Epstein Secrets

€3.0B (3-month avg yield 2.362% vs 0.846% prior) Italy sells €3.741 billion of 2yr zero-coupon bonds and 4-15yr BTPs versus max target €4 billion Cyprus becomes the 5th euro area nation to request EU aid (may be up to €10 billion) Caretaker development minister Yiannis Stournaras mostly likely next

upgrades JPM & cuts MS Key Research: GS upgrades LPS/PBI & downgrades CTSH/SAPE, RBC initiates SLW (op), Sterne initiates AIG (buy) Key Research: Nomura cuts top 3 Greek banks, Exane lowers f's European Capital Goods Key Research: Citi downgrades BMW GY, SocGen & Panmure upgrade SHP LN, JPM upgrades

day meeting begins in Brussels today and they will be discussing the recent strength in the EUR as well as a potential new option in relation to the Cyprus bailout (FT). Relatively quiet start to a week that will bring us Obama's state of the union address tomorrow evening as well as the G20 on Thursday

ST & downgrades PRI and SIAL (sell), Barcap initiates USAC (ow) • Key upgrades KNX/SWFT/HTLD (buy's) Europe Key Research: • Citi downgrade TCG LN, Nomura upgrade ETL FP, JPM upgrade BBVASM, LKOH RM, NEX FP • BofAML downgrade RICHT HB, CGL LN, upgrade KOZAL TI, reinstate ABE SM (n), ATL IM (up), ••• G

T • Japan leads rush into southeast Asia FT • Pacific Rim trade talks on track for 2013 deal, says US FT • Milder than expected final terms for Cyprus bail-in unveiled FT • Potash: Uralkali defection Lex • Deutsche Bank: shrink to fit Lex • BP: getting acquainted Lex • SoftBank: grand ambiti

i downgrades BLC (sell), Citi downgrades SQM Europe Key Research: ••• UBS downgrade TKA GY, TCY LN, JPM upgrade GKN LN, initiate BPOST BB (ow) ••• Nomura initiate BPOST BB (b), upgrade ALU FP, MS initiate BPOST BB (ew) • Barc downgrade URKA LI, SDF GY, +ve IN LN, ING FP, ING upgrade VST PW ••• SocGen

0M) Other Newspaper Articles & Stories Barron's cautious: Netflix (NFLX) Barron's WSJ cautious: Microsoft (MSFT) WSJ EFTA00397052 • Rifts over Cyprus bailout feed broader fears WSJ • Merkel voice optimism on Europe WSJ • Cyprus rescue will require cuts to debts WSJ • Renault's Ghosn tries new

h Abe addressing the parliament on economic strategy on Monday and a number of earnings reports due including Honda, Nintendo, DoCoMo, Sharp, Canon, Nomura and Panasonic. Outside of Japan, SHCOMP continued to pullback from yesterday's highs which weighed on HK and the KOSPI underperformed as Samsung (-