Epstein Secrets

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k off scenarios. As our Sentiment Survey shows, geopolitical risks are still one of the main risks for investors (Chart 24). What we like in EM In LatAm, we still like receiving rates in the belly of the Brazilian curve (Jan 21) and we closed Jan 19 receivers. We think there is room for some short te

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ing a growing opportunity set for HAL that must be balanced against higher project risk. - Swirling currents in Latin America. The one soft spot is LatAm where margins should appreciably improve in 2015. Petrobras has agreed to re-tender the drilling contracts on lower activity levels, with costs rig

ater. This time, we expect a sharp selloff with an eventual recovery. Our bearish view on LatAm credits in particular is driven by 1) positioning in LatAm is heavier than in EMEA or Asia — watch outflows from IG crossover investors who will rethink their EM IG investments; 2) their exposure to commoditi

the above mentioned global factors, for the last two years and the years 2013-2014 for the sake of comparison (Chart 64). We find that currencies in LatAm and EEMEA are more exposed to global factors than in Asia. Interestingly, LatAm and EMEA currencies are more sensitive to shocks in commodity prices

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