Epstein Secrets

ader equity market (1st chart) * * U=O puts are rich vs. SXEP calls: The number of long SXEP 25d calls

high while the NKY 2M-1M term structure (1.5%) is at its 9=th percentile 4 EFTA_R1_01558039 EFTA02455431 gspan><=span> =/span><=span> Source: BofA Merrill=Lynch Global Research. Daily data from 5-Jan-16 to 5-Aug-16<=span> Source: BofA Merrill Lynch Global Research. Current NKY Sep-Oct ATM volatility i

ge cap US oils. We view Hess as the most catalyst rich large cap US E&P for 2017 with a return to growth

t of In the event therewith quity securities o he implementation rt. °o uding ADRs, effectively assume currency risk. de of the United Kingdom. BofA Merrill h h @ persons who prepared them, and Bo is report. LPF&S may be deemed beyond the delivery of this report (unless otherwise agreed 5| transactio

la variance as investors can avoid paying for the rich HSCEI convexity below the 70% barrier. The trade

eutsche Bank, ING Group, LPF&S together with its affiliates ownership position on he report: BNP Paribas The issuer is or was, wi ntesa, Santander. BofA Merrill Corporation, inc ved , Deutsche Bi hin the last ysts responsible for covering iliate was a manager of a pub compensa compensa ceive or in ntesa,

via bullish X-market risk reversals Steet Selling rich USO (WTI tracker) 3M 25d puts to fund cheaper SXE

ons, conclusion, or information con an authorized officer of BofA Merrill Lynch. ed in this material | Lynch, including investment banking personnel. BofA Merrill jons that are inconsistent rames, assumptions, views and analytical ‘0 the attention of any and in connection ly and does not extend with the execu