Epstein Secrets

k is down 25%: -7.8% QCH-eligible: No Amount outstanding: $3.7125 bn Assumes convert held to matunty; oil coupons included EFTA00821594 Source: Bloomberg Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park, Sth Floor, New York, NY 10

of risk panty portfolios is increasing and rebalancing is more likely to be required. This is happening while the US yield curve is steepening with Investment Grade Supply increasing. Yesterday, $23.4b of new investment grade credit priced, the highest daily volume in dose to 3 months. As supply of duration has been in

32.6% -7.8% $3.7125bn FIR (sTRPR) 11.125% 6/29/18 4.85 93.85 5.00 5.87 11.9% 3.2% 1 - Buy $ 7.50 54.6% 33.6% 1.2% 51.925bn Source: Bloomberg, sANIL. Up/down return vs undenying stock prke .1- 25% o sumes preferred a held to maturity From Aug 2: Risk Parity Risks in US Fixed Income c' id

of risk parity portfolios is increasing and rebalancing is more likely to be required. This is happening while the US yield curve is steepening with Investment Grade Supply increasing. Yesterday, $23.4b of new investment grade credit priced, the highest daily volume in close to 3 months. As supply of duration has been i

n oil markets will drag down bonds of drillers and producers, taking the broader Junk Index with them, as defaults and bankruptcies pile up. Source. Bloomberg 8/4/2016 I his mer.sage. std any attaemems, is for the otended reopient(s)only, may contao informatuo that is gelvlieged.ccethdenbal and/or PlOPflet

of risk parity portfolios is increasing and rebalancing is more likely to be required. This is happening while the US yield curve is steepening with Investment Grade Supply increasing. Yesterday, $23.4b of new investment grade credit priced, the highest daily volume in close to 3 months. As supply of duration has been i

.6% 32.6% -7.8% $3.7125bn FTR (FTRPR) 11.125% 6/29/18 4.85 93.85 5.00 5.87 11.9% 3.2% 1 - Buy 7.50 54.6% 33.6% 1.2% $1.925bn Source: Bloomberg, BAML. Up/down return vs underlying stock price +/- 25% assum=s preferred is held to maturity =/u> 8 EFTA_R1_01555609 EFTA02454078 Today's

f risk parity portfolios is increasing and rebalancing is mor= likely to be required. This is happening while the US yield cu=ve is steepening with Investment Grade Supply increasing. Yesterday, $23.4= of new investment grade credit priced, the highest daily volume in close t= 3 months. As supply of duration has been

125% 6/29/18 4.85 93.85 5.00 5 EFTA_R1_01556246 EFTA02454472 5.87 11.9% 3.2% 1 - Buy $&nb=p; 7.50 54.6% 33.6% 1.2% $1.925bn Source: Bloomberg, BAML. Up/down return vs underlying stock price &=43;/- 25% assumes preferred is held to maturity From Aug 2: R=sk Parity Risks in US Fixed Income

f risk parity portfolios is increasing=and rebalancing is more likely to be required. This is happening while the US yield cu=ve is steepening with Investment Grade Supply increasing. Yesterday, $23.4= of new investment grade credit priced, the highest daily volume in close to 3 months. As supply of duration has been

TRPR) 11.125% 6/29/18 4.85 93.85 5.00 9 EFTA_R1_01557879 EFTA02455326 5.87 11.9% 3.2% 1 - Buy 7.50 54.6% 33.6% 1.2% $1.925bn Source: Bloomberg, BAML. Up/down return vs underlying stock price +/- 25% assum=s preferred is held to maturity =/u> From Aug 2: Risk Parity Risks in US Fixed I

f risk parity portfolios is increasing and rebalancing is mor= likely to be required. This is happening while the US yield cu=ve is steepening with Investment Grade Supply increasing. Yesterday, $23.4= of new investment grade credit priced, the highest daily volume in close t= 3 months. As supply of duration has been

urity and stock is down 25%: -7.8% 0Di-eligible: No Amount outstanding: $3.7125 bn Assumes convert held to maturity; all coupons included Source: Bloomberg Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One B ant Park 5th Floor, New York, NY 1003

f risk parity portfolios is increasing and rebalancing is more likely to be required. This is happening while the US yield curve is steepening with Investment Grade Supply increasing. Yesterday, $23.4b of new investment grade credit priced, the highest daily volume in close to 3 months. As supply of duration has been

.6% 32.6% -7.8% $3.7125bn FTR (FTRPR) 11.125% 6/29/18 4.85 93.85 5.00 5.87 11.9% 3.2% 1 - Buy 7.50 54.6% 33.6% 1.2% $1.925bn Source: Bloomberg, BAML. Up/down return vs underlying stock price +/- 25% assumes preferred is held to maturity 13 EFTA_R1_01556640 EFTA02454711 From Aug 2: Risk

f risk parity portfolios is increasing and rebalancing is more likely to be required. This is happening while the US yield curve is steepening with Investment Grade Supply increasing. Yesterday, $23.4b of new investment grade credit priced, the highest daily volume in close to 3 months. As supply of duration has been

RPR) 11.125% 6/29/18 12 EFTA_R1_01555900 EFTA02454272 4.85 93.85 5.00 5.87 11.9% 3.2% 1 - Buy 7.50 54.6% 33.6% 1.2% $1.925bn Source: Bloomberg, BAML. Up/down return vs underlying stock price +/- 25% assumes preferred is held to maturity From Aug 2: Risk Parity Risks in US Fixed Income Tod

f risk parity portfolios is increasing and rebalancing is more likely to be required. This is happening while the US yield curve is steepening with Investment Grade Supply increasing. Yesterday, $23.4b of new investment grade credit priced, the highest daily volume in close to 3 months. As supply of duration has been

RPR) 11.125% 6/29/18 4.85 93.85 5.00 5.87 11.9% 3.2% 12 EFTA_R1_01556380 EFTA02454571 1 - Buy 7.50 54.6% 33.6% 1.2% $1.925bn Source: Bloomberg, BAML. Up/down return vs underlying stock price +/- 25% assum=s preferred is held to maturity ./u> =C2 =C2 Today's simultaneous weakness i= the

ng and rebalancing is mor= likely to be required. 13 EFTA_R1_01556381 EFTA02454572 This is happening while the US yield cu=ve is steepening with Investment Grade Supply increasing. Yesterday, $23.4= of new investment grade credit priced, the highest daily volume in close t= 3 months. As supply of duration has been