Epstein Secrets

Index llh 1/444 \ o, fti sl• 0 sr It) It) It) It) CI, CCI <0. CO I, - A o- *t t Soiree 8ofA Mend Lynch Global Research Bloomberg Bankof Amenca Merrill Lynch Global Liquid Markets Weekly I 24 July 2017 13 EFTA00788487 Rates Sphla Salim MLI (UK) Erjon Satko MLI (UK) Rualrl Hourthane

Merrill Lynch (Singapore) (Company Registration Nos F 06872E and 1986028830 respectively), MUBLMB and Merrill Lynch (Singaporelare regulated by MAS. Bank of America NA, Ausuahan Branch (AREW 064 874 531), AFS license 412901 ((ANA Australia) and Merrill Lynch Equities (Australia) Limited (ABM 65006 276 795), AFS Lic

ld stall or reverse. Even if nat gas prices were to increase sharply — 2013 -2016 -2014 -.-2017 18 Global Liquid Markets Weekly 124 July 2017 Bankof America ' Merrill Lynch EFTA00788492 from here, additional supplies would not come in time for the winter given an estimated six month lag from production

n curve (Jan 21) and we closed Jan 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. Position

s emerging markets (EM). =/span> MEGA Trends Momentum Ran=ing:&n=sp; Greg Kaldor</=> Managing Director US MEGA (Macro Equity &=mp; Global Alpha) Bank of America Merrill=Lynch 8 EFTA_R1_00106345 EFTA01784779 This message, and any attachments, is for the intended recipient(s) on=y, may contain information that is

KRK- NK0Y6uynC184e=maxim.borbar/040citadel.=om&h=Jw1MKg> . LatAm CDS has become an attractive alternativ= to short dated bonds in Brazil, Mexico and Colombia. In Asia we examine t=ree summer risks that could reinforce risk reduction. We are short 6M CNH vs USD, EUR, JPY, AUD and MYR. Asia Economic Weekly

rish (not foolish) For the year ahead, we recommend being bearish 5y US rates, long USDJPY and short a basket of LatAm long bonds (Mexico, Brazil and Colombia). ¢ But in the near term, we urge caution with the reflation trade. Short 10y US real rates offers the best risk-reward after recent moves. US rate

h Personnel (including the analyst(s) responsible for this report) receive compensation based upon, among other factors, the overall profitability of Bank of America Corporation, including profits derived from investment banking. The analyst(s) responsible for this report may also receive compensation based upon, a

ted by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): P Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merr This research report: has been approved for publication and is distributed in the United FCA and the PRA) by MLI (UK) and Bank of America Merrill Ly

errill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore) are regulated by MAS. Bank of America N.A., Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limi License 235132 (MLEA) distribu

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 DataStream 46 GEMs Paper #26 | 30 June

errill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore) are regulated by MAS. Bank of America N.A., Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS L