GAP Group plc. – New Bond issue

The Board of Directors of Gap Group p.l.c. have announced the issuance of €21,000,000 3.70% Gap Group p.l.c. Secured Bonds 2023 – 2025, following approval by the Listing Authority. The new bonds have a nominal value of €100 and will be issued at par. The minimum subscription is €2,000 and multiples of €100 thereafter.

The new Gap Bonds will be offered for subscription to existing GAP Group bondholders (being holders of the 3.65% Gap Group p.l.c. Secured Bonds 2022 and holders of the 4.25% Gap Group p.l.c. Secured Bonds 2023) and to the general public.

Full details of the New Gap Bonds are set out in the Prospectus dated 20 November 2020, together with the Registration Document and the Summary Note .

MeDirect will be accepting applications from anyone, who is interested. All applications must be in by 15 December 2020 at 2pm. The Issuer reserves the right to close the Offer Period before 15 December 2020 in the event of over-subscription.

If you are interested in applying, please send us a Secure Mail or contact your existing Relationship Manager.

For further information, please call us on (+356) 2557 4400 or send an email to info@medirect.com.mt.


The information set forth in this article is only for informative purposes and should not be construed as an offer to sell or solicitation of an offer to subscribe for or purchase any investment. The information provided is subject to change without notice and does not constitute investment advice or any guarantee of returns. Please consider the terms and conditions governing the relevant investment prior to making any investment decision. Investors should note that at worst they may lose all of their invested principal in the event of default, insolvency and/or bankruptcy of the relevant issue. The financial instruments discussed may not be suitable for all investors and investors must make their own informed decisions and seek their own advice regarding the appropriateness of investing in financial instruments or implementing strategies discussed herein.

MeDirect Bank (Malta) plc has based this document on information obtained from sources it believes to be reliable but which have not been independently verified. MeDirect Bank (Malta) plc does not therefore provide any guarantees, representations or warranties. The value of any investment or income may go up as well as down and past performance is no guarantee of any future performance. When an investment is denominated in a currency other than your local or reporting currency, changes in exchange rates may have an adverse effect on your investment.

MeDirect Bank (Malta) plc, company registration number C34125, is licensed by the Malta Financial Services Authority under the Banking Act (Cap. 371) and the Investment Services Act (Cap. 370). This material is intended only for the use of the recipient and shall not be reproduced in any way, whether in whole or in part, by the recipient. Any unauthorised disclosure, use or dissemination, either in whole or in part, of the material contained within is strictly prohibited. 

BlackRock Commentary: Upgrading U.S. equities

Mike Pyle, Global Chief Investment Strategist, together with Elga Bartsch, Head of Macro Research, Kurt Reiman, Senior Strategist for North America, and Tara Sharma, Member of Macro Research, all part of the BlackRock Investment Institute, share their insights on global economy, markets and geopolitics. Their views are theirs alone and are not intended to be construed as investment advice.


We upgrade U.S. equities to overweight, with a preference for quality large caps riding structural growth trends – as well as smaller companies geared to a potential cyclical upswing. We prefer to look through any near-term market volatility as Covid cases surge. Positive vaccine news reinforces our outlook for an accelerated restart during 2021, reducing risks of permanent economic scarring.

Article Image 1

Sources: BlackRock Investment Institute, with data from MSCI as of Oct. 30, 2020. Notes: Information technology, healthcare, consumer discretionary, communication services and financials are top five sectors on the MSCI ACWI Index by weight. Others include industrials, consumer staples, utilities, real estate, materials and energy.

 

The pandemic has accelerated some key structural trends, such as increased flows into sustainable assets and the dominance of big tech companies. The U.S. market has a favorable sector composition compared with other major equity markets. It boasts a higher share of quality companies – those with strong balance sheets and free cash flow generation – in sectors backed by long-term growth trends such as tech and healthcare. Information technology and communication services represent nearly 40% of the market value of the MSCI USA Index, compared with just 11% in Europe. See the chart above. The U.S. tech sector is about more than just the handful of mega caps that have led market performance in recent years and face heightened regulatory scrutiny. Semiconductor and software companies, for example, face few regulatory risks and enjoy long-term growth trends. The financial sector – under pressure from the low interest rate environment globally – represents a relatively small slice of the U.S. market in comparison to Europe.

Markets have been weighing a near-term resurgence in Covid cases against advancing vaccine development. We expect rising infections and new restrictions to cause activity contraction in Europe in the fourth quarter, with the U.S. close behind. Meanwhile China is set to return to its pre-Covid growth trend thanks to better virus control, boding well for the rest of Asia and emerging markets (EMs). The challenging months ahead in the U.S. and Europe could support the case for further outperformance of large-cap tech and healthcare companies. At the same time, prospects for an accelerated economic restart during 2021 could favor more cyclical exposures. Should investors stick to quality – a perennial recent winner – or rotate into beaten down cyclical exposures?

We believe this is not an “either/or” question – and advocate a more nuanced approach. A “barbell” strategy that includes allocations on one side to quality companies benefiting from structural growth trends; and on the other to selected cyclical exposures. This can help achieve greater portfolio resilience amid still high levels of uncertainty about vaccine deployment and the prospects for further pandemic relief, we believe. Our tactical upgrade to U.S. equities and long-held preference for the quality factor are how we choose to gain exposure to structural growth. We take a selective approach to cyclical exposures, with overweights in EM equities; Asia ex-Japan equities and the U.S. size factor, which tilts toward mid- and small-cap companies. EMs should benefit from a global cyclical upswing in 2021 as well as more predictable U.S. trade policies under President-elect Joe Biden. The size factor is geared to a U.S. cyclical upswing.

We prefer avoiding more structurally challenged cyclical exposures. We have downgraded European equities to underweight and hold an underweight in Japanese equities. The European market has a relatively high exposure to financials, which we see pressured by low rates. Japan may not benefit as much as other Asian countries from a cyclical upswing, and could see its currency driven up by a weaker dollar – a result of monetary easing and more stable trade policy under a Biden administration. Bottom line: We see the vaccine development providing a constructive backdrop for risk assets as we approach 2021, but advocate a balanced approach: quality companies that should outperform even if fiscal support disappoints; and selected cyclical exposures that are likely to thrive as the timeline for widespread vaccine deployment advances. A key risk to our U.S. equities view: The winding down of key Fed/Treasury emergency support facilities by the U.S. Treasury highlights risks ahead for overall U.S. policy support, especially on additional fiscal relief.

 

Market Updates

Article Image 2

Past performance is not a reliable indicator of current or future results. It is not possible to invest directly in an index. Sources: BlackRock Investment Institute, with data from Refinitiv Datastream, November 2020. Notes: The two ends of the bars show the lowest and highest returns at any point this year to date, and the dots represent current year-to-date returns. Emerging market (EM), high yield and global corporate investment grade (IG) returns are denominated in U.S. dollars, and the rest in local currencies. Indexes or prices used are: spot gold, Datastream 10-year benchmark government bond (U.S. , German and Italy), MSCI USA Index, Bank of America Merrill Lynch Global Broad Corporate Index, MSCI Emerging Markets Index, J.P. Morgan EMBI index, Bank of America Merrill Lynch Global High Yield Index, the ICE U.S. Dollar Index (DXY), MSCI Europe Index and spot Brent crude.

Market backdrop

Markets have been weighing the near-term Covid resurgence against positive news on long-term vaccine development. Effective vaccines would allow a broader opening-up of activity sooner and reduce the risk of long-term scarring. This reinforces our view that the cumulative economic hit from the Covid shock will be just a fraction of that seen in the wake of the global financial crisis. Yet we do see potential for near-term disruption to the economic restart caused by the ongoing virus resurgence and government restrictions.

Week Ahead

  • November 23: Flash composite purchasing managers’ index (PMI) for the euro area, UK and U.S.
  • November 24: Ifo Business Climate Index; U.S. consumer confidence
  • November 26: Japan consumer price index

This week’s flash PMI data for the U.S. and Europe will be in focus. Markets will look for signs of how much Europe’s renewed lockdowns have weighed on growth, and for any softness in U.S. data against the backdrop of surging Covid cases. U.S. consumer confidence data could shed light on the health of consumer spending, the biggest component of the U.S. GDP, after retail sales in October appeared to have lost steam.


BlackRock’s Key risks & Disclaimers:

This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of November 23rd, 2020 and may change. The information and opinions are derived from proprietary and non-proprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by BlackRock, its officers, employees or agents. This material may contain ’forward looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader.

The information provided here is neither tax nor legal advice. Investors should speak to their tax professional for specific information regarding their tax situation. Investment involves risk including possible loss of principal. International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation, and the possibility of substantial volatility due to adverse political, economic or other developments. These risks are often heightened for investments in emerging/developing markets or smaller capital markets. 

Issued by BlackRock Investment Management (UK) Limited, authorized and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL.


MeDirect Disclaimers:

This information has been accurately reproduced, as received from  BlackRock Investment Management (UK) Limited. No information has been omitted which would render the reproduced information inaccurate or misleading. This information is being distributed by MeDirect Bank (Malta) plc to its customers. The information contained in this document is for general information purposes only and is not intended to provide legal or other professional advice nor does it commit MeDirect Bank (Malta) plc to any obligation whatsoever. The information available in this document is not intended to be a suggestion, recommendation or solicitation to buy, hold or sell, any securities and is not guaranteed as to accuracy or completeness.

The financial instruments discussed in the document may not be suitable for all investors and investors must make their own informed decisions and seek their own advice regarding the appropriateness of investing in financial instruments or implementing strategies discussed herein.

If you invest in this product you may lose some or all of the money you invest. The value of your investment may go down as well as up. A commission or sales fee may be charged at the time of the initial purchase for an investment and may be deducted from the invested amount therefore lowering the size of your investment. Any income you get from this investment may go down as well as up. This product may be affected by changes in currency exchange rate movements thereby affecting your investment return therefrom. The performance figures quoted refer to the past and past performance is not a guarantee of future performance or a reliable guide to future performance. Any decision to invest in a mutual fund should always be based upon the details contained in the Prospectus and Key Investor Information Document (KIID), which may be obtained from MeDirect Bank (Malta) plc.

Notes from the Trading Desk – Franklin Templeton

Franklin Templeton’s Notes from the Trading Desk offers a weekly overview of what their professional traders and analysts are watching in the markets. The European desk is manned by eight professionals based in Edinburgh, Scotland, with an average of 15 years of experience whose job it is to monitor the markets around the world. Their views are theirs alone and are not intended to be construed as investment advice.


The Digest

After the remarkable prior week in the aftermath of the Pfizer vaccine news, last week was more orderly, although with similar themes driving markets. We had more positive vaccine headlines (Moderna, and more Pfizer detail), Donald Trump refused to concede the US presidential election, COVID-19 trends remain concerning, and Brexit remained a focus for the United Kingdom and European Union (EU). On the week, the MSCI World Index traded +0.4%, S&P 500 Index -0.8%;  STOXX Europe 600 Index +1.2%; MSCI Asia Pacific Index +2.1%.

European Geopolitics in Focus

EU budget dispute: This past week saw a dispute between the EU and the populist, right-wing governments of both Hungary and Poland, which threatens to delay approval of the €1.8 trillion budget (including the €750bn COVID-19 Recovery Fund). Poland and Hungary objected to the inclusion of a ‘rule of law’ mechanism linking payment of EU money to adherence to EU rules (e.g., ensuring an independent judiciary). The Polish government said the EU was using this as a ‘propaganda stick’ against its country.

German Chancellor Angela Merkel and European Commission President Ursula von der Leyen have vowed to resolve this issue ahead of the EU summit on 10-11 December. However, with Brexit and the COVID-19 crisis, this is another challenge the EU could do without at this time. Expectations would be for compromise on wording, but any prolonged delay would be an unwelcome headwind for European assets into year-end.

As a reminder, the COVID-19 Recovery Fund accounts for €750 billion of the budget, with €390 billion in the form of grants to member states (the rest will be loans). Recall that the member states had a to-and-fro over how much should be grants vs. loans, with the ‘frugal four’ (Denmark, the Netherlands, Austria and Sweden) successfully reducing the proportion of grants down from the original proposal of €500 billion grants/€250 billion loans split. This €390 billion is to be funded by new EU bonds over the coming years.

A small amount of the first EU debt was issued a few weeks ago, with €17 billion raised amid demand for €233 billion. We think this is interesting as it shows market confidence in the EU ‘project’. The debt will eventually be repaid by funds from new EU taxes (potentially digital, carbon, financial transactions, etc.) but details are yet to be confirmed.

The balance of €1.07 trillion is regular budgeting. It is the 2021-2027 EU seven-year financial framework and to be used for regular programmes, agriculture, regional and structural support, education, research, etc.

Brexit: Closer to Crunch Time, Really This Time!

We have been saying it for many, many months now, but Brexit really is getting to a pinch point in negotiations. A deal still needs to be agreed and ratified before the 31 December deadline. Last week, as negotiations continued, we saw the usual high-level soundbites indicating one way and then the other without any real substance. Talks did end abruptly on 19 November as the EU team had to self-isolate after being exposed to someone positive with COVID-19. Talks will now have to continue virtually. Notably, over the weekend, UK Chancellor of the Exchequer Rishi Sunak played down the risk of a no-deal.

So, What Can We Expect in the Coming Weeks?

Should we get a deal in the coming weeks, it would need to be ratified by both the EU Council and Parliament. There is still some debate whether the deal will be an EU-only agreement or mixed agreement (meaning shared responsibility of EU institutions and individual EU countries).

Should the agreement be mixed, then national and regional parliaments must also ratify for the agreement to be applied in full. EU leaders will also give their approval, likely done via the conclusions of a European Council summit (the next one being 10-11 December).

Following the approval from the respective EU governments, the agreement is sent to the European Parliament for its consent. The scrutiny given to the agreement at this stage could take weeks; however, given the urgency at this stage, it is likely some creative solutions would be found to meet the deadlines should we get to that stage. The UK Parliament has  to approve the legislation needed to put any trade deal on the statute book; it is assumed this process would be complete before the Parliament goes into recess on 20 December.

For markets, the risks remain to the downside. The expectation is still that a deal of some variety will be agreed at the ‘eleventh hour’ and will be pushed through all the red tape in time for 31 December.

Sterling was stronger last week vs the US dollar and is stronger again this morning on optimism around talks. Any sterling strength in the coming weeks will likely keep the FTSE 100 Index in check given the skew towards dollar-earners.

Looking to Year-End

As we approach the US Thanksgiving holiday and the last month of 2020 (thankfully), we thought it would be beneficial to take stock of catalysts into year-end. Looking at historical averages, equity markets tend to enjoy a ‘Santa Rally’ into year-end. But, given this is 2020, we can assume nothing!

COVID-19 remains a concern for Europe and the United States: Whilst the vaccine news means the picture looks much improved longer term, it will be 2021 before the majority see the benefits. In the meantime, COVID-19 figures remain bleak in Europe and the United States going into year-end. The second wave in Europe has seen daily global deaths peak once again. The impact of economic shutdowns will be key to watch in macro data. In contrast, cases in Asia remain low and contained, supporting sentiment there.

US Politics: US President Donald Trump continues to contest the recent election result, despite dwindling legal options. Further states will ratify their votes this week; then, the key date to watch will be the 14 December Electoral College announcements. It is hard to see Joe Biden not being confirmed the winner. All then all eyes will then be on President Trump’s response. Linked to the outcome of this is the ongoing impasse of the fiscal stimulus package, where signs of progress would be significant.

Europe Geopolitics: Besides US politics, for Europe, the outcome of Brexit talks will set the tone for UK and EU equities. EU assets face the additional challenge of EU budget talks.

Central Banks: With lockdowns in place across Europe and an increasing number of US states adding fresh measures, investors will continue to look to central banks to bridge the gap until vaccines can be rolled out globally. We have the European Central Bank (ECB) meeting on the 10 December and Federal Reserve on the 16 December. You would imagine they will remain focused on keeping monetary supply high.

So, we face an interesting end to a tough year, for now investors appear to be in a more positive state of mind, with the CNN Fear & Greed Index in ‘greed’ territory post the recent vaccine news.

The Week in Review

United States

US equity markets took a breath last week, with the S&P 500 Index closing down 0.8%. Despite the strong month so far (S&P 500 Index up 8.8% in November as of the close of business on 20 November), a clear push and pull remains as investors try to make sense of what the vaccine announcements mean in the face of escalating COVID-19 infection rates.

The Pfizer and Moderna efficacy rates are supportive, but the question is how much help can that be in the short-to-medium term and in the face of fresh US daily infections highs of 199,000 on Friday last week. Hospitalisations are also at record highs, breaking through 80,000 at the end of last week.

Nonetheless, President-elect Joe Biden re-iterated that he had no plans for an economic shutdown when he gets into office.

In terms of sector moves last week, the value rotation wasn’t quite as evident in the United States as it was in Europe. Instead, it was back to the old growth stocks vs. defensives moves, with the former outperforming. With that, energy stocks were the clear winner, with the sector up 5% on the week amid rising oil prices. Materials and industrials were also up last week, whilst utilities were the main laggard, down 3.9%. Health care, real estate investment trusts and consumer staples also were all down.

Possibly the most notable headline out of the United States last week was on the news that the US Treasury would not be extending several of the Fed’s emergency credit programmes beyond year-end. This move essentially closes down the facilities which helped support markets in the spring.

Treasury Secretary Steven Mnuchin also asked that the Fed return any unused Coronavirus Aid, Relief and Economic Security (CARES) Act risk capital. Mnuchin said this will allow Congress to re-appropriate US$455 billion. In response, Fed Chair Jerome Powell said that the money would be returned and the decision to wind down the lending programmes meant that the central bank would consider providing further support to the economy. This is even more likely given the impasse on fiscal support and the worsening COVID-19 outbreaks. Yet, with a new administration only two months away, it is thought that such disagreements may just be temporary.

Europe

With more positive vaccine news on 23 November, rotation into value continued and European equities closed higher for the third week in a row, despite a choppy week of trading and some consolidation on Thursday. The move higher on the latest vaccine news was less pronounced than the previous week (with much priced in) and things generally felt more orderly.

The STOXX Europe 600 Index is on track for its best month on record. Alongside this, European ETFs enjoyed their largest weekly net inflows since December last year. Oil and gas stocks, autos, and banks outperformed as part of the value/cyclical rotation, whilst the defensive names underperformed (health care and food & beverage stocks were lower).

Despite the positive vaccine news, the level of global deaths from COVID-19 continues to rise and is now above the peak earlier in the year, so there remains potential for further volatility and headwinds. Cases in Europe have started to level off following the latest imposition of restrictions, but there are fresh concerns over the impact of this on the economy.

On 20 November, the International Monetary Fund (IMF) and G20 warned that there are ‘signs that the recovery may be losing momentum and the crisis is likely to leave deep, unequal scars’. The IMF also noted that elevated asset prices point to a disconnect from the real economy and a potential threat to financial stability.

Another potential headwind for certain regions is how many people will be willing to take any vaccine. According to one study, only four out of 10 French people are planning to get vaccinated. There are also the obvious questions over time scale, supply and delivery. With this, alongside uncertainty over the EU budget and Brexit negotiations, we did see some of Monday’s gains eroded. Investor appetite  for Europe remains limited, with global investors reducing their eurozone net exposure. The United Kingdom remains particularly unloved (unsurprising with the Brexit overhang) as UK Consumer Confidence hit six-month lows.

Asia Pacific (APAC)

Equities in the APAC region were broadly higher, marking a third consecutive week of gains for the MSCI APAC Index. Gains in Japan were more muted, with a record spike in daily virus cases midweek seeing the Nikkei Index  underperform. Cases are also on the increase in South Korea and Hong Kong. Caution over the rise in cases has now led to the postponement of a planned Hong Kong-Singapore travel bubble. On the macro front, Japan’s manufacturing Purchasing Managers’ Index (PMI) fell to 48.3 in November from 48.7 in October, ending five consecutive months of improvement. The services PMI also disappointed, with the resurgence in cases starting to take its toll.

Chinese vaccine makers underperformed last week, weighed upon by the positive headlines from global rivals. An index tracking 14 vaccine producers listed in Shanghai and Shenzhen is down 11% since the Pfizer headlines earlier this month. Interestingly, the development of vaccines by Chinese firms has been made more difficult because of the country’s successful containment of the virus. With local cases close to zero, final-stage trials (which focus on efficacy in the general population) had to be undertaken in other countries, leading to delays.

Meanwhile, as President Trump approaches his final days in the White House, more executive actions are expected which could include more measures against China—something to keep an eye on.

The Week Ahead

Despite the US Thanksgiving holiday, we expect a busy week in Europe with headline risk from both Brexit and EU budget talks. In addition, COVID-19 trends should drive sentiment, with any signs that lockdowns are working in Europe likely taken well.

PMI data across Europe has just come in as we start the trading week. The French composite reading (39.9) is back at its worst level since May this year, with the services figure particularly poor at 38.0. Conversely, German PMIs are solidly in expansionary territory, with the composite figure coming in at 52.0, and manufacturing (at 57.9) outweighing services (at 46.3). UK PMIs were better than expected, with the composite figure coming in at 47.4. Both manufacturing and services readings beat expectations.

Calendar

Monday 23 November  

  • Data: Eurozone PMIs; France PMIs; Germany PMIs; UK PMIs; US PMIs
  • Holiday: Japan

Tuesday 24 November    

  • Data: Germany gross domestic product (GDP), IFO Survey; France Consumer and Business Confidence; US house price index (HPI), Consumer Confidence

Wednesday 25 November  

  • Economic/Political: US Federal Open Market Committee (FOMC) minutes
  • Data: Spain Producer Price Index (PPI); US GDP, Jobless Claims, Personal Consumption/Income/Spending, Durable Goods Orders, New Home Sales

Thursday 26 November     

  • Data: Germany Consumer Confidence; France Consumer Confidence; Eurozone Money Supply; Japan Machine Tool Orders
  • Holidays: US Thanksgiving

Friday 27 November

  • Data: China Industrial Profits; Germany Import Prices; France GDP, CPI, Consumer Spending; Italy Consumer and Manufacturing Confidence, PPI; Eurozone Consumer, Economic, Industrial and Services Confidence

 


Franklin Templeton Key risks & Disclaimers:

What Are the Risks?

All investments involve risk, including possible loss of principal. The value of investments can go down as well as up, and investors may not get back the full amount invested. Stock prices fluctuate, sometimes rapidly and dramatically, due to factors affecting individual companies, particular industries or sectors, or general market conditions. Bond prices generally move in the opposite direction of interest rates. Thus, as prices of bonds in an investment portfolio adjust to a rise in interest rates, the value of the portfolio may decline. Investments in foreign securities involve special risks including currency fluctuations, economic instability and political developments. Investments in developing markets involve heightened risks related to the same factors, in addition to those associated with their relatively small size and lesser liquidity. Past performance is not an indicator or guarantee of future performance.

This article reflects the analysis and opinions of Franklin Templeton’s European Trading Desk as of 24th November 2020, and may vary from the analysis and opinions of other investment teams, platforms, portfolio managers or strategies at Franklin Templeton. Because market and economic conditions are often subject to rapid change, the analysis and opinions provided may change without notice. An assessment of a particular country, market, region, security, investment or strategy is not intended as an investment recommendation, nor does it constitute investment advice. Statements of fact are from sources considered reliable, but no representation or warranty is made as to their completeness or accuracy. This article does not provide a complete analysis of every material fact regarding any country, region, market, industry or security. Nothing in this document may be relied upon as investment advice or an investment recommendation. The companies named herein are used solely for illustrative purposes; any investment may or may not be currently held by any portfolio advised by Franklin Templeton. Data from third-party sources may have been used in the preparation of this material and Franklin Templeton (“FT”) has not independently verified, validated or audited such data. FT accepts no liability whatsoever for any loss arising from use of this information and reliance upon the comments, opinions and analyses in the material is at the sole discretion of the user. Products, services and information may not be available in all jurisdictions and are offered by FT affiliates and/or their distributors as local laws and regulations permit. Please consult your own professional adviser for further information on availability of products and services in your jurisdiction. 

Issued by Franklin Templeton Investment Management Limited (FTIML) Registered office: Cannon Place, 78 Cannon Street, London EC4N 6HL. FTIML is authorised and regulated by the Financial Conduct Authority.


MeDirect Disclaimers:

This information has been accurately reproduced, as received from Franklin Templeton Investment Management Limited (FTIML). No information has been omitted which would render the reproduced information inaccurate or misleading. This information is being distributed by MeDirect Bank (Malta) plc to its customers. The information contained in this document is for general information purposes only and is not intended to provide legal or other professional advice nor does it commit MeDirect Bank (Malta) plc to any obligation whatsoever. The information available in this document is not intended to be a suggestion, recommendation or solicitation to buy, hold or sell, any securities and is not guaranteed as to accuracy or completeness.

The financial instruments discussed in the document may not be suitable for all investors and investors must make their own informed decisions and seek their own advice regarding the appropriateness of investing in financial instruments or implementing strategies discussed herein.

If you invest in this product you may lose some or all of the money you invest. The value of your investment may go down as well as up. A commission or sales fee may be charged at the time of the initial purchase for an investment and may be deducted from the invested amount therefore lowering the size of your investment. Any income you get from this investment may go down as well as up. This product may be affected by changes in currency exchange rate movements thereby affecting your investment return therefrom. The performance figures quoted refer to the past and past performance is not a guarantee of future performance or a reliable guide to future performance. Any decision to invest in a mutual fund should always be based upon the details contained in the Prospectus and Key Investor Information Document (KIID), which may be obtained from MeDirect Bank (Malta) plc.

You are leaving medirect.com.mt

Please be aware that the external site policies, or those of another MeDirect website, may differ from this website’s terms and conditions and privacy policy. The next website will open in a new browser window or tab.

 

Note: MeDirect is not responsible for any content on third party sites, nor does a link suggest endorsement of those sites and/or their content.

Login

We strive to ensure a streamlined account opening process, via a structured and clear set of requirements and personalised assistance during the initial communication stages. If you are interested in opening a corporate account with MeDirect, please complete an Account Opening Information Questionnaire and send it to corporate@medirect.com.mt.

For a comprehensive list of documentation required to open a corporate account please contact us by email at corporate@medirect.com.mt or by phone on (+356) 2557 4444.