{"id":16092,"date":"2025-08-14T04:55:36","date_gmt":"2025-08-14T04:55:36","guid":{"rendered":"https:\/\/www.conv-ex.com\/calculation-agency\/"},"modified":"2026-08-28T11:23:14","modified_gmt":"2026-08-28T11:23:14","slug":"calculation-agency","status":"publish","type":"page","link":"https:\/\/www.conv-ex.com\/ja\/services\/calculation-agency\/","title":{"rendered":"Calculation Agency"},"content":{"rendered":"\n\n  <div class=\"stickyNavSentinel\" style=\"height:1px;\"><\/div>\n  <div class=\"stickyNavWrapper transition-all duration-300 py-6 lg:py-10 sticky top-0 z-9999 \"  id=\"block_e57b9b835d0f14e0c9c7cfb84f580779\">\n    <div class=\"holder\">\n      <div class=\"stickyNav px-4 pt-3 lg:pt-3 flex shrink-1 border-b border-midnightNavy gap-8 md:gap-25 [&amp;&gt;a]:uppercase [&amp;&gt;a]:text-sm [&amp;&gt;a]:opacity-50 [&amp;&gt;a:hover]:opacity-100 overflow-y-hidden overflow-x-auto no-scrollbar relative\">\n                    <a class=\"stickyLink max-sm:after:!h-0.75 max-sm:after:w-0\" href=\"#overview\" target=\"_self\">\n              Overview            <\/a>\n                    <a class=\"stickyLink max-sm:after:!h-0.75 max-sm:after:w-0\" href=\"#featured-transaction\" target=\"_self\">\n              Featured Transactions            <\/a>\n                    <a class=\"stickyLink max-sm:after:!h-0.75 max-sm:after:w-0\" href=\"#calculation-agent\" target=\"_self\">\n              The Role of a Calculation Agent             <\/a>\n                    <a class=\"stickyLink max-sm:after:!h-0.75 max-sm:after:w-0\" href=\"#page-links\" target=\"_self\">\n              Transactions We Support             <\/a>\n        \n        <span class=\"h-0.75 absolute max-sm:hidden bg-black left-0 bottom-0 transition-all duration-300 stickyLinkActiveBar\"><\/span>\n      <\/div>\n    <\/div>\n  <\/div>\n\n\n\n\n<section class=\"py-6 md:py-12.5 relative overflow-hidden \"  id=\"overview\">\n  <div class=\"holder\">\n    <div class=\"overflow-hidden flex flex-col justify-between lg:flex-row py-4 px-4 lg:py-15.75 lg:px-17.5 lg:gap-23 rounded-10 relative bg-[rgba(54,70,82,0.50)] curvedLayerBlock\">\n\n      <div class=\"curvedLayer md:!left-35\" style=\"mask-size: 850px;\"><\/div>\n\n      <div class=\"flex-1 flex flex-col gap-5 md:gap-8 relative z-1 justify-between max-md:pt-8 max-md:pb-9 order-2\">\n                  <h2 class=\"text-22 text-white font-normal leading-[1.2] tracking-[2.8px] md:tracking-[4px] uppercase\">WHAT IS A CALCULATION AGENT?<\/h2>\n        \n                  <div class=\"[&amp;&gt;*]:text-base [&amp;&gt;*]:leading-[1.8] [&amp;&gt;ul]:list-disc [&amp;&gt;ul]:pl-8 [&amp;&gt;ol]:list-decimal [&amp;&gt;ol]:pl-8 text-white [&amp;&gt;ul+p]:mt-4 [&amp;&gt;p&gt;a]:underline [&amp;&gt;a]:underline\">\n            <p>A Calculation Agent is appointed as an expert third-party to make determinations required by a contract. This could be a securities transaction (like a convertible \/ exchangeable bond, or a callable bond) or a bilateral contract (like a derivative, loan or other agreement).<\/p>\n<p>ConvEx is a market leader in providing independent calculation agency services on capital markets transactions.<\/p>\n          <\/div>\n              <\/div>\n\n          <\/div>\n  <\/div>\n<\/section>\n\n\n\n<section class=\"py-6 lg:py-12.5 overflow-hidden \"  id=\"featured-transaction\">\n  <div class=\"holder space-y-8\">\n    <div class=\"flex flex-col md:flex-row gap-4 md:items-center md:justify-between\">\n              <h2 class=\"text-22 font-normal leading-[1.2] tracking-[2.8px] md:tracking-[4px] uppercase\">Recent Transactions<\/h2>\n      \n              <a class=\"btn [&amp;&gt;svg&gt;path]:fill-black\" href=\"\/experience\/\" target=\"_self\">\n          MORE          <svg class=\"transition-all duration-300\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"6\" height=\"12\" viewBox=\"0 0 6 12\" fill=\"none\">\n    <path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M0.15746 11.1838C0.351233 11.3775 0.67426 11.3775 0.868033 11.1838L5.69673 6.35507C5.77747 6.27433 5.82594 6.14512 5.84207 6.01591L5.84207 5.96751C5.82594 5.8383 5.77747 5.72527 5.69673 5.64453L0.868034 0.81583C0.674261 0.622056 0.351234 0.622056 0.157461 0.81583C-0.0524869 1.0096 -0.052487 1.33263 0.157461 1.54253L4.61471 5.99978L0.15746 10.457C-0.0524878 10.6508 -0.0524878 10.99 0.15746 11.1837L0.15746 11.1838Z\" fill=\"white\" \/>\n<\/svg>        <\/a>\n          <\/div>\n\n\n          <div class=\"swiper transactionsSwiper !overflow-visible md:!overflow-hidden\">\n        <div class=\"swiper-wrapper\">\n          \n<div class=\"swiper-slide bg-white rounded-10\">\n    <div class=\"border-b-2 rounded-10 border-primaryRed pt-4.5 pb-3 sm:pb-8 md:py-4.5 min-h-[282px] sm:min-h-[381px] flex flex-col h-full\">\n        <div class=\"flex border-b min-h-10.75 border-white items-center justify-between pb-4.25 px-5\">\n\n                                <span class=\"text-[8px] sm:text-sm text-darkGray font-semibold leading-[1.4] tracking-[1.6px] md:tracking-[1.4] uppercase\">\n                        December 2025                    <\/span>\n            \n                            <div class=\"flex items-center gap-3\">\n                                    <\/div>\n                    <\/div>\n\n        <div class=\"relative after:content-[''] flex items-center justify-center after:absolute after:bottom-0 after:left-1\/2 after:-translate-x-1\/2 h-16 sm:h-30.5 after:w-8.5 after:h-px after:bg-primaryRed px-8 mt-2 md:mt-5 mb-1.75 md:mb-4.75 pb-1.75 md:pb-4.75\">\n            <img decoding=\"async\" class=\"h-full w-full object-contain\" src=\"https:\/\/www.conv-ex.com\/wp-content\/uploads\/2025\/12\/Country_Garden_logo.svg\" alt=\"Country Garden Warrants\">\n        <\/div>\n\n        <div class=\"mt-auto px-4 flex flex-col items-center gap-2 md:gap-10 [&amp;&gt;p+p]:mt-0 [&amp;&gt;p]:leading-none\">\n\n                                <p class=\"text-sm md:text-xs min-h-6 text-midnightNavy font-semibold text-center leading-[1.4] md:tracking-[1.2px] tracking-[1.4px] uppercase max-md:min-h-12 flex items-center\">\n                                                    \u65b0\u682a\u4e88\u7d04\u6a29                                            <\/p>\n            \n\n            \n\n            \n                    <p class=\"text-sm sm:text-[22px] max-md:min-h-8 flex items-center text-center justify-center text-primaryRed font-normal leading-[1.3] tracking-[2.2px]\">\n                        HK$490 Million                    <\/p>\n\n            \n\n\n                                <p class=\"text-[8px] md:text-xs min-h-7 max-md:min-h-8 flex items-center text-secondaryBlue font-semibold leading-[1.4] md:tracking-[1.2px] tracking-[1.4px] uppercase text-center\">\n                                                    \u8a08\u7b97\u4ee3\u7406\u4eba                                            <\/p>\n            \n\n\n                    <\/div>\n    <\/div>\n<\/div>\n<div class=\"swiper-slide bg-white rounded-10\">\n    <div class=\"border-b-2 rounded-10 border-primaryRed pt-4.5 pb-3 sm:pb-8 md:py-4.5 min-h-[282px] sm:min-h-[381px] flex flex-col h-full\">\n        <div class=\"flex border-b min-h-10.75 border-white items-center justify-between pb-4.25 px-5\">\n\n                                <span class=\"text-[8px] sm:text-sm text-darkGray font-semibold leading-[1.4] tracking-[1.6px] md:tracking-[1.4] uppercase\">\n                        December 2025                    <\/span>\n            \n                            <div class=\"flex items-center gap-3\">\n                                    <\/div>\n                    <\/div>\n\n        <div class=\"relative after:content-[''] flex items-center justify-center after:absolute after:bottom-0 after:left-1\/2 after:-translate-x-1\/2 h-16 sm:h-30.5 after:w-8.5 after:h-px after:bg-primaryRed px-8 mt-2 md:mt-5 mb-1.75 md:mb-4.75 pb-1.75 md:pb-4.75\">\n            <img decoding=\"async\" class=\"h-full w-full object-contain\" src=\"https:\/\/www.conv-ex.com\/wp-content\/uploads\/2025\/12\/Country_Garden_logo.svg\" alt=\"Country Garden MCBs\">\n        <\/div>\n\n        <div class=\"mt-auto px-4 flex flex-col items-center gap-2 md:gap-10 [&amp;&gt;p+p]:mt-0 [&amp;&gt;p]:leading-none\">\n\n                                <p class=\"text-sm md:text-xs min-h-6 text-midnightNavy font-semibold text-center leading-[1.4] md:tracking-[1.2px] tracking-[1.4px] uppercase max-md:min-h-12 flex items-center\">\n                                                    \u5f37\u5236\u8ee2\u63db\u793e\u50b5                                            <\/p>\n            \n\n            \n\n            \n                    <p class=\"text-sm sm:text-[22px] max-md:min-h-8 flex items-center text-center justify-center text-primaryRed font-normal leading-[1.3] tracking-[2.2px]\">\n                        US$8.1 Billion                    <\/p>\n\n            \n\n\n                                <p class=\"text-[8px] md:text-xs min-h-7 max-md:min-h-8 flex items-center text-secondaryBlue font-semibold leading-[1.4] md:tracking-[1.2px] tracking-[1.4px] uppercase text-center\">\n                                                    \u8a08\u7b97\u4ee3\u7406\u4eba                                            <\/p>\n            \n\n\n                    <\/div>\n    <\/div>\n<\/div>\n<div class=\"swiper-slide bg-white rounded-10\">\n    <div class=\"border-b-2 rounded-10 border-primaryRed pt-4.5 pb-3 sm:pb-8 md:py-4.5 min-h-[282px] sm:min-h-[381px] flex flex-col h-full\">\n        <div class=\"flex border-b min-h-10.75 border-white items-center justify-between pb-4.25 px-5\">\n\n                                <span class=\"text-[8px] sm:text-sm text-darkGray font-semibold leading-[1.4] tracking-[1.6px] md:tracking-[1.4] uppercase\">\n                        November 2022                    <\/span>\n            \n                            <div class=\"flex items-center gap-3\">\n                                    <\/div>\n                    <\/div>\n\n        <div class=\"relative after:content-[''] flex items-center justify-center after:absolute after:bottom-0 after:left-1\/2 after:-translate-x-1\/2 h-16 sm:h-30.5 after:w-8.5 after:h-px after:bg-primaryRed px-8 mt-2 md:mt-5 mb-1.75 md:mb-4.75 pb-1.75 md:pb-4.75\">\n            <img decoding=\"async\" class=\"h-full w-full object-contain\" src=\"https:\/\/www.conv-ex.com\/wp-content\/uploads\/2022\/11\/Sasol.svg\" alt=\"Sasol &#8211; CB 2022\">\n        <\/div>\n\n        <div class=\"mt-auto px-4 flex flex-col items-center gap-2 md:gap-10 [&amp;&gt;p+p]:mt-0 [&amp;&gt;p]:leading-none\">\n\n                                <p class=\"text-sm md:text-xs min-h-6 text-midnightNavy font-semibold text-center leading-[1.4] md:tracking-[1.2px] tracking-[1.4px] uppercase max-md:min-h-12 flex items-center\">\n                                                    \u8ee2\u63db\u793e\u50b5                                            <\/p>\n            \n\n            \n\n            \n                    <p class=\"text-sm sm:text-[22px] max-md:min-h-8 flex items-center text-center justify-center text-primaryRed font-normal leading-[1.3] tracking-[2.2px]\">\n                        US$750 Million                    <\/p>\n\n            \n\n\n                                <p class=\"text-[8px] md:text-xs min-h-7 max-md:min-h-8 flex items-center text-secondaryBlue font-semibold leading-[1.4] md:tracking-[1.2px] tracking-[1.4px] uppercase text-center\">\n                                                    \u8a08\u7b97\u4ee3\u7406\u4eba                                            <\/p>\n            \n\n\n                    <\/div>\n    <\/div>\n<\/div>\n<div class=\"swiper-slide bg-white rounded-10\">\n    <div class=\"border-b-2 rounded-10 border-primaryRed pt-4.5 pb-3 sm:pb-8 md:py-4.5 min-h-[282px] sm:min-h-[381px] flex flex-col h-full\">\n        <div class=\"flex border-b min-h-10.75 border-white items-center justify-between pb-4.25 px-5\">\n\n                                <span class=\"text-[8px] sm:text-sm text-darkGray font-semibold leading-[1.4] tracking-[1.6px] md:tracking-[1.4] uppercase\">\n                        June 2021                    <\/span>\n            \n                            <div class=\"flex items-center gap-3\">\n                                    <\/div>\n                    <\/div>\n\n        <div class=\"relative after:content-[''] flex items-center justify-center after:absolute after:bottom-0 after:left-1\/2 after:-translate-x-1\/2 h-16 sm:h-30.5 after:w-8.5 after:h-px after:bg-primaryRed px-8 mt-2 md:mt-5 mb-1.75 md:mb-4.75 pb-1.75 md:pb-4.75\">\n            <img decoding=\"async\" class=\"h-full w-full object-contain\" src=\"https:\/\/www.conv-ex.com\/wp-content\/uploads\/2021\/06\/Basic-Fit.svg\" alt=\"Basic-Fit &#8211; CB 2021\">\n        <\/div>\n\n        <div class=\"mt-auto px-4 flex flex-col items-center gap-2 md:gap-10 [&amp;&gt;p+p]:mt-0 [&amp;&gt;p]:leading-none\">\n\n                                <p class=\"text-sm md:text-xs min-h-6 text-midnightNavy font-semibold text-center leading-[1.4] md:tracking-[1.2px] tracking-[1.4px] uppercase max-md:min-h-12 flex items-center\">\n                                                    \u8ee2\u63db\u793e\u50b5                                            <\/p>\n            \n\n            \n\n            \n                    <p class=\"text-sm sm:text-[22px] max-md:min-h-8 flex items-center text-center justify-center text-primaryRed font-normal leading-[1.3] tracking-[2.2px]\">\n                        \u20ac304 Million                    <\/p>\n\n            \n\n\n                                <p class=\"text-[8px] md:text-xs min-h-7 max-md:min-h-8 flex items-center text-secondaryBlue font-semibold leading-[1.4] md:tracking-[1.2px] tracking-[1.4px] uppercase text-center\">\n                                                    \u8a08\u7b97\u4ee3\u7406\u4eba                                            <\/p>\n            \n\n\n                    <\/div>\n    <\/div>\n<\/div>        <\/div>\n\n        <div class=\"flex items-center justify-between md:justify-center gap-3 mt-8 md:mt-12.5\">\n          <div class=\"transactionsSwiper-button-prev user-select-none cursor-pointer\">\n            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"65\" height=\"65\" viewBox=\"0 0 65 65\" fill=\"none\">\n    <path d=\"M32.5781 0.509766C14.9534 0.509766 0.665301 14.7963 0.665039 32.4199C0.665039 50.0437 14.9533 64.3311 32.5781 64.3311C50.2028 64.3309 64.4902 50.0436 64.4902 32.4199C64.49 14.7964 50.2027 0.509922 32.5781 0.509766Z\" fill=\"white\" stroke=\"#F2F2F2\" stroke-width=\"1.01924\" \/>\n    <path d=\"M23.3728 32.7813C23.1738 32.5822 23.1738 32.2596 23.3728 32.0605L26.616 28.8173C26.815 28.6183 27.1377 28.6183 27.3367 28.8173C27.5357 29.0163 27.5357 29.339 27.3367 29.538L24.4539 32.4209L27.3367 35.3038C27.5357 35.5028 27.5357 35.8255 27.3367 36.0245C27.1377 36.2235 26.815 36.2235 26.616 36.0245L23.3728 32.7813ZM41.418 32.4209L41.418 32.9305L23.7332 32.9305L23.7332 32.4209L23.7332 31.9113L41.418 31.9113L41.418 32.4209Z\" fill=\"#4F4F4F\" \/>\n<\/svg>          <\/div>\n\n          <div class=\"transactionsSwiper-button-next user-select-none cursor-pointer\">\n            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"65\" height=\"65\" viewBox=\"0 0 65 65\" fill=\"none\">\n    <path d=\"M32.4219 0.509766C50.0466 0.509766 64.3347 14.7963 64.335 32.4199C64.335 50.0437 50.0467 64.3311 32.4219 64.3311C14.7972 64.3309 0.509766 50.0436 0.509766 32.4199C0.510027 14.7964 14.7973 0.509922 32.4219 0.509766Z\" fill=\"white\" stroke=\"#F2F2F2\" stroke-width=\"1.01924\" \/>\n    <path d=\"M41.6272 32.7813C41.8262 32.5822 41.8262 32.2596 41.6272 32.0605L38.384 28.8173C38.185 28.6183 37.8623 28.6183 37.6633 28.8173C37.4643 29.0163 37.4643 29.339 37.6633 29.538L40.5461 32.4209L37.6633 35.3038C37.4643 35.5028 37.4643 35.8255 37.6633 36.0245C37.8623 36.2235 38.185 36.2235 38.384 36.0245L41.6272 32.7813ZM23.582 32.4209L23.582 32.9305L41.2668 32.9305L41.2668 32.4209L41.2668 31.9113L23.582 31.9113L23.582 32.4209Z\" fill=\"#4F4F4F\" \/>\n<\/svg>          <\/div>\n        <\/div>\n\n      <\/div>\n    \n  <\/div>\n<\/section>\n\n\n\n<section class=\"py-6 md:py-12.5 relative overflow-hidden \"  id=\"calculation-agent\">\n  <div class=\"holder\">\n    <div class=\"overflow-hidden flex flex-col justify-between lg:flex-row py-4 px-4 lg:py-15.75 lg:px-17.5 lg:gap-23 rounded-10 relative bg-[rgba(54,70,82,0.50)] curvedLayerBlock\">\n\n      <div class=\"curvedLayer md:!left-35\" style=\"mask-size: 850px;\"><\/div>\n\n      <div class=\"flex-1 flex flex-col gap-5 md:gap-8 relative z-1 justify-between max-md:pt-8 max-md:pb-9 order-2\">\n                  <h2 class=\"text-22 text-white font-normal leading-[1.2] tracking-[2.8px] md:tracking-[4px] uppercase\">THE ROLE OF A CALCULATION AGENT <\/h2>\n        \n                  <div class=\"[&amp;&gt;*]:text-base [&amp;&gt;*]:leading-[1.8] [&amp;&gt;ul]:list-disc [&amp;&gt;ul]:pl-8 [&amp;&gt;ol]:list-decimal [&amp;&gt;ol]:pl-8 text-white [&amp;&gt;ul+p]:mt-4 [&amp;&gt;p&gt;a]:underline [&amp;&gt;a]:underline\">\n            <p>A Calculation Agent is appointed as an expert third-party to make determinations required by a contract. This could be a securities transaction (like a convertible\/exchangeable bond or a callable bond) or a bilateral contract (like a derivative, loan or other agreement).<\/p>\n<p>Examples include:<\/p>\n<ul>\n<li>equity-linked transactions with anti-dilution provisions for corporate actions<\/li>\n<li>settlement calculations for equity-linked transactions, to determine the number of shares and\/or amount of cash deliverable to investors<\/li>\n<li>callable bonds where the redemption price is determined based on a make-whole formula<\/li>\n<li>floating rate bonds where the interest must be determined on a regular basis<\/li>\n<\/ul>\n<p>We also support issuers in interacting with investors and other market participants throughout the life of the transaction, dealing with incoming queries related to determinations made by us as Calculation Agent.<\/p>\n<p>In addition, when ConvEx is appointed prior to issuance, we can also test, and provide support in drafting, the transaction documentation to ensure calculations will operate as intended.<\/p>\n          <\/div>\n              <\/div>\n\n          <\/div>\n  <\/div>\n<\/section>\n\n\n\n<section class=\"py-6 md:py-16 overflow-hidden max-md:pb-16 \"  id=\"page-links\">\n  <div class=\"holder\">\n    <div class=\"space-y-10\">\n              <h2 class=\"text-22 tracking-[2.2px] leading-[1.3] font-normal text-black uppercase\"> WE ACT AS A CALCULATION AGENT FOR:<\/h2>\n      \n              <div class=\"relative max-[768px]:max-w-90 mx-auto overflow-hidden grid lg:grid-cols-2 xl:grid-cols-3 gap-3 lg:gap-y-8 lg:gap-x-6\">\n                        <a class=\"flex items-center gap-3 px-7 py-4 bg-midnightNavy\/50 text-white text-sm leading-[1.4] tracking-[2.2px] uppercase font-normal text-pretty rounded-[5px] group [&amp;&gt;svg]:w-[30px] [&amp;&gt;svg]:h-[30px] [&amp;&gt;svg]:group-hover:-rotate-45 [&amp;&gt;svg]:transition-all [&amp;&gt;svg]:duration-300\" href=\"\/products\/convertible-exchangeable-bonds\/\" target=\"_self\">\n                <span class=\"flex-1\">Convertible &amp; Exchangeable Bonds<\/span>\n\n                <svg width=\"48\" height=\"49\" viewBox=\"0 0 48 49\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n    <path d=\"M47.4902 24.1807C47.4902 11.2065 36.9733 0.688477 24 0.688478C11.0266 0.688478 0.509764 11.2065 0.509765 24.1807C0.509941 37.1546 11.0268 47.6719 24 47.6719C36.9732 47.6719 47.4901 37.1546 47.4902 24.1807Z\" fill=\"white\" fill-opacity=\"0.2\" stroke=\"#F2F2F2\" stroke-width=\"1.01924\" \/>\n    <path d=\"M28.6671 25.4972L30.0813 24.083L20.6134 14.6151L19.1992 16.0293L28.6671 25.4972Z\" fill=\"white\" \/>\n    <path d=\"M20.1761 34.0314L18.7619 32.6172L28.68 22.6991L30.0942 24.1133L20.1761 34.0314Z\" fill=\"white\" \/>\n<\/svg>              <\/a>\n                        <a class=\"flex items-center gap-3 px-7 py-4 bg-midnightNavy\/50 text-white text-sm leading-[1.4] tracking-[2.2px] uppercase font-normal text-pretty rounded-[5px] group [&amp;&gt;svg]:w-[30px] [&amp;&gt;svg]:h-[30px] [&amp;&gt;svg]:group-hover:-rotate-45 [&amp;&gt;svg]:transition-all [&amp;&gt;svg]:duration-300\" href=\"\/products\/warrants\/\" target=\"_self\">\n                <span class=\"flex-1\">Warrants<\/span>\n\n                <svg width=\"48\" height=\"49\" viewBox=\"0 0 48 49\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n    <path d=\"M47.4902 24.1807C47.4902 11.2065 36.9733 0.688477 24 0.688478C11.0266 0.688478 0.509764 11.2065 0.509765 24.1807C0.509941 37.1546 11.0268 47.6719 24 47.6719C36.9732 47.6719 47.4901 37.1546 47.4902 24.1807Z\" fill=\"white\" fill-opacity=\"0.2\" stroke=\"#F2F2F2\" stroke-width=\"1.01924\" \/>\n    <path d=\"M28.6671 25.4972L30.0813 24.083L20.6134 14.6151L19.1992 16.0293L28.6671 25.4972Z\" fill=\"white\" \/>\n    <path d=\"M20.1761 34.0314L18.7619 32.6172L28.68 22.6991L30.0942 24.1133L20.1761 34.0314Z\" fill=\"white\" \/>\n<\/svg>              <\/a>\n                        <a class=\"flex items-center gap-3 px-7 py-4 bg-midnightNavy\/50 text-white text-sm leading-[1.4] tracking-[2.2px] uppercase font-normal text-pretty rounded-[5px] group [&amp;&gt;svg]:w-[30px] [&amp;&gt;svg]:h-[30px] [&amp;&gt;svg]:group-hover:-rotate-45 [&amp;&gt;svg]:transition-all [&amp;&gt;svg]:duration-300\" href=\"\/products\/capital-securities-at1-rt1\/\" target=\"_self\">\n                <span class=\"flex-1\">Capital Securities (AT1\/RT1)<\/span>\n\n                <svg width=\"48\" height=\"49\" viewBox=\"0 0 48 49\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n    <path d=\"M47.4902 24.1807C47.4902 11.2065 36.9733 0.688477 24 0.688478C11.0266 0.688478 0.509764 11.2065 0.509765 24.1807C0.509941 37.1546 11.0268 47.6719 24 47.6719C36.9732 47.6719 47.4901 37.1546 47.4902 24.1807Z\" fill=\"white\" fill-opacity=\"0.2\" stroke=\"#F2F2F2\" stroke-width=\"1.01924\" \/>\n    <path d=\"M28.6671 25.4972L30.0813 24.083L20.6134 14.6151L19.1992 16.0293L28.6671 25.4972Z\" fill=\"white\" \/>\n    <path d=\"M20.1761 34.0314L18.7619 32.6172L28.68 22.6991L30.0942 24.1133L20.1761 34.0314Z\" fill=\"white\" \/>\n<\/svg>              <\/a>\n                        <a class=\"flex items-center gap-3 px-7 py-4 bg-midnightNavy\/50 text-white text-sm leading-[1.4] tracking-[2.2px] uppercase font-normal text-pretty rounded-[5px] group [&amp;&gt;svg]:w-[30px] [&amp;&gt;svg]:h-[30px] [&amp;&gt;svg]:group-hover:-rotate-45 [&amp;&gt;svg]:transition-all [&amp;&gt;svg]:duration-300\" href=\"\/products\/callable-bonds-make-whole-calls\/\" target=\"_self\">\n                <span class=\"flex-1\">Callable Bonds (Make-Whole Calls)<\/span>\n\n                <svg width=\"48\" height=\"49\" viewBox=\"0 0 48 49\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n    <path d=\"M47.4902 24.1807C47.4902 11.2065 36.9733 0.688477 24 0.688478C11.0266 0.688478 0.509764 11.2065 0.509765 24.1807C0.509941 37.1546 11.0268 47.6719 24 47.6719C36.9732 47.6719 47.4901 37.1546 47.4902 24.1807Z\" fill=\"white\" fill-opacity=\"0.2\" stroke=\"#F2F2F2\" stroke-width=\"1.01924\" \/>\n    <path d=\"M28.6671 25.4972L30.0813 24.083L20.6134 14.6151L19.1992 16.0293L28.6671 25.4972Z\" fill=\"white\" \/>\n    <path d=\"M20.1761 34.0314L18.7619 32.6172L28.68 22.6991L30.0942 24.1133L20.1761 34.0314Z\" fill=\"white\" \/>\n<\/svg>              <\/a>\n                        <a class=\"flex items-center gap-3 px-7 py-4 bg-midnightNavy\/50 text-white text-sm leading-[1.4] tracking-[2.2px] uppercase font-normal text-pretty rounded-[5px] group [&amp;&gt;svg]:w-[30px] [&amp;&gt;svg]:h-[30px] [&amp;&gt;svg]:group-hover:-rotate-45 [&amp;&gt;svg]:transition-all [&amp;&gt;svg]:duration-300\" href=\"\/products\/complex-bespoke-transactions\/\" target=\"_self\">\n                <span class=\"flex-1\">Complex &amp; Bespoke Transactions<\/span>\n\n                <svg width=\"48\" height=\"49\" viewBox=\"0 0 48 49\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n    <path d=\"M47.4902 24.1807C47.4902 11.2065 36.9733 0.688477 24 0.688478C11.0266 0.688478 0.509764 11.2065 0.509765 24.1807C0.509941 37.1546 11.0268 47.6719 24 47.6719C36.9732 47.6719 47.4901 37.1546 47.4902 24.1807Z\" fill=\"white\" fill-opacity=\"0.2\" stroke=\"#F2F2F2\" stroke-width=\"1.01924\" \/>\n    <path d=\"M28.6671 25.4972L30.0813 24.083L20.6134 14.6151L19.1992 16.0293L28.6671 25.4972Z\" fill=\"white\" \/>\n    <path d=\"M20.1761 34.0314L18.7619 32.6172L28.68 22.6991L30.0942 24.1133L20.1761 34.0314Z\" fill=\"white\" \/>\n<\/svg>              <\/a>\n                        <a class=\"flex items-center gap-3 px-7 py-4 bg-midnightNavy\/50 text-white text-sm leading-[1.4] tracking-[2.2px] uppercase font-normal text-pretty rounded-[5px] group [&amp;&gt;svg]:w-[30px] [&amp;&gt;svg]:h-[30px] [&amp;&gt;svg]:group-hover:-rotate-45 [&amp;&gt;svg]:transition-all [&amp;&gt;svg]:duration-300\" href=\"\/products\/equity-derivatives\/\" target=\"_self\">\n                <span class=\"flex-1\">Equity Derivatives<\/span>\n\n                <svg width=\"48\" height=\"49\" viewBox=\"0 0 48 49\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n    <path d=\"M47.4902 24.1807C47.4902 11.2065 36.9733 0.688477 24 0.688478C11.0266 0.688478 0.509764 11.2065 0.509765 24.1807C0.509941 37.1546 11.0268 47.6719 24 47.6719C36.9732 47.6719 47.4901 37.1546 47.4902 24.1807Z\" fill=\"white\" fill-opacity=\"0.2\" stroke=\"#F2F2F2\" stroke-width=\"1.01924\" \/>\n    <path d=\"M28.6671 25.4972L30.0813 24.083L20.6134 14.6151L19.1992 16.0293L28.6671 25.4972Z\" fill=\"white\" \/>\n    <path d=\"M20.1761 34.0314L18.7619 32.6172L28.68 22.6991L30.0942 24.1133L20.1761 34.0314Z\" fill=\"white\" \/>\n<\/svg>              <\/a>\n                        <a class=\"flex items-center gap-3 px-7 py-4 bg-midnightNavy\/50 text-white text-sm leading-[1.4] tracking-[2.2px] uppercase font-normal text-pretty rounded-[5px] group [&amp;&gt;svg]:w-[30px] [&amp;&gt;svg]:h-[30px] [&amp;&gt;svg]:group-hover:-rotate-45 [&amp;&gt;svg]:transition-all [&amp;&gt;svg]:duration-300\" href=\"\/products\/employee-compensation-plans\/\" target=\"_self\">\n                <span class=\"flex-1\">Employee Compensation Plans<\/span>\n\n                <svg width=\"48\" height=\"49\" viewBox=\"0 0 48 49\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n    <path d=\"M47.4902 24.1807C47.4902 11.2065 36.9733 0.688477 24 0.688478C11.0266 0.688478 0.509764 11.2065 0.509765 24.1807C0.509941 37.1546 11.0268 47.6719 24 47.6719C36.9732 47.6719 47.4901 37.1546 47.4902 24.1807Z\" fill=\"white\" fill-opacity=\"0.2\" stroke=\"#F2F2F2\" stroke-width=\"1.01924\" \/>\n    <path d=\"M28.6671 25.4972L30.0813 24.083L20.6134 14.6151L19.1992 16.0293L28.6671 25.4972Z\" fill=\"white\" \/>\n    <path d=\"M20.1761 34.0314L18.7619 32.6172L28.68 22.6991L30.0942 24.1133L20.1761 34.0314Z\" fill=\"white\" \/>\n<\/svg>              <\/a>\n                  <\/div>\n          <\/div>\n  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