Subscription Terms

These terms govern your subscription to the research service published at www.elquibondresearch.com. By starting a trial or buying a plan you accept them. If you do not accept them, do not subscribe.

Read them together with the Legal Notice and the Privacy Policy. The Legal Notice sets out what the research is and what it is not, and it applies to every document you receive under a subscription.

1. Who we are

Elqui Bond Research S.à r.l.-S, a société à responsabilité limitée simplifiée under the laws of the Grand Duchy of Luxembourg.

In these terms, "we" and "us" mean Elqui Bond Research. "You" means the subscriber, which is the legal person on whose behalf the subscription is taken where you subscribe in a professional capacity.

2. Who may subscribe

The service is sold only to professional market participants acting in the course of their business: regulated financial intermediaries, wealth managers, external asset managers, family offices, institutional investors and comparable professional counterparties.

Before you can pay, you must complete the professional client declaration. If you cannot make that declaration, you cannot buy a plan. You may instead use the contact form and we will tell you whether we can help you another way.

We are not selling to consumers. If we learn that a subscription was bought by a consumer, we may terminate it and refund the unused part of the period paid for.

You must be at least 18 years old and have authority to bind the subscribing entity.

3. What the service is

We publish written credit research on corporate and financial-institution bond issuers, with a focus on Latin America. Depending on your plan you receive some or all of the following:

Snapshot. A short factual profile of an issuer or instrument. No credit opinion.

Short report. A condensed analysis of an issuer or instrument.

Credit dossier. The full initiation analysis, including issuer profile, capital structure, financial analysis, scenarios and the evidentiary trail behind every figure.

Surveillance update. An event-driven update to a published dossier.

Financial model. The Excel workbook behind a dossier, with live formulas and stated assumptions.

Analyst call. A scheduled call with the analyst, on the Premium Plus plan only.

A dossier is part of the archive once more than one calendar month has passed since its first publication. Before that it is a current dossier.

4. Plans and prices

All prices are in euro and exclude VAT.

The annual price is the monthly price for twelve months less 20 per cent, paid in advance for the whole period.

We may change prices. A change takes effect for you at your next renewal and we will tell you by email at least 30 days before that renewal. If you do not accept the new price, cancel before the renewal date.

5. The trial

The trial gives you access to 5 snapshots, 5 short reports and 1 archive dossier.

It ends after 15 days, or as soon as you have used the whole allowance, whichever comes first.

You must register a payment card to start the trial. Nothing is charged during the trial. When the trial ends, your subscription converts automatically to the Basic monthly plan at 99 euro per month plus VAT, and your card is charged on that day and on the same day of each following month.

Before you confirm the trial we show you, on the same screen, the amount that will be charged, the plan you will convert to and the date on which the conversion can occur at the earliest. We also email you a confirmation with the same information.

To avoid being charged, cancel before the trial ends. You can cancel at any time from your account, in one step, without contacting us and without giving a reason. If you cancel during the trial you keep access until the trial ends and you are charged nothing. We send you a reminder by email three days before the trial ends, and again on the day the allowance runs out if that comes first.

One trial per subscriber. We may refuse a trial to anyone who has already had one.

6. Payment, VAT and invoices

Card payments are processed by Stripe. We never see or store your card number.

We are registered for VAT in Luxembourg under number LU37758143 and we apply the normal VAT regime. Where you are a taxable person established in another EU member state and you give us a valid VAT identification number, the supply is invoiced without Luxembourg VAT and the reverse charge applies to you under Article 196 of Directive 2006/112/EC. Where you are established outside the EU, the supply is outside the scope of Luxembourg VAT. In every other case Luxembourg VAT at the applicable rate is added.

You are responsible for the VAT number you give us and for telling us if it changes.

We issue an invoice for every payment and send it by email.

7. Term, renewal and cancellation

A monthly subscription runs for one month and renews automatically each month. An annual subscription runs for twelve months and renews automatically each year.

You may cancel at any time from your account, in one step, without contacting us and without giving a reason. Cancellation takes effect at the end of the period you have already paid for. You keep full access until then.

After you confirm the cancellation we ask, on the confirmation screen, why you are leaving. Answering is optional. There is a "prefer not to say" option, the cancellation is already done by the time we ask, and nothing you do or do not answer delays it, reverses it or changes anything about it. We ask because with a service this small the reason a subscriber leaves is the most useful information we get, and we would rather ask than guess. What we do with the answer is set out in the Privacy Policy.

We do not refund a period that has started, except where these terms or the law say otherwise.

If we stop publishing the service altogether, we refund the unused part of any period paid in advance, calculated by whole months.

8. What you may and may not do with the research

Everything we publish, including the text, tables, charts, models and methodology, belongs to us and is protected by copyright.

Your subscription gives you a non-exclusive, non-transferable licence to use our research inside your own organisation, for your own internal research, credit assessment and advisory processes, for as long as your subscription runs.

You may:

• read, store and print our documents for that internal use
• circulate a document internally, complete and unaltered, including its legal notice
• quote briefly from a document in your own internal work, with attribution to Elqui Bond Research

You may not:

• share your login, or give access to anyone outside your organisation
• publish, resell, redistribute or sublicense our documents or their content
• remove, alter or obscure the legal notice, the disclaimers or the attribution
• use our documents or data to train, fine-tune or evaluate a machine learning model, or feed them to a third-party AI service in a way that allows that service to retain them
• create a derivative product or a competing research service from our content

If you pass our findings or conclusions to a client of yours or to any third party, you take full responsibility for how that communication is framed and for its compliance with the rules that apply to you.

9. What the research is not

Our research is an input to your own investment decision process. It is not investment advice, not a personal recommendation, not an investment service, and not a credit rating within the meaning of Regulation (EC) No 1060/2009. We are not authorised or regulated as an investment firm under Directive 2014/65/EU (MiFID II) and we are not a credit institution.

We never tell you to buy, to sell or to hold. We do not operate a buy, sell or hold system, we publish no price targets, no target yields or spreads, no position sizes and no holding periods. Where we describe a credit as strong or weak, or a risk as elevated, that is an analytical view about the credit. It is not an instruction to trade and it must not be read as one.

We do not know your investment objectives, your portfolio, your positions, your mandate, your constraints or your tax position, and nothing we publish takes any of them into account. No suitability or appropriateness assessment is made and none may be inferred.

The investment decision is yours, and so is the responsibility for it. Whoever takes the decision to buy, sell or hold bears the responsibility for that decision and for its consequences. That responsibility is not shared with us, reduced by us or transferred to us because you read our research, because you relied on it, or because you paid us for access to it. If you pass our findings to a client of yours, the same applies between you and that client.

Paying for a subscription does not create an advisory or fiduciary relationship between us. The full position is set out in the Legal Notice, which forms part of these terms.

10. Independence

We receive no payment of any kind from the issuers we cover, from their affiliates, from brokers, from intermediaries or from any party to a transaction. Our only revenue is the subscription fee you pay.

Paying us does not give you any influence over what we cover or what we conclude. We will not change an analytical view because a subscriber asks us to, and we will not withhold a finding because a subscriber would prefer we did.

Our conflicts of interest policy is available on request.

11. Coverage and availability

We publish when the analysis is ready. We do not promise a number of documents, a publication schedule, coverage of any particular issuer, or an update to any document we have already published.

We do our best to keep the site available but we do not guarantee uninterrupted access. We may suspend access for maintenance and will give notice where we reasonably can.

The service is produced by one analyst. If that analyst is unable to work, publication stops until he is able to resume. Where a stoppage lasts more than 30 consecutive days, you may cancel and we refund the unused part of any period paid in advance.

12. Your account

Keep your login details secret. Tell us at once if you think someone else has them. You are responsible for what happens under your account.

We may suspend or close your account, without refund, if you breach clause 2 or clause 8, or if you fail to pay.

13. Liability

We take care to be accurate, and we tell you where a figure is an estimate, where it is derived and where information is missing. We cannot guarantee that everything we publish is accurate, complete or current, and information can change after we publish it.

You make your own investment decisions. You are responsible for them.

To the fullest extent the law allows, we are not liable for any indirect or consequential loss, for lost profit, lost opportunity or lost data, arising from your use of or reliance on our research.

Where we are liable, our total liability for all claims in any twelve-month period is limited to the fees you paid us in that period.

Nothing here excludes liability for fraud, wilful misconduct or gross negligence, or any liability that cannot lawfully be excluded.

14. Your data

We process your personal data as described in the Privacy Policy.

15. Changes to these terms

We may change these terms. We will email you at least 30 days before a change takes effect. If you do not accept the change, cancel before it takes effect. Continuing to use the service after that date means you accept the new terms.

16. Complaints and disputes

If something goes wrong, write to marco@elquibondresearch.com. We answer within five working days and we will try to settle the matter directly.

We are not a member of any sector ombudsman scheme. Because the service is sold only to professional market participants and not to consumers, the EU online dispute resolution platform and the consumer alternative dispute resolution schemes do not apply. If we cannot agree, clause 17 applies.

17. Governing law

These terms, and any non-contractual obligations arising from them, are governed by the law of the Grand Duchy of Luxembourg. The courts of the city of Luxembourg have exclusive jurisdiction.

Questions about these terms: marco@elquibondresearch.com