RISKS
Risk factors
Investing in securities and other financial instruments carries risks, including the risk of losing part or all of the principal invested. Before making an investment decision, every investor should independently review the risks and seek professional advice where necessary. The factors listed below represent the minimum information that prospective investors should take into account.
Risk factors — risks specific to the Issuer
| Risk factor | Adverse impact | Likelihood of occurrence |
|---|---|---|
| Business seasonality risk | high | high |
| Weather conditions and booking cancellation 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 |
| Risk of sourcing labour | 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 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 |
| Call (early redemption) risk | low | medium |
| Risk relating to the fixed interest rate | low | medium |
| Liquidity risk | high | medium |
| Inflation risk | high | high |
| Issuer credit risk | high | medium |
| Risk of change in taxation | medium | medium |
| Financial leverage risk | high | low |
| Transaction costs | low | low |
Investing in securities carries risks. The risks listed represent the minimum information that prospective investors should take into account. Every investor should independently review the risks before investing.
Note: This is a summary overview. A detailed description of each risk factor, and the specific terms of each issue, is available in the corresponding issuer documentation (the Information Document and the documents for each individual issue).