Search results for “BofA ML Commodities Research”

email TEXT-001-HOUSE_OVERSIGHT_014397.txt Nov 17, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

…...................................................................../ ' / 0 -0.5 04 CY1 6 CY1 7 CY1 CY16 CY17 CY1 3 • BofANIL Consensus (Bloomberg, as of 15 Nov 2016) Source: BofA Merrill Lynch forecasts, Bloomberg lzumi Devalier Japan Economist Merrill Lynch (Japan) HOUSE OVER...

Table 12: Selected drivers of Saudi consumer

document IMAGES-003-HOUSE_OVERSIGHT_016138.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…er fiscal consolidation measures (VAT, etc) Likely forthcoming Direct and indirect negative impact on consumer Source: BofA Merrill Lynch Global Research Chart 25: Private sector average monthly wages are increasing Chart 26: Wedge between Saudi and non-Saudi private sector sal...

Table 1: Notional multi-phase development at Guyana: about $22/sh to Hess

document IMAGES-003-HOUSE_OVERSIGHT_014879.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…$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...

We estimate that it is in 3yly, 2y2y and 2y1ly that the selloff would be largest (75-85bp

document IMAGES-003-HOUSE_OVERSIGHT_014759.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… 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...

Chart 16: SAN, BNP, ING, ISP and DBK average 6M ATMf implied vol is

document IMAGES-003-HOUSE_OVERSIGHT_014981.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…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...

The combination of these factors suggest Japanese equities have further to run. We also

document IMAGES-002-HOUSE_OVERSIGHT_014448.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…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...

SPX put contingent on higher rates

email TEXT-001-HOUSE_OVERSIGHT_014310.txt Nov 15, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

…. & 11-Nov vol S 9-Now fol) Brexit (28- & 27-Jun lot vs 24-Jun %pi) 40% 60% 80% 100% 120% SPX 1-day intrcityvol Source: BofA Merrill Lynch Global Research. Based on daily data from June 2004 to current 140% 160% Chart 2: Ten-year US Treasury yields see a near record spike after C...

Chart 27: The current vega outstanding in the ESTX50-linked structured products is EUR 143mn

document IMAGES-008-HOUSE_OVERSIGHT_025991.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…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...

Chart 13: The -2.5% drop in the NDX on 17-May was a six standard

document IMAGES-007-HOUSE_OVERSIGHT_023580.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…plied vol NDX - SPX 3M ATM implied vol spread (right) Daily NDX return / trailing (EWMA) vol 1 ——— 17-May-17 Source: BofA Merrill Lynch Global Research. Daily data from 4-Feb-85 through 2-Jun-17. Source: BofA Merrill Lynch Global Research. Daily data from 17-Jun-09 through 2-J...

Underweight Retail

document IMAGES-003-HOUSE_OVERSIGHT_014490.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… 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...

Chart 50: Utilities relative PE close to the 2013 low Chart 51: Chemicals / Industrials — re-rated b

document IMAGES-003-HOUSE_OVERSIGHT_014484.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…) 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...

In other words, 2Q17 marks the low point in oil and gas production, with

document IMAGES-003-HOUSE_OVERSIGHT_014876.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…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...

Overall, we find it hard to argue that sectors haven’t moved a long way already from a

document IMAGES-003-HOUSE_OVERSIGHT_014483.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…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...

Concerns over stagflation return

document IMAGES-003-HOUSE_OVERSIGHT_014722.txt Oct 1, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

…/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...

due to adverse political, economic or other developments. These risks are magnified for investments

document IMAGES-004-HOUSE_OVERSIGHT_016803.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp. Merrill Private Weal...

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