Quigley’s Corner 06.01.18 Weekend Edition: Latest Unemployment Rate Trumps Lowest Figure in 50 Yrs; Moody’s Makes It’s Case for Diversity & Inclusion

Investment Grade New Issue Re-Cap – Stealing All Headlines: The Great U.S.A. Flexes Economic Muscle!

Today’s IG Primary & Secondary Market Talking Points – Mischler On Moody’s Corp.

Syndicate IG Corporate-only Volume Estimates For This Week and May

Moody’s Corp. 3yr Global Senior Unsecured Notes due 6/07/2021: Mischler DCM Drill-Down

Utilities Power Up- Thanks to the EEI

The Best and the Brightest” Syndicate Forecasts and Sound Bites for Next Week

“Knowing the Past for the Future” – A Look at a Decade’s Worth of June IG Corporate and SSA Issuance

Syndicate IG Corporate-only Volume Estimates for Next Week and June

The “QC” Geopolitical Risk Monitor

NICs, Bid-to-Covers, Tenors, Sizes and Average Spread Compression from IPTs thru Launches

New Issues Priced

This Week’s IG New Issues and Where They Are Trading

Indexes and New Issue Volume              

Global Market Recap

2018 Lipper Report/Fund Flows – Week ending May 30th        

IG Credit Spreads by Rating

IG Credit Spreads by Industry

New Issue Pipeline

M&A Pipeline

Rates Trading Lab

Economic Data Releases

Tomorrow’s Calendar


Pre-release Presidential unemployment tweet or no tweet, this morning’s U.S. domestic data releases were AWESOME!  Recently we’ve witnessed Emerging Markets falling out of bed to rising oil prices; from Italy to trade wars, but today the United States of America trumped the global macro news headlines by posting a 3.8% Unemployment Rate, the lowest in 50+ years. The Underemployment Rate fell two-tenths of 1% to 7.6%.  Personal Income beat, and Spending crushed with a 1.8% number versus 0.8% expectations. U.S. Equity markets rose a couple hundred points and suddenly the U.S. has pushed so much headline risk to the side.  It’s all still there but it should be a sign to Americans, Corporations and the world just how powerful the USA engine is and how critically dependent the world relies on its success.

Today’s results put a certain rate hike on the table at the FOMC’s next Rate Decision meeting held from, June 12th thru the 13th thereby lending needed clarity to our market.

I’ve said it here before and I will say it again: love him or hate him or anything else in between, the President and his Administration deserve credit for data like today’s and it would be un-American not to cheer for your nation’s success. More importantly in terms of social responsibility, the African-American and Hispanic American unemployment rates are at the lowest in their history, and Women achieved their highest employment numbers in over 19 years.

Oh, and the June 12th U.S. North Korean Summit is back on for June 12th. A nice way to end the week.

It’s Friday and you all know what that means. The Best and Brightest in our world of investment grade rated Corporate new issuance have all spoken. They shared nice sound bites about next week and the month of June. First up though are the recaps followed by in order:

  • The deal drill down of today’s Moody’s Corp. transaction on which Mischler served as an active 3.00% Co-Manager.
  • A look into Moody’s D&I initiatives with a focus on the people behind them and their veteran-focused programs.
  • Then there’s a brief summary of the Edison Electric Institute’s 2017 Financial Review Annual Report of the investor-Owned Electric Utility Industry
  • Then it’s all about the Best and Brightest on their thoughts and forecasts for next week and June.

So, sit back, relax in the comfort of wherever you may be and set the table for next week’s IG dollar primary market expectations. You deserve the two day sojourn just ahead. Get comfortable. This daily is done for YOU thanks to the guy-in-the corner.  ……that would be “Quigley’s Corner!” Enjoy and thanks as always for tuning in!

Today the IG dollar DCM hosted issuers across 3 tranches totaling $605mm.  The SSA space was quiet.

Here’s a look at the WTD and MTD IG Corporate new issue volume as measured against syndicate desk estimates:

  • The IG Corporate WTD total is 28.00% of this week’s syndicate midpoint average forecast or $5.605b vs. $20.02b.
  • MTD we’ve priced 89.09% of the syndicate forecast for April IG Corporate new issuance or $120.13b vs. $134.84b.
  • There are now 16 issuers in the IG credit pipeline.

Today’s IG Primary & Secondary Market Talking Points – Mischler Secures Another Friday Print This Time for Moody’s Corp.

  • Mischler Financial served as an active 3.00% Co-Manager on Moody’s Corps. $300mm “will not grow” 3-year Global Senior Unsecured Notes new issue due 6/07/2021. As a result it is today’s featured “Deal-of-the-Day.” However, let’s first review today’s primary market talking points. Please be sure to read about the wildly Moody’s transaction by scrolling below just ahead of today’s Best & Brightest section. Thanks! -RQ
  • The average spread compression from IPTs and/or guidance thru the launch/final pricing of today’s IG Corporate-only new issues was <13.5> bps.
  • BAML’s IG Master Index widened 2 bps to +122 vs. +120. (It’s post-Crisis low is +90 set on 2/01).
  • Bloomberg/Barclays US IG Corporate Bond Index OAS was unchanged at +1.15. (1.15 represents a new high. 0.85 is its post-Crisis low set on 1/30).
  • Standard & Poor’s Investment Grade Composite Spread widened 1 bp to +155 vs. +154. (+125 represents its post-Crisis low set 2/02).
  • Investment grade corporate bond trading posted a final Trace count of $22.5b on Thursday versus $21.9b on Wednesday and $16.6b the previous Thursday.
  • The 10-DMA stands at $17.1b.
  • For the week ended May 30th, Lipper U.S. Fund Flows reported a net inflow of $848.978m into Corporate Investment Grade Funds (2018 YTD net inflow of $43.822b) and a net outflow of $17.869m from High Yield Funds (2018 YTD net outflow of $15.138b).
  • Taking a look at the secondary trading performance of this week’s 11 IG new issues new issues tightened versus NIP for a 50% improvement rate, widened  (45.50%) and were flat (9.00%).

Syndicate IG Corporate-only Volume Estimates For This Week and May

IG Corporate New Issuance This Week
vs. Current
WTD – $5.605b
May 2018 vs. Current
MTD – $120.13b
Low-End Avg. $19.32b 29.01% $133.64b 89.89%
Midpoint Avg. $20.02b 28.00% $134.84b 89.09%
High-End Avg. $20.72b 27.05% $136.04b 88.30%
The High $15b 37.37% $110b 109.21%
The Low $26b 21.56% $150b 80.09%


Moody’s Corp. 3yr Global Senior Unsecured Notes due 6/07/2021

Mischler Financial is very happy to announce that it was invited to serve as an active 3.00% Co-Manager on today’s $300mm Moody’s Corp. (NYSE: MCO)  3-year fixed rate Global Senior Unsecured Notes new issue due 6/07/2021.

There were a couple logical ways to approach fair value on today’s transaction.  The first path looked to the outstanding MCO 2.75% due 12/15/2021 that was T+78, G+73 this morning pre-announcement pegging new issue concession as negative 3 bps versus today’s T+70 new issue pricing.

However, there were a wide range of quotes on the 2021s so, if you took a mid-point of the 3 joint leads (BAML, Citigroup and JPM), it was T+80 bid or G+75 nailing NIC as <5> bps.

Ever the politician (Ha!) I am averaging the two analyses and taking the average so the guy-in-the-corner calls NIC on today’s Moody’s new issue negative 4 bps. Either way you look at it folks this was a great deal and the timing, well, it’s now officially legendary!

Moody’s Corp. Deal Dashboard

Use of proceedsfrom today’s transaction will be used for general corporate purposes, which may include repayment of a portion of the $350mm outstanding under the loan agreement between Moody’s, as borrower, the lenders from time to time party thereto and J.P. Morgan Chase Bank, N.A. as administrative agent, entered into on June 6, 2017 to finance the acquisition of Bureau van Dijk (the “term Loan Facility”).


Trading at
the Break
3yr FXD BBB+/BBB+ +87.5a +75a (+/-5) +70 +70 <17.50> bps <4> 68/66 <2>


………and here’s a snap shot of today’s final Moody’s Corp. book sizes and oversubscription rates – the measure of investor demand:

Today’s Moody’s Corp. final order book finished at $1.70b making the 3-year Global Senior Unsecured Notes transaction 5.67x-times oversubscribed. “At the top” or at guidance, the book was as high as $1.90b or 6.33x covered. That folks, is VERY impressive especially given the volatility we’ve been witnessing of late. Congrats to Zeeshan Naqvi on his impeccable timing and Moody’s Corp. as well as Team Citigroup Syndicate (Scott, Frank, Adnes and Andrew) with whom it is always my great pleasure to work with on deal day.

Have a look:

MCO Issue Tranche Size Book
Final Book
3yr FXD $300mm $1.90b $1.70b 5.67x


Final Pricing – Moody’s Corp.
MCO $300mm 3.25% due 6/07/2021 @$98.85 to yield 3.303% or T+70

Moody’s Corp. – Commitment to Diversity & Inclusion


When we talk about diversity in our financial services industry, it begins with issuers like GECC and MBNA just before that. If you work in our IG dollar DCM and never heard of Kitty Yoh, well then ………you never did.  She is retired, but have no doubt she is legendary.  Her past senior Treasury team featured some pretty impactfull people who helped create, develop and execute GECC’s iconic D&I initiative in our financial services industry.  Chris Coffey, now with Synchrony Financial and Zeeshan Naqvi, Moody’s Treasurer, are two such legends in our business, who came up through the ranks and are among the best there is in Treasury/Funding.  I’ll sneak in here that my wife, formerly Natalie Armenteros, priced the first-ever Euro denominated issue on the planet (it was for EIB), as well as a slew of GECC’s Euro issuances, including GE’s first Euro new issue whilst she served as head of Paribas’ Syndicate desk in Geneva, Switzerland. I have known Zeeshan for as long as I can remember, from the bulge bracket to the D&I b/d space over 12 years ago. Moody’s D&I and Zeeshan are the focus of this evening’s D&I drill down.

Zeeshan took what he learned in life and working at GECC and brought it with him to Moody’s Corp. bridging the issuer’s already sprouting commitment to social responsibility.  As Zeeshan told me today, “Moody’s takes great efforts to execute Diversity and Inclusion not only internally here within the Company and in their transactions, but we are incredibly active in the community.” As with all such corporate though-leading initiatives, here they begin with the senior leadership team, and at Moody’s Corp. that means President and Chief Executive Officer Randall W. McDaniel. Moody’s leadership team is committed to making diversity and inclusion part of the fabric of its organization. From the office of the CEO to Zeeshan in Treasury/Funding, D&I is implemented across every aspect of Moody’s business.  That only helps create an environment that maximizes every employee’s contribution, widens the leadership pipeline and ultimately increases the quality of opinions, products and services.

I can tell you that in dealing with Zeeshan he is passionate about educating us here at Team Mischler to understand his Company’s diversity and inclusion initiatives, and values our partnership as the nation’s oldest Service-Disabled Veteran broker dealer. Moody’s Diversity Council is responsible for implementing its diversity and inclusion strategies. To achieve its goals, the council is organized into working groups that focus on strategic priorities, developing an action plan and making it a reality. They prioritize educating its employees so that they understand the value of its D&I mandate. 

Moody’s and Veterans

As it pertains specifically to Mischler Financial’s Service-Disabled Veteran certification, Moody’s Veteran Employee Resource Group or “ERG” was created to recognize and support veterans, active duty military personnel and military families both at Moody’s and in its communities. Members primarily focus on outreach efforts, including workforce integration and raising awareness around issues that impact veterans. Moody’s is a Global partner with VOWS or Veterans on Wall Street, Diversity Best Practices, and Columbia University Military Veterans Program.

If you didn’t know it before reading today’s “QC” you do now – legendary prints are being made by legendary companies that embrace legendary diversity and inclusion initiatives. It is always my great privilege, honor and personal responsibility to help get those and YOUR D&I stories to the Street – from Wall Street to Main Street.

It is this social responsibility aspect of my job that will always drive and motivate me to go the extra mile.  Friday no print?  Are you kidding me?  Bring it on folks. This is what it’s all about.

Congratulations to Moody’s Corp and to my friend Mr. Zeeshan Naqvi. Thank you both for everything you do for D&I and the greater good, and congratulations on a job very well done today.


Utilities Power Up Thanks to the EEI

Edison Electric Institute today released its 2017 Financial Review Annual Report of the investor-Owned Electric Utility Industry that always provides a great recap of the financial performance and strategic direction of investor-owned utilities for the year.

Matching this morning’s stellar domestic economic data releases, the U.S. electric utility industry continues to benefit from its solid financial foundation. The EEI Index returned 11.7%, posting a second consecutive year of double-digit gains after 2016’s 17.4% return, and has now produced a positive total return in 13 of the last 15 years. The industry invested $113.6 billion in 2017 for a sixth-straight year of record-high capital expenditures, while continuing to improve its overall credit profile. Electric utilities continue to be a top dividend-paying sector and 88% of the industry increased the dividend in 2017, the second-highest percentage on record.


“The Best and the Brightest” Syndicate Forecasts and Sound Bites for Next Week

Thanks as always for tuning in to the daily “QC”, enjoy your read in preparation for the week ahead and enjoy a fabulous weekend with you and yours!I am happy to announce that the “QC” once again received 100% unanimous participation from all 24 desks surveyed for today’s “Best & Brightest” Syndicate edition!  Thank you to all of them. 21 of today’s respondents are in the top 22 syndicate desks including 22 of the top 25 according to today’s Bloomberg U.S. IG U.S. Investment Grade Corporate Bond underwriting league table.  The 2018 League table can be found on your terminals at “LEAG” + [GO] after which you select (U.S. Investment Grade Corporates).  The participating desks represent 81.48% of all IG dollar-denominated new issue underwriting as of today’s table share percentage which simply means they are the ones with visibility.  But it’s not only about their volume forecasts, it’s also about their comments!  This core syndicate group does it best; they know best; so they are the ones you WANT and NEED to hear from.  It’s a great look at the week ahead.

*Please note that these are Investment Grade Corporates only. They do not include SSA issuance unless otherwise noted.  

As always “thank you” to all the syndicate desks that participated in today’s survey.  I greatly appreciate your time to contribute and for making this edition of the “QC” among the most widely read! You are helping to promote Mischler’s value-added DCM proposition while adding readership to the “QC” that won Wall Street Letter’s Award as Best Broker Dealer Research in our financial services industry for three consecutive years – 2014, 2015 and 2016!  More importantly, however, you are helping the nation’s oldest Service Disabled Veteran broker-dealer grow in a more meaningful and sustainable way. So, thank you all! –RQ

“Friday arrived so fast. Nothing beats the four day work week!

Great numbers posted this morning with unemployment and underemployment down 0.1 and 0.2% respectively to 3.8% and 62.7% respectively. 3.8% matches the all-time low rate. NFP rose with wages picking up as well.

“QC” readership and I are VERY interested to know syndicate thoughts and expectations for next week’s IG Corporate new issue volume.  Any elaboration of your views is most appreciated especially given the tumultuous global event risk factors currently playing out.

First let’s dive right into all the muck in our world by recapping the most up to date geopolitical event risk factors that impacted our markets this week:

  • 5/31 – Sec. of State Mike Pompeo is encouraged by recent talks with NOKO envoys and an announced meeting on June 1st between a senior nuclear negotiator and Pres. Trump. A personal letter will be hand delivered to Trump today at the White House by Kim Yong-chol, former director of NOKO’s intel bureau and vice-chair of the Cent. Comm. Of the Worker’s Party of Korea.
  • 6/01 – Italy swore in new PM Giuseppe Conte, a former law professor as well as a coalition cabinet that includes both 5-Star Movement head Luigi Di Maio and League’s Mateo Salvini. The Borsa Italiana was up 2.50%. The EU released a statement saying they are confident the ruling coalition government will cooperate with Brussels. Time will tell. On 5/31 – Right or wrong, EU chief Jean-Claude Juncker slammed Italians saying they need to work hard and stop blaming the EU to resolve their problems which will only exacerbate populist support tensions in the boot nation. On 5/27 President Mattarella vetoed the coalition’s euro skeptic candidate, Paolo Savona as finance minister. Mattarella then vetoed all cabinet ministers, installed a EU friendly neutral gov’t. headed by an interim PM and former IMF economist as Italy looked to be headed for new elections. Di Maio and Salvini agreed to back down from Savona as Finance Minister. Still, Italy had gone without a government for 89 days shattering the old record of 82 set in 1996. The two populist parties have over 50% support, promote tough immigration reform, spending hikes, no sanctions against Russia, two tax brackets of 15% and 20%, erasing the previously boosted retirement age and a citizen’s income for the poor. Europe should have a contingency plan in place for a derailment of the Union. Italy had 70 post WWII gov’ts in 72 post-WWII years – one every 1.02 years. It is the EU’s 3rd largest economy, has the world’s 3rd highest debt-to-GDP ratio at 132.5% and a $2.8 trillion (equiv.) national debt. Italy is clearly the EU’s biggest economic risk. Italy’s banking sector holds $220bn of bad loans.
  • 5/31 – Trade War fears heated up again. Sighting no progress with Europe and re-negotiating NAFTA, the Trump Admin. announced 25% tariffs on imported steel and 10% on aluminum on national security grounds against the EU, Canada, Mexico effective midnight. Counter tariffs were levied against U.S. goods in response roiling markets. 5/29 – Motivated by intellectual property rights violations, the Trump Admin. will levy 50% tariffs on Chinese imports as well as new controls and restrictions. Despite reduced tensions post Mnuchin’s 5/01 statement that Trump would “put the trade war on hold” negotiations have failed to produce a resolution. Trump indicated a list of tariffed imports will be available on June 15th.
  • 5/29 – Iran’s Ayatollah is concerned the EU will not be able to salvage their end of the Iran nuclear deal as EU nations that link their security to U.S. security will cave to U.S. demands. Iran doubts the EU can prevent major companies from withdrawing due to new U.S. sanctions. 5/08 – President Trump pulled the U.S. from JCPOA while imposing mort stringent sanctions against Iran. He also warned heavy sanctions against nations assisting Iran’s nuclear pursuits. On 4/30 Israeli PM Netanyahu showed evidence of Iran’s continued nuclear ambitions in violation of the JCPOA.
  • 5/29 – Gaza Strip based Hamas and rebels launched over two dozen rockets into southern Israel in the largest barrage of Palestinian fire since 2014. Israel answered with targeted bombings.
  • 5/29 – U.S. interest rates: Amidst a rising rate environment, Italy, Spain and trade war fears counter by pushing investor cash into the safe haven of USTs thereby compressing yields.
  • 5/31 – Spain’s Prime Minister Mariano Rajoy will highly likely be ousted in a vote on Friday, June 1st as Socialists have enough votes of no confidence to boot the leader of a corrupt Administration that has seen nearly 30 officials convicted on various crimes of graft and conspiracy. The disgraced PM can resign ahead of tomorrow’s demoralizing vote. Rajoy has been at the helm of the Spanish gov’t. through the sovereign debt crisis, a national bailout and its own recession and ongoing Catalan independence crisis. Socialist leader Pedro Sanchez looks to win a slim majority in the 350 member Parliament but his party would rule as a minority with less than 25% support but is backed by his own Socialist cause, the Basque nationalist party and far left groups, similar to Italy.
  • 5/31 – Hard vs. soft BREXIT battle continues. UK PM May is under increasing Tory pressure to defy hard-liners in her party to compromise for a more pragmatic solution. Talk of May’s hardline stance could result in a vote of no confidence.
  • May 2018 Terror Event MTD Casualty Total135 terrorist attacks; 917 dead; 1,133

Now let’s take a look at the critical week-on-week primary market stats:

Attention Syndicate Desks: Please note that the five key primary market driver averages in the below survey question have been updated from this morning to include today’s Moody’s, Texas Instruments or MetLife $25 Preferred new issues that priced or were green shoed  Nothing but the best for the “Best and the Brightest!” 

  • The IG Corporate WTD total stands at $5.00b. We priced $15.02b less than this week’s average midpoint estimate of $20.02b or <75.02%>.
  • MTD we priced 88.64% of the syndicate midpoint forecast for IG Corporate new issuance or $119.525b vs. $134.84b.
  • Entering today’s session, the YTD IG Corporate-only volume is $584.196b vs. the $652.039b YoY which is <$67.843b> or <10.40%> less than a year ago.
  • The all-in or IG Corporate plus SSA YTD volume is $734.261b vs. $808.831b YoY which is <$74.57b> or <9.22%> less than vs. 2017.

Here are the five key primary market driver averages for the 9 IG Corporate-only deals that priced this week.  

  • NICS: 9.00 bps  
  • Oversubscription Rates: 2.73x
  • Tenors: 9.69 years
  • Tranche Sizes: $467mm
  • Spread Compression from IPTs to the Launch: <8.23> bps

Here’s how this week’s critical primary market data compares against last week’s numbers:

  • Week on week, average NICs tightened 0.67 bps to an average 9.00 bps vs. 9.67 bps across this week’s 11 IG Corporate-only new issues that displayed relative value.
  • Over subscription or bid-to-cover rates, the measure of demand, decreased by 0.20x to an average 2.73x vs. 2.93x. 
  • Average tenors expanded by 1.99 years to an average 9.69 years vs. 7.70 years.
  • Tranche sizes decreased by $485mm to $467mm vs. $952mm last week.
  • Spread compression from IPTs to the launch/final pricing of this week’s 11 IG Corporate and Preferred-only new issues widened by 10.48 bps to <8.23> bps vs. <18.71> bps.
  • Standard and Poor’s Investment Grade Composite Spread widened 5 bps to +155 bps vs. +150 week-on-week. 
  • Bloomberg/Barclays US IG Corporate Bond Index OAS thru this morning widened by 6 bps to a new high of 1.15 vs. 1.09 week-on-week.
  • Investment grade corporate bond trading posted a final Trace count of $22.5b on Thursday versus $21.9b on Wednesday and $16.6b the previous Thursday.   
  • The 10-DMA stands at $17.1b.
  • The VIX widened 2.21 or 16.717% to 15.43 at yesterday’s close vs. last Friday’s 13.22 close.
  • Week-on-week, BAML’s IG Master Index widened 7.00 bps to +122 vs. +115 week-on-week.  
  • Spreads across the four IG asset classes widened 5.00 bps week-on-week to 25.50 vs. 20.00 bps as measured against its cumulative post-Crisis low.
  • Spreads across the 19 major IG industry sectors widened 5.73 bps to an average 32.26 vs. 26.53 bps as measured against their average cumulative post-Crisis lows!
  • For the week ended May 30th, Lipper U.S. Fund Flows reported a net inflow of $848.978m into Corporate Investment Grade Funds (2018 YTD net inflow of $43.822b) and a net outflow of $17.869m from High Yield Funds (2018 YTD net outflow of $15.138b).


Entering today’s Friday session here’s a look at this week’s IG issuance volume totals:

  • IG Corps: $5.00b
  • All-in IG (Corps + SSA): $5.00b


And now it’s time for today’s question “what are your thoughts and numbers for next week’s IG Corporate new issue volume?”

The “Best and the Brightest” in Their Own Words

Above is the opening extract from Quigley’s Corner aka “QC”  Friday, June 1, 2018  edition distributed via email to institutional investment managers and Fortune Treasury clients of Mischler Financial Group, the investment industry’s oldest minority broker-dealer owned and operated by Service-Disabled Veterans.

Cited by Wall Street Letter in each of 2014, 2015 and 2016 for “Best Research / Broker-Dealer”, the QC is one of three distinctive market comment pieces produced by Mischler Financial Group. The QC is a daily synopsis of everything Syndicate and Secondary as seen from the perch of our fixed income trading and debt capital markets desk and includes a comprehensive “deep dive” with optics on the day’s investment grade corporate debt new issuance and secondary market data encompassing among other items, comparables, investment grade credit spreads, new issue activity, secondary market most active issues, and upcoming pipeline.

To receive Quigley’s Corner, please email: rkarr@mischlerfinancial.com or via phone 203.276.6646

*Sources: Bank of America/Merrill Lynch, Bloomberg, Bond Radar, Dow Jones Newswire, IFR, Informa Global Markets, Internal Mischler, LCDNews, Market News International, Prospect News, Standard & Poor’s Ratings Services, S, Thomson Reuters and of course, a career of sources, contacts, movers and shakers from syndicate desks to accounts; from issuers to originators; from academicians to heads of research, and a host of financial journalists, et al.

Mischler Financial Group’s “U.S. Syndicate Closing Commentary” is produced daily by Mischler Financial Group. No part of this document may be reproduced in any manner without the permission of Mischler Financial Group. Although the statements of fact have been obtained from and are based upon sources Mischler Financial Group believes reliable, we do not guarantee their accuracy, and any such information may be incomplete.  All opinions and estimates included in this report are subject to change without notice. This report is for informational purposes and is not intended as an offer or solicitation with respect to the purchase or sale of any security. Veteran-owned broker-dealer Mischler Financial Group, its affiliates and their respective officers, directors, partners and employees, including persons involved in the preparation of this report, may from time to time maintain a long or short position in, or purchase or sell a position in, hold or act as market-makers or advisors or brokers in relation to the securities (or related securities, financial products, options, warrants, rights, or derivatives), of companies mentioned in this report or be represented on the board of such companies. Neither Mischler Financial Group nor any officer or employee of Mischler Financial Group or any affiliate thereof accepts any liability whatsoever for any direct, indirect or consequential damages or losses arising from any use of this report or its contents.