Epstein Secrets

corporated (Seoul Branch) regulated by the Financial Supervisory Service, Memll Lynch (Taiwan). Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and Futures Bureau; OSP Merrill Lynch (India): DSP Merrill Lynch limited, regulated by the Securities and Exchange Board of India; Merrill Lynch (Indonesia): PT Merril

n 19 receivers. We think there is room for some short term bull flattening in Mexico, and we keep paying ly IBR in Colombia and receive 2y Camara in Chile. We stay neutral on most LatAm FX as valuations are not attractive. We like to short MXN at current levels. Positioning is crowded and we expect th

f a disorderly depreciation, as it has been already the case in the last few days with small interventions in the forward market. On the other hand, Chile’s growth remains anemic and the economy is expected to continue growing sub 2% in 2017 (Chart 71). The CLP is overvalued but recent flows Chart 70:

corporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd, regulated by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, T Merrill Lynch Indonesia, regulated by Otoritas Jasa Keuangan (OJK); Merrill Lynch srael Limi

KOREA m@ TAIWAN m@ INDIA m@ SOUTH AFRICA m@ BRAZIL MEXICO m RUSSIA = MALAYSIA (EM) = INDONESIA m= THAILAND ~ PHILIPPI m SAUDI = TURKEY = CHILE m= POLAND @ QATAR m UAE m= COLOMBIA m PERU m GREECE m HUNGARY EGYPT m@ CZECH REPUBLIC Source: : BofA Merrill Lynch Global Research, MSCI and

orporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): PT Merr