RISKS
Risk factors
Investing in securities and other financial instruments carries risk, including the risk of losing part or all of the principal invested. Before making an investment decision, every investor should study the risks independently and, where necessary, seek advice. The factors set out below are the minimum information that prospective investors should take into account.
Risk factors: risks specific to the Issuer
| Risk factor | Adverse impact | Likelihood of occurrence |
|---|---|---|
| Seasonality risk | high | high |
| Risk of damage to or destruction of assets | medium | medium |
| Operational risk | high | medium |
| Dilution risk | low | low |
| Credit risk | high | high |
| Interest rate risk | low | low |
| Currency risk | low | low |
| Liquidity risk | high | medium |
| Inflation risk | high | medium |
| Staff recruitment risk | high | low |
| Reputational risk | high | medium |
| Political and geopolitical risk | medium | medium |
| Counterparty risk | high | medium |
| Regulatory change risk | low | medium |
| Macroeconomic risk | medium | low |
| Risk of a change in ownership structure | medium | low |
| Concentration risk | medium | low |
Risk factors: risks relating to the security
| Risk factor | Adverse impact | Likelihood of occurrence |
|---|---|---|
| Market risk | high | medium |
| Early redemption risk | low | medium |
| Fixed interest rate risk | low | medium |
| Liquidity risk | high | medium |
| Inflation risk | high | high |
| Issuer credit risk | high | medium |
| Tax change risk | medium | medium |
| Leverage risk | high | low |
| Transaction costs | low | low |
Investing in securities carries risk. The risks listed are the minimum information that prospective investors should take into account. Every investor should study the risks independently before investing.
Note: This is a summary. A detailed description of each risk factor and the specific terms of each issue are available in the issuer’s documentation (the Information Document and the documents relating to each issue).