Results for “BofA Merrill Lynch”

….16% Hold 730 23.24% Hold 538 13.10% Sell 858 27.32% Sell 514 59.91% * Issuers that were investment banking clients of BofA Merrill Lynch or one of its affiliates within the past 12 months. For purposes of this Investment Rating Distribution, the coverage universe includes only...

…0 2004 2008 2012 2016 ® Largest 4-day % changes in 10yr UST yields since 1962 @ Change measured in bps (nght) Source: BofA Merrill Lynch Global Research. Based on daily data since 1962. —— 4-day return of a 30yr UST futures investment ee 14-Nov-16 Source: BofA Merrill Lynch G...

…e companies and their own individual circumstances/abjective before making any investment decisions. Source: FactSet, BofA Merrill Lynch US Equity & US Quant Strategy Repatriation: potential beneficiaries Below we provide a screen of S&P 500 companies (excluding Financials and...

…$3.4 Phase 2 600 2,682 805 $2.5 Payara spec Total 1,625 9,742 2,923 $9.0 Guyana Total 3,250 22,753 6,826 $21.1 Source: BofA Merrill Lynch Global Research estimates; Hess shares fully dluted 324.2mm shares after prefernce convert Note that at current strip oil prices of ~$55 Bre...

… oO 0.5 1 1.5 2 2.5 3 &8 3 ES &8 2 3 ae 2 5 & 8 s = &8 3 3 g = past by ¢ — since July m= last Linear (past 6y) Source: BofA Merrill Lynch Global Research. (*) Based on a regression of log(2y1y vol) on the first three principal components of log of rates (derived with a PCA ran...

…l ———=6M avg implied vol = Last IV (16-Jun-17) 3M realised correl ————6M realised correl = Dec17 implied correl Source: BofA Merrill Lynch Global Research. Data: 2-Jan-08 to 16-Jun-17 Source: BofA Merrill Lynch Global Research. Data: 2-Jan-08 to 16-Jun-17 - Attractive risk-rewa...

…ndustrials Energy Telecom Staples Utilities Health care ex JP m Bear steep = Bear flat mBull steep = Bull flat Source: BofA Merrill Lynch Global Research, Bloomberg. Curve movements based on 2yr move and 2510s move (Bloomberg US Treasury yield index), so includes twist movernen...

…e eee ena ne 97th percentile 120 100 80 60 > + > as > s+ wo Ww Ww Ke} WwW WwW io) io) oO io) 353525323 8 88223 Source: BofA Merrill Lynch Global Research. Data as of 4-Aug-16 Table 3: Volatility measures of major equity indices in the EMEA region (data as of 05-Aug-16) Equity...

…arily a bottoms-up approach, with calendar-specific events noted for most stocks. We constructed our list by canvassing BofAML Fundamental Equity Research analysts in order to find 10 BofAML-covered stocks which we think will significantly outperform or underperform peers during...

… have largely been at Asda’s expense 8.3% 7.8% 7.3% ——Retail EBITDA margin 6.8% PP FF FF gh gh gh gh gr gh gh Source: BofA Merrill Lynch Global Research, Bloomberg, Datastream, IBES Chart 68: Retail is expensive on a range of metrics Tesco Aldi Lidl Waitrose Morrisons Sains...

…) 0.80 ——— German 10y (RHS, inverted) 40 0.95 01/10 01/11 O12 0193 0194 O15 01/16 01/08 01/10 01/12 01/14 01/16 Source: BofA Merrill Lynch Global Research, Datastream, IBES Source: BofA Merrill Lynch Global Research, Datastream, IBES UK —- Waiting for Brexit It’s useful to thin...

…F 1Q20E 2020E 4Q21E 3Q22E m Guyana m Utica m NMB Valhall m Stampede gJDA mEG m Other GoM mOther/base mBakken Source: BofA Merrill Lynch Global Research estimates Critically, Hess has multiple levers to pull that reverse production declines as cash becomes available from compl...

…HealthCare = a Basics oo. / -20 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Relative PE - percentile since 1999 Source: BofA Merrill Lynch Global Research, Datastream, IBES Chart 48: Financials valuations have recovered significantly relative to Chart 49: Rapid relative de-rating...

…/1/2016 10/26/2016 += 11/20/2016 += 12/15/2016 + —1/9/2017 2/3/2017 = 5y real yields (%) = ===~=5y infl BE (%) Source: BofA Merrill Lynch Global Research The effect of the divergence between real yields and inflation breakevens has been felt across financial markets. For exampl...

…ec-15 China recession Nov-15 China recession Oct-15 China recession 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Source: BofA Merrill Lynch Global Research Tail risk 1: US deregulation Normalized swap spreads, cross-currency basis & coupon vs principal STRIPS Deregulation is a k...