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Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.

Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.

Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.

仅此通知,本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议,账单和通知,条款或费用变更;或任何为您账户提供的服务。

Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.

Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.

Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.

仅此通知,本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议,账单和通知,条款或费用变更;或任何为您账户提供的服务。

mother-of-all-blackout-periods-covid-19-impact-on-share-buybacks

Perspectives

The mother of all blackout periods: COVID-19’s impact on share buybacks

Author

By , Wietse Nijenhuis, Client Portfolio Manager, Citi Investment Management, and Zeshan Azam, Head of Systematic Equities, Citi Investment Management

April 29, 2020Posted InEquities and Investment Strategy

With companies receiving federal aid barred from repurchases for the next 12-plus months and others conserving their cash as the pandemic unfolds, corporations have lost their go-to share price strategy. To get a sense of the scale of that, S&P 500 Index companies alone have spent $1.6 trillion on buybacks in the past two years. 

With this end to the low volatility era Wietse Nijenhuis, Client Portfolio Manager, and Zeshan Azam, Head of Systematic Equities, anticipate a vastly altered markets landscape, with newly exacting investor scrutiny around the formerly Biggest Buybackers, changes in market structure, revision of security selection criteria and, perhaps, the launch of a new era for ESG investing. To read their Mother of All Blackout Periods report, click here.