Where this material relates to a certificate of deposit, this clause applies:   It is not a protected deposit and is not protected by the Deposit Protection Scheme in Hong Kong.   Where this material relates to a structured deposit, this clause applies:   It is not a protected deposit and is not protected by the Deposit Protection Scheme in Hong Kong.   Where this material relates to a structured product, this clause applies:   This is a structured product which involves derivatives. Do not invest in it unless you fully understand and are willing to assume the risks associated with it. If you are in any doubt about the risks involved in the product, you may clarify with the intermediary or seek independent professional advice.       Dubai International Financial Center   Where this material relates to securities, securities-based derivatives, dual currency investments or structured deposits, this clause applies:    The Distributor represents and agrees that it has not offered and will not offer the product to any person in the Dubai International Financial Centre unless such offer is: an “Exempt Offer” in accordance with the Market Rules of the Dubai Financial Services Authority (the “DFSA”); and made only to persons who meet the Professional Client criteria set out in Rule 2.3.1 of the DFSA  Markets Rules.   The DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers.   The DFSA has not approved the Information Memorandum or taken steps to verify the information set out in it, and has no responsibility for it.   The product to which this document relates may be illiquid and/or subject to restrictions in respect of their resale. Prospective purchasers of the products offered should conduct their own due diligence on the products.   Please make sure that you understand the contents of the relevant offering documents (including but not limited to the Information Memorandum or Offering Circular) and the terms set out in this document. If you do not understand the contents of the relevant offering documents and the terms set out in this document, you should consult an authorised financial adviser as you deem necessary, before you decide whether or not to invest.   Where this material relates to a fund, this clause applies:   This Fund is not subject to any form of regulation or approval by the Dubai Financial Services Authority (“DFSA”). The DFSA has no responsibility for reviewing or verifying any Prospectus or other documents in connection with this Fund. Accordingly, the DFSA has not approved the Prospectus or any other associated documents nor taken any steps to verify the information set out in the Prospectus, and has no responsibility for it. The Units to which this Fund relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers should conduct their own due diligence on the Units. If you do not understand the contents of this document you should consult an authorized financial adviser. Please note that this offer is intended for only Professional Clients and is not directed at Retail Clients.   These are also available for inspection, during normal business hours, at the following location: Bank of Singapore Office 30-32 Level 28 Central Park Tower DIFC, Dubai U.A.E   Cross Border Disclaimer and Disclosures   Refer to https://www.bankofsingapore.com/Disclaimers_and_Disclosures.html for cross-border marketing disclaimers and disclosures.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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