Epstein Secrets

kets over the medium term. Valuations remain attractive, and the potential for spreads to trend lower should more than offset the gradual increase in US Treasury yields in the quarters ahead. We continue to prefer increasing exposure to corporate bonds while keeping existing investments in sovereign bonds. 36

ervisory Authority (Autorité de Contréle Prudentiel). Germany: The issuer under German Law is UBS Deutschland AG, Bockenheimer Landstrasse 2-4, 60306 Frankfurt am Main. UBS Deutschland AG is authorized and regulated by the “Bundesanstalt fur Finanzdienstleistungsaufsicht”.Luxembourg: This publication is not intended

uld spike. Note: Scenarios refer to global economic scenarios (see slide 7) What we're watching Why it matters Core market yields The direction of US Treasury and German Bund yields are important for EM fixed income spreads, especially for USD- and EUR-denominated bonds. Key date: Dec 6, European Central Ba

de France" and the “Autorité des Marchés Financiers". Germany: The issuer under German Law is UBS Deutschland AG, Bockenheimer Landstrasse 2-4, 60306 Frankfurt am Main. UBS Deutschland AG is authorized and regulated by the “Bundesanstalt flr Finanzdienstleistungsaufsicht". Hong Kong: This publication is distributed

eign wealth funds, pensions, and other institutional investors that we view as highly unlikely to default. Our methodology starts with the 10-year US treasury yield, given the similar duration to the life of the draw down funds management fees. We then add an appropriate credit spread on top of the 10-year

da by Morgan Stanley Canada Limited, which has approved of and takes responsibility for its contents in Canada; in Germany by Morgan Stanley Bank AG, Frankfurt am Main and Morgan Stanley Private Wealth Management Limited, Niederlas- sung Deutschland, regulated by Bundesanstalt fuer Finanzdienstleistungsaufsicht (BaF