Epstein Secrets

ever, “US Fixed Income arkets — 2017 Outlook,” JP organ, November 23, 2016. 8. Lofti Karoui, “Credit Not

nder Singaporean laws; and GSALLC is regulated by the Securities and Futures Commission under Hong ong laws; all of which differ from Aus

o Merck & Co., Inc. (MRK. MRK US) Price Chart lee 90 — 72 PriceIS) es 36—' Is - 0 rice charts, are available for compendium reports and all Morgan- calling 1-800477-0406, ore-mailing with your request. Morgan's Strategy, Technical, and Quantitative Research teams may an. For important disclosu

5 EFTA00306887 Chits Schott. CFA North America Equity Research (t-21216225676 02 June 2014 J.P.Morgan by the Hong Kong Monetary Authority and the Securities and Futures Commission in Hong Kong and/or E. Morgan Broking (Hong Kong) Limited (CE number AAB027) is regulated by the Securities and Futures Commission in Hong Kong. Kor

50 2550 2050 1550 1060 550 50 -450 -950 -1450 2000 1500 1000 500 J.P.Morgan Difference (bp) TXU 11.250% 2016 vs. HY CCC Spread (bp =Mogan Tight .1442bp Wide: 3105bp Average: 411bp Current aff.( 1): 2763bp Current (TXU 11 6): 3930bp Current (KY Current Price 2016): 31.00 1 11/

is regulated by the FSB. Hong Kong: Morgan Securities (Asia Pacias) Limited (CE number AAJ321) is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission in Hong Kong. Korea: M. Morgan Securities (Far East) Ltd, Seoul Branch, is regulated by the Korea Financial Supervisory Service. Australia: IS Morga