Epstein Files Search

EFTA01768650Dataset 10

2012-06-053p396w

Subject: What Could Narrow the Gap Between Spanish and German Bond Yields

From: Institutional Investor Daily <[email protected]>To: [email protected]

From: Institutional Investor Daily <[email protected]> Sent: Tuesday, June 5, 2012 5:07 PM To: [email protected] Subject: What Could Narrow the Gap Between Spanish and German Bond Yields chttp://projectsline.com/iimag/images=x.gif> <http://ems.euromoney.com/ems/r.asp?clndex=662727&=Index=1261706969&hurl=http%3A//www.institution alinvestor.com> =!-- Newsletter Title -->Institutional Investor Daily Tuesday,=nbsp;June 5, 2012 <=TBODY> <http:/=projectsline.com/iimag/images/x.gif> </=R> On InstitutionalInvestor.com today: <http…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01768650.pdf

EFTA01447274Dataset 10

2014-05-151p334w

Subject: Fw: Consider:510-15mm Total Return Swap on Cash Return On Capital Invested (CROCI), 3m1+85bps or relative

From: Tazia SmithTo: jeevacation@gmaitcom

…Return on Capital Invested) Forwarded by Tazia Smith/db/dbcom on 05/15/2014 03:28 PM From: Pierluigi Amicarella TO: Date: 05/15/2014 06:24 AM Subject: Bond Yields and DB Dividend Strategies [I] Classification: For internal use only Ciao as bond yields are still going down (uS 10Y to the lowest YID (chart 1) and bunds to the lowest in 12mths (chart 2)) we could see further inflows in favour of "income" strategies in the equity space…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01447274.pdf

EFTA01454220Dataset 10

2014-05-151p330w

Subject: Fw: Consider:$10-15mm Total Return Swap on Cash Return On Capital Invested (CROCI), 3m1+85bps or relative

From: Tazia SmithTo: [email protected]

…[email protected], [email protected], Date: 05/15/2014 06:24 AM Subject: Bond Yields and DB Dividend Strategies [I] Classification: For internal use only Ciao as bond yields are still going down (US 10Y to the lowest YTD (chart 1) and bunds to the lowest in 12mths (Chart 2)) we could see further inflows in favour of "income" strategies in the equity space. Dividends could come back again as a theme to play in this…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01454220.pdf

EFTA02455442Dataset 11

2016-08-094p993w

Subject: Re: MEGA AM: Risk Panty Scenario Tool

From: jeffrey E. <[email protected]>To: Ens, Amanda

…vote against more QE.=/span> =C2 UK: J-Curve worsens the trade balance Situation Room: We find that the BOE and=ECB corporate bond QE programs are creating a lot of attractive relative v=lue in the dollar market <http://rsch.baml.com/r7q=HKeFNr9v9=ylBtutliAQUA&e=jeevacation%40gmail.com&h=Lhb8pg> Spanish l0y Bond Yields fall be=ow 1% for the first time.<=b> 2 EFTA_R1_01558085 EFTA02455443 =C2 In Gold we a=e still seeing further interest by investors to buy year-end upsides…

https://www.justice.gov/epstein/files/DataSet%2011/EFTA02455442.pdf

EFTA01377065Dataset 10

2016-08-111p221w

CIO Insights August 2016 Fixed Income 12 Negative yields After the June 24 Brexit vote, more bond yields turned negative • Negative • Positive 1yr 2 3 4 5 6 7 8 9 10 30 Switzerland MI= Germany Japan Sweden Netherlands France Spain n NS slinia F= 4.110 =NM at Italy =NM Ma pie swum United Kingdom Nom United States Past performance is not indicative of future returns difficulties meeting liabilities may ECB and, perhaps, the Bank of be some of…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01377065.pdf

EFTA01460090Dataset 10

1p976w

…Policy, Inflation Alternatives and World economy Bond markets Equity markets and FX Commodities — There are initial signs that U.S. - Slower U.S. economic growth — Global bond yields will likely - Most global Indices have rallied — With oil production continuing to manufacturing may be has resulted in the FOMC remain lower for longer despite 10%+ since their Feb. lows. As come down (rig count near stabilizing with several regional downgrading their outlook on the Fed's tightening cycle and a result…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01460090.pdf

EFTA01358016Dataset 10

1p972w

…Inflation Alternatives and World economy Bond markets Equity markets and FX Commodities — There are initial signs that U.S. - Slower U.S. economic growth — Global bond yields will likely - Most global Indices have rallied — With oil production continuing to manufacturing may be has resulted in the FOMC remain lower for longer despite 10%4- since their Feb. lows. As come down (rig count near stabilizing with several regional downgrading their outlook on the Fed's tightening cycle and a result…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01358016.pdf

EFTA01454552Dataset 10

1p1,079w

…was dictated by reports that regulators were concerned over corporate governance between the bank and other related companies and there were also reports that Luxembourg justice authorities had launched an investigation into one of the bank's holding companies (Reuters). Portuguese securities regulator banned naked short selling on the bank's stock for one day. The news weighed on Portuguese bond yields which added 8bp, and also on European banking stocks in general (-0.75% vs Stop( 600 - 0.09%)…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01454552.pdf

EFTA01380816Dataset 10

1p972w

…Inflation Alternatives and World economy Bond markets Equity markets and FX Commodities — There are initial signs that U.S. — Slower U.S. economic growth — Global bond yields will likely - Most global Indices have rallied — With oil production continuing to manufacturing may be has resulted in the FOMC remain lower for longer despite 10%4- since their Feb. lows. As come down (rig count near stabilizing with several regional downgrading their outlook on the Fed's tightening cycle and a result…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01380816.pdf

EFTA01460058Dataset 10

1p976w

…Policy, Inflation Alternatives and World economy Bond markets Equity markets and FX Commodities — There are initial signs that U.S. - Slower U.S. economic growth — Global bond yields will likely - Most global Indices have rallied — With oil production continuing to manufacturing may be has resulted in the FOMC remain lower for longer despite 10%+ since their Feb. lows. As come down (rig count near stabilizing with several regional downgrading their outlook on the Fed's tightening cycle and a result…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01460058.pdf

EFTA01367793Dataset 10

2015-05-221p229w

22 May 2015 US Equity Insights Many metrics suggest S&P valuation is full and dependent on low bond yields. S&P's 18 trailing PE and 17.3 forward PE are 12% and 22% above the averages since 1960. The median trailing PE of all S&P stocks is 18.7, 2 full points higher than its historic average. The index is entering 1997-2000 valuations ex. Tech. 'Figure 3: S&P 500 trailing PE since 1950 'Figure 4…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01367793.pdf

EFTA01454545Dataset 10

1p724w

…and there were also reports that Luxembourg justice authorities had launched an investigation into one of the bank's holding companies (Reuters). Portuguese securities regulator banned naked short selling on the bank's stock for one day. The news weighed on Portuguese bond yields which added 8bp, and also on European banking stocks in general (-0.75% vs Stoxx 600 -0.09%). Peripheral bank credit traded about 3-5bp wider yesterday - and the European senior financials index (+2bp) underperformed Main…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01454545.pdf

EFTA01457956Dataset 10

1p217w

IX ter -et recto The big Kula Itnernetent vete 'tents AtlitnIttt prsputivos Pelee° 1441eotencuan eke, Nine positions Our key forecasts Central bankers warn against U.S. central bank is most likely to Bond yields are expected to recover overheated markets. hike rates in September. slightly. •Y*4 tc re,aN isms 201a far 10mrirr Sundt • (kotche AWM !emcee: as of 611e/ IF Deutsche AVVM hyena,:: al of emits Markets prove resilient to the Greek Long-term confident on China. Agreement…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01457956.pdf

EFTA01385510Dataset 10

1p356w

…13% upside ■ AXA is geared to rising bond yields, especially in the US, and the DB house Potential for significant EPS acceleration — and on delivery, re-rating view sees upside to bond yields from better macro. - The downside in any case is modest: US 10 year would need to fall to Potential EPS growth - based on AXA targets 1.5% before further reserving fears could be valid. ■ The solvency ratio is robust at 200%. ■ We see re…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01385510.pdf

EFTA01459737Dataset 10

1p595w

Perspective from Larry V. Adam, CIO and Chief Investment Strategist, Wealth Management-Americas 5 5 0 I I k klr With the ongoing volatility in risky assets and global Next week we will receive a number of economic data bond yields flashing warning signs by falling sharply in points that will give us better insight into the condition recent weeks, the chorus of recession talk has grown of the U.S. economy. Looking at the labor market, we even louder…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01459737.pdf

EFTA01458282Dataset 10

2015-09-011p447w

1 September 2015 Corporate Credit: Back to school - The edge of normality we think that Central Banks are likely to continue to provide support to the global economy we don't think we are on the cusp of a default cycle. A potential risk to long-end performance could come from higher government bond yields. However given our view of the world our base case would be that yields remain fairly low and range bound for an extended period, which…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01458282.pdf

EFTA01454557Dataset 10

1p808w

…and there were also reports that Luxembourg justice authorities had launched an investigation into one of the bank's holding companies (Reuters). Portuguese securities regulator banned naked short selling on the bank's stock for one day. The news weighed on Portuguese bond yields which added 8bp, and also on European banking stocks in general (-0.75% vs Stoxx 600 -0.09%). Peripheral bank credit traded about 3-5bp wider yesterday - and the European senior financials index (+2bp) underperformed Main…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01454557.pdf

EFTA01457996Dataset 10

1p217w

IX ter -et recto The big Kula Itnernetent vete 'tents AtlitnIttt prsputivos Pelee° 1441eotencuan eke, Nine positions Our key forecasts Central bankers warn against U.S. central bank is most likely to Bond yields are expected to recover overheated markets. hike rates in September. slightly. •Y*4 tc re,aN isms 201a far 10mrirr Sundt • (kotche AWM !emcee: as of 611e/ IF Deutsche AVVM hyena,:: al of emits Markets prove resilient to the Greek Long-term confident on China. Agreement…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01457996.pdf

EFTA00612097Dataset 9

33p9,386w

…term Letras del Tesoro). Spanish Government Borrowing (% of total) 90% 80% 70% 60% SO% 40% 30% 20% 10% 0% 1996 1999 2000 2001 WV 2003 2004 2006 2006 2007 2006 2009 —Spanish Reskients —Foreigners It is likely that foreign buyers will be fickle and could switch their holdings of Spanish debt into what they perceive to be safer assets very quickly. For Spain, the ingredients are there for a rout with much higher bond yields, should investors take fright. Furthermore…

https://www.justice.gov/epstein/files/DataSet%209/EFTA00612097.pdf

EFTA01180848Dataset 9

2012-09-104p2,296w

…1977 1982 1987 1992 1997 2002 2007 2012 19FCIUS• Index<OO,. Ind. market preesandmeasuresof asselbutbles Some: FreddieMac, Federal Resene.J.P. Morgan Privateetank. Michael Vaknin Chief Economist, J.P. Morgan Private Bank [1I High sovereign bond yields in the periphery increase bank funding costs. As a result, periphery banks must charge higher interest rates on loans to customers to retain an adequate profit margin. These high interest rates, in turn, decrease business investment and are stifling for economic growth. For example…

https://www.justice.gov/epstein/files/DataSet%209/EFTA01180848.pdf