Document Sample
VoIceS Powered By Docstoc
					 09.29.11                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Bloomberg Brief | stRuctuREd notEs                              5

Deutsche Bank’s akshay prasad on Structured products in asia after lehman’s Demise
Akshay Prasad, vice president at                                                                                                                                                                                                                                                                       within portfolios has been reduced sig-                                                                                                                                                                                                                                             most clients. in the ultra high net worth
deutsche Bank Private wealth man-                                                                                                                                                                                                                                                                      nificantly, which has made sell-offs in the                                                                                                                                                                                                                                         segment, clients are very interested in the
agement in singapore, talks about how                                                                                                                                                                                                                                                                  markets less troublesome for a lot of clients.                                                                                                                                                                                                                                      market dislocation trades that are possible
the fallout from the Lehman Brothers                                                                                                                                                                                                                                                                   the majority of the structures sold after the                                                                                                                                                                                                                                       when there is a squeeze in the market.
Holdings Inc. bankruptcy affected the                                                                                                                                                                                                                                                                  crisis have been short-dated income-gen-
structured note market in asia and which                                                                                                                                                                                                                                                               erating structures with discounted strikes,                                                                                                                                                                                                                                         the Lehman minibonds default hurt the
products are most popular there. Prasad,                                                                                                                                                                                                                                                               as opposed to participation-type structures.                                                                                                                                                                                                                                        reputation of structured notes in Asia,
who provides wealth management advice                                                                                                                                                                                                                                                                  the market has also seen a significant shift                                                                                                                                                                                                                                        especially in Hong kong and Singapore.
to clients, conducted an e-mail interview                                                                                                                                                                                                                                                              towards fixed income and credit, with bonds                                                                                                                                                                                                                                         Are the effects still being felt?
with Benjamin Garvey.                                                                                                                                                                                                                                                                                  and credit-linked structures becoming fairly                                                                                                                                                                                                                                          yes, there is an increased focus on the
                                                                                                                                                                                                                                                                                                       popular, again sticking to the income-gener-                                                                                                                                                                                                                                        sales process today – even within private
How did you get involved with structured                                                                                                                                                                                                                                                               ating theme.                                                                                                                                                                                                                                                                        banking – because of both internal and
notes?                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     external regulators. through multiple pro-
                                                                                                                                                                                                                                                                                                       who are your clients and how do they                                                                                                                                                                                                                                                cesses, this has helped ensure clients are
  i started working with structured prod-                                                                                                                                                                                                                                                              use structured products?
ucts at Citi about six years ago. i moved                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  better informed of the risks and rewards of
to Deutsche Bank in 2007 the thought                                                                                                                                                                                                                                                                     our clients are high net worth and ultra                                                                                                                                                                                                                                          trades. overall it has made the process a lot
process behind derivatives appealed to                                                                                                                                                                                                                                                                 high net worth individuals who we are                                                                                                                                                                                                                                               more rigorous in terms of protecting clients.
me. it was quite clear at the time that in the                                                                                                                                                                                                                                                         allowed to deal with under the relevant                                                                                                                                                                                                                                             now more than ever, clients themselves are
wealth management business in asia there                                                                                                                                                                                                                                                               laws. Most clients use structured products                                                                                                                                                                                                                                          aware of the risks brought on by leverage.
was huge demand for products, and a lot of                                                                                                                                                                                                                                                             to generate yield or to take views in the mar-                                                                                                                                                                                                                                      and they better understand the need for
opportunity that clients could only access                                                                                                                                                                                                                                                             ket. However, the clients in the ultra high net                                                                                                                                                                                                                                     diversification across asset classes and
through the derivatives space.                                                                                                                                                                                                                                                                         worth segment also use the structures to                                                                                                                                                                                                                                            products.
                                                                                                                                                                                                                                                                                                       hedge risks from future cash flows and real
does the Asian structured note market                                                                                                                                                                                                                                                                  estate holdings, and to monetize market                                                                                                                                                                                                                                             what are the recent trends in the Asian
differ from those in the U.S. or Europe?                                                                                                                                                                                                                                                               dislocations.                                                                                                                                                                                                                                                                       structured note market?
  European clients tend to be more con-                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Post crisis, the business saw a shift toward
                                                                                                                                                                                                                                                                                                       what are some of the most popular                                                                                                                                                                                                                                                   income-generating structures. i think it will
servative on the payoffs, focusing more                                                                                                                                                                                                                                                                structures?
on wealth preservation. and they tend to                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   be this way for some time to come, given
be more comfortable with longer-duration                                                                                                                                                                                                                                                                 short-dated equity-linked notes, fixed-                                                                                                                                                                                                                                           current volatility, the issues in Europe, and
structures and managed products. in asia,                                                                                                                                                                                                                                                              coupon autocallables, currency-linked notes                                                                                                                                                                                                                                         growth concerns in the U.s.
clients tend to shy away from longer-dated                                                                                                                                                                                                                                                             to rebalance portfolio base currency risk,
structures, preferring to have the flexibility to                                                                                                                                                                                                                                                      credit-linked notes: these are popular with                                                                                                                                                                                                                                           This interview has been edited for length.
make decisions on an ongoing basis.

Are the structured products sold in Asia                                                                                                                                                                                                                                                               Akshay Prasad
today different from those sold before
the global financial crisis?                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    age: 30
  the financial crisis was a troubling time                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     previous experience: Citigroup inc
for all asset classes. there was a lot of risk
analysis and learning through the event. i                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      education: National university of singapore
think clients spend a lot more time analyz-
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Sports/Interests: running
ing the risk of trades. also, the leverage

Essential news & insight…                                                                                                                                                                                                                                                                                          Bloomberg                              Hedge Funds                                                                        03.29.11
                                                                                                                                                                                                                     Mergers                                                                           03.29.11

                                                                                                                                            09.10. BRIEF
                                                                                                                                                                                                                                                                                                                                                                                                                             s 03.28.11
                                                                                                                                                                                                                                                                                                                Main Story hedge fund Story titlwin Story

                                                                                                                                                                                                                                                                                                       Tuesday                                                                                                              Hedge Fund Returns

                                                                                                                                                                                                                                                                                                                     ud dio do dip euissi. oboreet ilisim veros-   consenis nonsequam nulputpat. Lit accum
                                                                                                                                                                                                                                                                                                                 tinit acincil eumsan volor at. to enibh elessit   diam init, consecte magnissequat ad mod
                                                                                                                                                                                                                                                                                                                 iure dolorti onulputat amcommy nis nismod         doloreet vulput wis dolore con vercilla am                                                                                       Monday
                                                                                                                                                                                                                                                                                                                 tis nim vel dolor sit irilis dolorem volobor      eu feu faciliquis nim irit ute esto essim ad

                                                                                                                                                                                                 GE aGrEEs to BuY ConvErtEam stakE For $3.2 Bln.
                                                                                                                                                                                                                                                                                               oracle may bid forsed tissed magna facip et num am ex enibh         delenis dolore vulla feumsandre vel utem

                                                                                                                            l mar
                                                                                                                                                            The company is purchasing the 90 stake in the electrical equip-                                                                                      et estis alit do od dunt nim dolorem verit        erilisim velenibh enibh esto odo commy

                                                                                                                                                            ment maker from Barclays Private Equity Ltd. and LBO France.
                                                                                                                                                                                                                                                                                               lawson Software   niatetue minibh et, consequisl iliquis nim        nonummy nos deliquisci te molore conse-
                                                                                                                                                                                                                                                                                                                                                                                                                  NEwS &

                                                                                                           U.s.                                                                                                                                                                                                                                                                                                                                                                                                           Defeat
                                                                                                                                                            Costa to lEavE lazarD this month. Ken Costa is step-                                                                                                 do od dolore delendit wismod dolobore do          quip exer at. ut ex ea consequipsum aut alis

                                                                                                                                                                                                                                                                                                                                                                                                                                                                es, merkel

                                                                                                                                                  ,725      ping down as chairman of Lazard International, the bank said.                                                                                        od dunt auguerat luptatue coreet nos nulla        num eraessed eugiat.elismodo lorerostinci

                                                                                                                                                                                                                                                                                                                                                                                                                                                      irish Loss
                                                                                           ay to
                                                                                                                                                                                                                                                                                                                 feum atem zzriureros ad dunt la conullu           blamet augue feugait prat.
                                                                                                                                      $7,07                                                                                                                                                                                                                                                                                                                                                                                   u.s. prob-
                                                                                                                             EBaY BiDs $2.4 ,542 For Gsi. The acquisition drew the attention of law firms, as many
                                                                                                                                             1,693 Bln                                                                                                                                                                                                                                                                                                                                                          ing in the
                                                                              ves w g plans Morgan Stanley as 10saiD $4,64rivErsDalE sharE talks with Csn. Rio now shareholders. and
                                                                                                                                                                                                                                                                                                 Traders that profit from mergers and
                                                                                                                                                                                                                                                                                                                 tpatisl dolore delit praesto odignim quamet,        Gue eum ad mod magna acilit vel ulput                                                                                                                           Louis
                                                                                                                                       $6,50                                                                                                                                                                                                                                                                                                                                                    mer spend showed. st.
                                                                                                                                   of which are ,777 investigating whether GSI got the best deal for                                                                                           acquisitions are sum vero commy nim velessenis nos dio
                                                                                                                                                                                                                                                                                                                 betting the $1.8 billion                          wis niam quam veleniam, quatet amet luptat                                                                                                                               r to
                                                                                                                                               1,729                                                                                                                                                                                                                                                                                                                                 : Consu

                      B                                                  ra Pa
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        a survey             on whethe
                                                                                                                                         in 1,388,000                                                                                                                                                            odoloborper will get
                                                                                                                                                                                                                                                                                               takeover of Lawson Software in hent non ent prat. Il dolor          nosel ullandio odoloreetuer irilit nullum                                                          TO WATCH t in February,                    a review            Ireland
                                                                                                                        rica rio                                                                     owns 41.04 percent                                                                                                                                                                                                                                       WHAT                                  called for ry securities.
                                                                                                alin  ket        of Ame                   $2,58 unconditional.                                                                                                                                 trumped by a higher offer, with Oracle
                                                                                                                                                                                                                                                                                                                 incinim quisi blaor sumsan vercidunt volore       dolessit ullam euissisimbloomberg do-
                                                                                                                                                                                                                                                                                                                                                                                                 non eummod                                                             0.5 percen                                                           ture
                                                                                       is sign il mar       Bank             declared the bid 1,516,843                                                                                                                                                                                                                                                                                                     ably rose nt James Bullard in treasu                           lders, agricul
                                                                               s, Inc.       . reta                U.S                                           lays                                $2,32           ,865                                                                      the most likely bidder. dolenim dignis alisit adignim volobor
                                                                                                                                                                                                                                                                                                                 vel et                                            loreet,most read on augait nosto odipit,
                                                                                                                                                                                                                                                                                                                                                                           quat, vulluptat ilis                                                                                               billion
                                                                                                                                                                                                                                                                                                                                                                                                                                                            Fed preside to buy $600 with senior bondho                              ber.
                                                                                         Holding in the                                 pectus -           Barc         Sach nEws Corp saiD to pitCh mYspaCE Joint vEnturE with vEvo.Com. News
                                                                                                                                                                                                             3,947                                                                               Lawson Software, which counts
                                                                                                                                                                                                                                                                                                                 eraesequisi.                                      venim iril ullute magna alit nit nosto consec-                                            curtail a
                                                                                                                                                                                                                                                                                                                                                                                                                                                                       plan            losses                      s in septem
                                                                                   ura              ng
                                                                                                                             a pros mis                           man                                                  ,070                                                                                                                                                                                           2011 returnS by Strategy                           share bank            entary election                          march
                                                                             Nom in competi s.                      filed ge Com                             Gold         n         Corp. may exchange the Myspace social network for a stake in the new venture, according
                                                                                                                                                                                                               2,661                                                                           billionaire investorPute eugait as one
                                                                                                                                                                                                                                                                                                                     Carl Icahn delit lan ex erat, verosto dit     tet, coreum nos augue vel eugiat, quatetum                                                wants to                                                  ly), 10 a.m.
                                                                                                  note                                              e               orga                                $1,27            ,632                                                                                                                                                                                                                                                plans parliam           te 0% (month
                                                                            to beg ctured ased firm exchan w it to issu re                                     JPM           Bank
                                                                                                                                                                                    to three people.             3,344                                                                         of its biggest shareholders, has risen zzriure diamet nos
                                                                                                                                                                                                                                                                                                                 ero euguera esectem                               dolor suscinisisim ipsum vel ese commodo
                                                                                                                                                                                                                                                                                                                                                                                                                                                           y said. Egypt
                                                                             for strutokyo-b es and ld allo year. thethe                                              sche                               $1,12             ,150                                                                                                                                                                                                                                                   sales, estima a.m.
                                                                                                                                                                Deut                sprint asks GovErnmEnt to BloCk at&t’s BiD. Sprint said the industry would
                                                                                                                                                                                                                   2,978                                                                       4.4 percent above the offer of $11.25
                                                                                                                                                                                                                                                                                                                 doluptat.                                         lumsan venismod tion henim inciduis dolum                           simon covene                     g home                10.30                                built up
                                                                                the Securiti that wou s this among                                                     roup                                $1,12
                                                                                                                                                                                    be dominated by two 4,326,181 the combined AT&T-T-Mobile and Verizon Wireless.                             a share from InforLenim incidui ea conulla orercilit eugue
                                                                                                                                                                                                                                                                                                                    and Golden Gate                                alit elenim qui et augait aciliquat ad magna             minister                       ry pendin , estimate 17.6,                                   in cash               S&P
                                                                                     the              8            note             s               red          Citig                                                carriers,                                                                                                                                                                                                            MY: Februa                                                   $940 billion erg data show. data
                                                                               with on Sept. ctured se firm -registe                                                    C                                    $1,07             ,928                                                            Capital disclosed March 11, according                                                                                            ECONO                 cturing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                activity                   to spend          , Bloomb a year earlier,
                                                                                sion         ed stru Japane ed SeC
                                                                                                                                                                  HSB                                                  3,904
                                                                                                                                                                                    lloYDs hirEs JpmorGan, CitiGroup For BranChE salEs. The sale may raise                                                                                                                                                                             Fed manufa                           are starting this quarter              than
                                                                                                                                                                                                                                                                                                                                                                                                                                                            executives $256 billion
                                                                                                       no                                             rest                                                    $1,07               500                                                          to data compiled by Bloomberg. That’s                                                                                         Dallas                                                                       in 2011
                                                                                 register ently have issu                                  ing inte n of            RBC              se                                   ,568,
                                                                                                                                                                                    2 billion pounds ($3.2 billion) to 3 billion pounds, a person familiar with the talks said.                more than any U.S. deal over $500 mil-                                                                                                       NIES: U.S. ers topped
                                                                                                                                                                            it Suis                                $903                                                                                             inside                                                                                                                                                       t more buybac
                                                                                  are curr ks that r.                       the
                                                                                                                                   grow         billio n              Cred                                                  ,395,
                                                                                                                                                                                    philippinE lonG DistanCE BiDs For rival. Philippine Long Distance Telephone                                lion. Oracle, the second-biggest seller                                                                                           COMPA
                                                                                                                                                                                                                                                                                                                                                                                                                                           crisis. Takeov zed 38 percen                 erg show.                                   from nato
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         suppor t first time in
                                                                                                                                          $31                                                                        $793
                                                                                   16 banthis yea reflects total of s have bee                                                                                                       000                                                       of business applications software, may                                                                                         the credit       nies authori ates and Bloomb                                    rd with            the
                                                                                            s                            a                            t).              UBS                                                    ,991,
                                                                                                                                                                                    offers about 74.1 billion pesos ($1.7 billion) for Digital Telecommunications Philippines.
                                                                                                                                                                                                                       $122                                                                                                                                                                     ts                                    compa              associ                                 ed westwaed in court for                  south-
                                                                                    note decision where                         ed note righ                                                                                           000                                                                                                                                     data repor                      6               500                                                    advanc                                    d in its
                                                                                        the            ket, structur table at ll in New                                                 ans                                     ,857,
                                                                                                                                                                         SEK CrEXus rEJECts starwooD oFFEr. Crexus opened a share sale that could pre-                                                             performance Snapshot
                                                                                                                                                                                                                                                                                               buy Lawson, whose clients include jajfkaelejr aeklkral               lweklkoisdleklaklaoe hafa                                             d by Birinyi               rebel forces            coni appear was defeate                      in addi-
                                                                                                                                                                                                                         $114              0                                                                                                                                                                                   compile                                                                        n
                                                                                                 mar          ed                          r true                                 ortfin
                                                                                                                                                                          Eksp clude the $254 million buyout 50,00
                                                                                                                                                                                                                                                                                               Safeway and Volvo, Soleil Securities hafa
                                                                                                                                                                                                                                                                                                                   lweklkoisdleklaklaoe                       2     performance Snapshot jajfkaelejr aeklkral                                 NMENT:
                                                                                                                                                                                                                                                                                                                                                                                                                                                            Libyan          Silvio Berlus ’s coalitio                      $20 billion
                                                                                       in the         ister
                                                                                                                                  Pete                           r-                       o                                 $59,3 proposed by Starwood Property Trust.                         and Cross Research said.                                                                                                            GOVER                        minister               Merkel               al for some l reported.
                                                                                        SeC so far in kesman                           t.               in offe                    s Farg                                                                                                                                                                                                                      7                              italian prime             llor Angela ing a propos                  Journa                             d
                                                                                                                                men            step         s pro-
                                                                                                                                                                            Well                                                                                                                 Oracle stands to profit from Snapshot
                                                                                                                                                                                                                                                                                                                   performance Lawson jajfkaelejr aeklkral          lweklkoisdleklaklaoe hafa
                                                                                                                                                                                                                                                                                                                                                                                                                                 air strikes. german chance are prepar the Wall street                                                      prepare
                                                                                          sold ura spo to com                           first        note          s,                                                                                                                                                                                                                                                                                                rats                                                   as the u.s.
                                                                                              Nom lined                      is the -ter m te note s
                                                                                                                                                                              RBS                                                                                                                                 lweklkoisdleklaklaoe hafa                   3     performance Snapshot jajfkaelejr aeklkral                    eight years.               Democ                   icans,                      ek high,
                                                                                                                                                                                                                                                                                                                                                                                                                                             heartland. to offer to republ                      to a two-we day in new York.
                                                                                            york registra er a med
                                                                                                                     tion            ium
                                                                                                                                            fixed-raed note                     BMO                                                     year. 11                                                                  performance Snapshot jajfkaelejr aeklkral         lweklkoisdleklaklaoe hafa                  8                  western         ng cuts                            g yields
                                                                                                                                                                                                                                  this          n                                                                                                                                                                                                                                                       a third
                                                                                                                               include structur securiti or
                                                                                                                                                                                                                       so far erwritte ac-                                                                                                                                                                                        tional spendi                        fell, pushin Oil fell for
                                                                                                the s und                                                                                                                                                                                                                                                                                                                                               Treasuries ar debt today.
                                                                                               ing note h notes
                                                                                                                      may             or            of
                                                                                                                                          ance ge rate spe-
                                                                                                                                                                 Daily Data
                                                                                                                                                                                                on in
                                                                                                                                                                                                        europe has und million,deals
                                                                                                                                                                                                               ura $427.5                   se
                                                                                                                                                                                                                                                                           Breaking Deals                         lweklkoisdleklaklaoe hafa
                                                                                                                                                                                                                                                                                                                  performance Snapshot jajfkaelejr aeklkral
                                                                                                                                                                                                                                                                                                                                                              4     performance Snapshot jajfkaelejr aeklkral
                                                                                                                                                                                                                                                                                                                                                                    lweklkoisdleklaklaoe hafa                  9
                                                                                                                                                                                                                                                                                                                                                                                                                                       MARKETS: of two-ye
                                                                                                 gram -rate perform exchan ets. A in-                                                      milli ., Nom                                                                                                                                                                                                                             to sell $35
                                                                                                                                                                                      Comparisonsling data. the
                                                                                                                                                                                    $585                                                                                                                                                                                                                                                                                                                                                        ct
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Oil impa
                                                                                                        ting                                         ass itional                                U.S                                                                                                                                                                                                               dar
                                                                                                  floa d to the foreign such                                                                              tota                            .
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      on Japan,
                                                                                                                                                                                       in the deals mberg                                                                                                         lweklkoisdleklaklaoe hafa                   5     performance Snapshot jajfkaelejr aeklkralcalen
                                                                                                   linke           ities
                                                                                                                          ,            of         ire add                                  ncy                              the SeC                                                                                                                                                           mic-ev
                                                                                                            mod or basketld requ
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  early View
                                                                                                                                                                                                       Bloo                                                                                                                                                                          econo                                                                                                                                                       y. income
                                                                                                     com                                                             ks that - age ing to stered with                                                                                                             performance Snapshot jajfkaelejr aeklkral         lweklkoisdleklaklaoe hafa                 10
                                                                                                                                                                                                                                                                                                                                                                                                                                                      :                                                                        s on monda ry, and
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Data to Give
                                                                                                      an inde ring
                                                                                                                               wou .                      ng ban maran                 cord       regi                                                                                                                                                                                                                                week ahead                                                                  al market            in Februa to the
                                                                                                                offe to be filed 27th amo ope                                   k             not                                                                                                                                                                                                                                                                                                   in financi 0.4 percent
                                              k                                                                                                          eur the ban                    are                                                                                                                                                                                                                                                               ding                                                                          according
                                           wee                                                                                                                                                                                                                                                                                                                                                                                                  Jobs, Spen
                                                                                          of           cific                                                                                                                                                                                                                                                                                                                                                                           e and
                                                                                million                          ation                ed        s in                          ling                                                                                                                                                                                                                                                                                                                   likely rose 0.5 percent,                       ists sur-
                                      this                              $22.3         s-                  form ura is rank note mberg. es tota
                                                                                                                                   ed                                                     gust                                                                                                                  new hedge fund launcheS
                                                                                                                                                                                                                                                                                                                                                                                                                                                      and fuel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                     costs increas s and the spending,
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     of econom
                                                                 sold pay inve x
                                                     ns ASA s that 500 Inde .
                                                                                                             Nom structur
                                                                                                            issu accordi least
                                                                                                                                   ng     to Bloo n issu
                                                                                                                                                                         nt          in au                                                          in Aug
                                                                                                                                                                                                                                              U.S. rding to
                                                                                                                                                                                                                                                             ust,                                                                                                                                                                        as food
                                                                                                                                                                                                                                                                                                                                                                                                                                                 easter n
                                                                                                                                                                                                                                                                                                                                                                                                                                                                         l protest
                                                                                                                                                                                                                                                                                                                                                                                                                                                               politica sentiment, how consensus                               erg.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       es in employ in-

                                                                                                                                                                                                                                                                                                                                                                                                                                                                       roil                ment                     Bloomb

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    BriEf <go> to sign up on the Bloomberg terminal.
                                         portfina th
                                                            note r’s                  filing                       ,               at                                                                                                 in the acco
                                                                                                                                                                                                    U.S. Company Takeovers, vs. S&P 500 Index                                                                                                                                                                                           middle            in Japan          and employ                 veyed by              increas          growth,
                                                                                                                                          s 10                                                                                                                                                                                                                                                                                          earthquake er spending unt importance
                                                                 Poo            SeC                          kets                                                                                                            stors
                                 ■■ Eks onth dard & Sept. 9 times any
                                                                                                                          rote                                                                                                             year           rg.                                                                                                                                                                                                                                             While recent           income                      the
                                                                                                              underw                                                                                                                                                                                                                                                                                                                                                                                                                              to offset
                                                                                                                                    e grow
                                                                  a                                                                                                                                                 l inve far this Bloombeexceed-                                                                                                                                                                                       u.s. consum is of paramo employment, will likely bolsterbe sufficient e and food
                                 three-m Stan rding to stors five take a                                                                                                                                    idua                                        ,                                                                                                                                                                 HigHs
                                        if the acco           inve stors will             in the
                                                                                                                                                                                                      indiv         me so piled bycontinue to Struc-                                                                                                                                                             ce from                                  up
                                                                                                                                                                                                                                                                                                                                                                                                                                         are holdingrs. releases
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             on             man-                   may not             of gasolin
                                  tors        ,                                                                                                                                                 s to         volu          com             e           g                                                                                                                                              ds: distan                                                                 ng, and                 crease            the cost                      in fact,
                                                        pay                       gain urity.                                                                                          ed note monthly were ent pac accordin                                               Yesterday’s Deals                                                                                                                                                                      and spendi will provide sharp rise in                                     the year.
                                                                                                                                                                                                                                                                                                                                                                                        10y sprea
                                    declines s will index. inve to any
                                                                                       mat                                                                                                                                                                         n of                                                                                                                                                                   to investo                                                                              ing of               spending
                                                                                                                                                                           structur largest ion that the curr notes,
                                           note the
                                                              ortio e date
                                                                                 and          ch &                                                                   n of                                                                                $1 billio
                                                                                                                                                                                                                                                                                                                new MandateS                                                                                                                            income                week
                                                                                                                                                                                                                                                                                                                                                                                                                                           personal in the coming consumer is re- since the beginn                                         te for a         much
                                                                                   rill Lyn                                                                                       the
                                                                                                                                                            8 billio , and ge Com year sho
                                                                                                                                                                                               miss         uld of the
                                                                                                                                                                                                                                                                                                                                                                                                                                           ufactur ing                     the                                            sus estima ding, since
                                      decline ctly prop issu by Mer
                                                             the                                                                                      $4.9          July han                                billio
                                                                                                                                                                                                                   n                               ding
                                                                                                                                                                                                                                             inclu .                man                                                                                                                                                                                       into how environment.                        the consen be mislea
                                             dire                                                                                                                                           the
                                       loss between e placed                                                                                  sold           from       exc          n for       rd $38
                                                                                                                                                                                                                                 Aug 0 to date s. Gold                                                                                                                                                                                      early insight the shifting                and spend- increase
                                                                                                                                  ks have increase s and$47 billio a reco                                                 s in                                                                                                                                                                                                                             to

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    or for a risk-free trial visit www.bloomberg.com/brief
                                        inde          s wer        ent fee.                                               Ban            ent Securitie than                                                       note           l in 201 n in
                                                                                                                                                                                                                                                     note               s.                                                                                                                                                                  sponding                     al income        five days
                                               note                                                    .2                                                                            ed                   n of                                                  est rate                                                                                                                                                                                 ry’s person off a busy
                                          the          0.5 perc                             ed $20
                                                                                                                         a 10 with the l more n banks
                                                                                                                                                                               issu                 billio          ed dea 7 billio                                                                                                                                                                                                           Februa                  kick
                                                for a 649177                                                                                                                                  $1.8 -register ng $1.0                                 d to
                                                                                                                                                                                                                                                           inter August.                                                                                                                                                                                     ent will
                                                  iP 282                          p. issu          g                               s
                                                                                                                          filing s may tota whe                                      selling SeC                                                                of                                                                                                                                                                           ing statem
                                                                          a Cor -floatin SeC                                                                                                                     selli                       s linke month year. For                                                                                                                                                                                                                                                               edit on
                                            CUS                                                                                 Sale 8 volumescts.com. . issuers, largest st issuer,                                                   note
                                                               Americ           d-to         t. 3       l                                                                                                                  in new sales in
                                                                                                                                                                                                                                                  the of the
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       olz of UniCr
                                                        k of year, fixeto a Sep initia r.                                     ing 200 tailProdu led U.S notes,
                                                                                                                                                                                                                                                      ths                                                                                                                                                                                                                                                                              ation
                                              ■■ Ban of ten- ording                        an                                                           ley                                                        ase
                                                                                                                                                                                                                            me of           six mon                                                                                                                                                                                                                                                       Harm Bandh         and stagn

                                                                                    pay per yea                                 turedre Stan step-up the seco                                     by an
                                                                                                                                                                                                                  r volu the first
                                               milli notes, acc es willpercent notes will                                          Morgancallable rica was 0 million. driven                              dolla                                                                                                                                                                                                                                                                                           corporate ne else.
                                                                                                                                                                                                   total           during e 6.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Back Page
                                                                      uriti                                    .                                                                                                                                                                                                                                                                                                   rmers
                                                rate . the sec rate of 6 year the                      , U.S to                          ear                                     s was of the percent on pag                                                                                                                                                                                             ncy perfo                                                                                         for everyo

                                                                                                                                  15-y k of         Ame with $60                                                                                                                                                                                                                                          NCY PERFO
                                                                                                onth ject                                                                 sale ent                                 rt                                                                                                                                                                           top curre
                                                 filing interest             third       e-m                                          Ban followed l note                                      of 21 see cha                                                                                                                                                                                    TOP CURRE
                                                                    in the of thre ent, sub be paid                                                         tota up 56 perc age                    s,
                                                          inning          rate       perc            will         0.                 Sachs jump in                e            an aver t clas                                                                                                                                                                                                                                                                                                                                                                  brief
                                                    Beg floating               1.75 interest er, 201 s                                   the notes mad from s by asse                                                                                                                                                                                                                                                                                                                                                                             rg.com/
                                                     pay Libor plus ent. Decemb the note                                                                        ase                                                                                                                                                                                                                                                                                                                                                                   www.bloombe
                                                                            perc                                                       these an incre n of note
                                                      dollar of 7.25 inning in                      ted                                         is
                                                                                                                                         this break dow                                                                                                                                                                                                                                                                                                                                                berg Briefs
                                                       a cap ly beg ch Co.                                                                 a full
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 . In Brief.
                                                         quarter & Lyn ent fee.                                                                                                                                                                                                                                                                                                                                                                                       World
                                                                rill                                                    .3                                                                                                                                                                                                                                                                                                                                    Get the
                                                          Mer 0.7 perc Pt5                                   ed $21
                                                           for a       0014xQ                      p. issu
                                                            iD BBG                        a Cor
                                                                         k of
                                                               ■■ Ban

                                                                                                                                                                                                                                                                                                                                                                   1                           2                               3                              4                              5                               6                              7          8   9   10
The attached article was a free sample from Bloomberg Brief Newsletters.

Bloomberg Brief is a new publishing division of Bloomberg L.P. focused on high quality, electronic newsletter
products, providing unique data, commentary and analysis from the premier source of data and analytics in the
financial world. The following newsletters are currently published:


To take a trial to any of the above newsletters, or for more information on subscriptions or advertising, please
visit bloombergbriefs.com or email us at bbrief@bloomberg.net.
The attached article was a free sample from Bloomberg Brief Newsletters.