Epstein Secrets

ules. Bank of America Merrill Lynch International Limited, Frankfurt Branch (BAMLI Frankfurt) distributes this report in Germany and is regulated by BaFin This research report has been prepared and issued by MLPF&S andror one or more of its non-US affiliates. MLPF&S is the distributor of this research

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

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ia Indonesia Korea Malaysia Philippines Singapore Sri Lanka EFTA01476183 Taiwan Thailand Vietnam Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela G7 Advanced economies EM economies Global 2015F 2.4 0.7 1.5 1.7 1.1 0.7 3.2 1.9 1.4 0.8 0.1 -0.1 1.5 5.2

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

rules. Bank of America Merrill Lynch International Limited, Frankfurt Branch (BAMLI Frankfurt) distributes this report in Germany and is regulated by BaFin. This research report has been prepared and issued by MLPF&S and/or one or more of its non-US affiliates. MLPF&S is the distributor of this research

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

rules. Bank of America Merrill Lynch International Limited, Frankfurt Branch (BAMLI Frankfurt) distributes this report in Germany and is regulated by BaFin. This research report has been prepared and issued by MLPF&S and/or one or more of its non-US affiliates. MLPF&S is the distributor of this research