The purchase of Portugal sovereign debt instruments;

Consecutive use of Article 11(1)(b) and Article 11(2)(c) for sovereign debt instruments

Garda’s relative value fixed income strategies seek to capture opportunities in interest rate disparities across global markets and sovereign debt instruments in developed fixed income markets.

Garda’s fixed income relative value strategy captures opportunities in global interest rate disparities and sovereign debt instruments across developed markets.

Other nations can’t pay back their dollar-denominated loans either, and that has produced havoc at the so-called margins of the global economy — as currencies crash, and companies go under, and sovereign debt instruments melt down.

Daily aggregated net short positions in sovereign debt

participate in the management of borrowing or purchasing of relevant shares or sovereign debt

The monetary amount implied by the percentage threshold and the total amount of outstanding issued sovereign debt shall be calculated in accordance with the method of calculation for net short positions in sovereign debt.