Issuers statement

A statement indicating what the issuer is going to use proceeds for. Taxation language, this will usually include a description of the taxation environment in the jurisdiction of the issuer and could also include a description of the taxation environment in the main jurisdictions where the bonds are to be sold. 

The auditor s comfort letter confirms that the financial statements included in the offering circular are accurate and that there has been no material change in the financial situation of the issuer since the latest audited financial statements. 

Any statement by the issuer as to its position in the market relative to its competitors should be omitted on the offering circular, unless the source of the statement is independent. 

The arranger should obtain a comfort letter from the auditors to the issuer confirming that all financial information presented in the offering circular has been correctly extracted from the audited financial statements and that there have been no adverse changes in specified financial items since the last financial year end, in the case of balance sheet items, or when compared with the corresponding period in the last financial year, in the case of profit and loss account items. 

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