EFTA01089722Set 9
2012-06-2944p20,625w
action in early July, including the possibility of a rate reduction. bonds over German Bunds (in bps)
Despite all the talk about political measures to support growth and increased tolerance ... medium
quality, with Italian and Spanish spreads above 550 basis points to the Bund (our base case). maturities
• With the increased likelihood of further quantitative easing, the risk is that ... year (6-month forecast): 1.7%
• We believe the reasons for the recent rise in Bund yields are numerous: First, signs of more Eurozone Tactical (6 months)
integration (e.g. European bank
https://www.justice.gov/epstein/files/DataSet%209/EFTA01089722.pdf
EFTA01089619Set 9
2013-04-2546p24,794w
view EUR (DE) 10-year (six-month forecast): 1.8% Tactical (six months)
• Bund yields trended lower over the month, plunging in response to uncertainties surrounding the bail-in of Cyprus ... overshadow tentative signs of improving financial conditions. The OMT program has thus far Bund yields could rise more significantly.
improved money market conditions and reduced fragmentation and volatility. Nevertheless ... hinted at possible However, for the time being, we expect Bund
policy action stating it is "monitoring closely" conditions in Europe. Thus, the bar for further stimulus fell. yields
https://www.justice.gov/epstein/files/DataSet%209/EFTA01089619.pdf
EFTA01437704Set 10
2000-01-0754p14,594w
monetary policy
Amercias Edition I March 2016
10
ECB balance sheet and 10-year Bund yields ... billion euros
in % 0
Yield 10-year Bunds (right axis, inverted)
ECB balance sheet (left axis)
1
2
3
4
5
6
Fed balance sheet and 10-year Treasuries ... most of the time. As the chart comparing
the German Dax and 10-year Bunds
illustrates, this relationship was not stable,
but the tendency was clear. In recent months
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01437704.pdf
EFTA01314936Set 10
2001-02-029p2,239w
Discount -228
Area Code M Fuel Surcharge 0A8
Signed by L. YlSOSKI
Bunde ID 000 Total Charge USD 1245
Picked up: Apr 02, 2001 Payor: Shipper Reference: NO REFERENCE INFORMATION ... Charge 0.00
Area Code Al Discount -5,93
Signed by ALESSI Fuel Surcharge 2.13
Bunde ID 000
Total Charge 11S0 55.45
Picked up: Apr 02, 2001 Payor: Shipper Reference ... Service Discount -228
Area Code Al Fuel Surcharge 0 48
Signed by F.GARCIA
Bunde ID 000 Total Charge 11S0 12.45
CONFIDENTIAL
SDNY_GM_00342382
EFTA_00215077
EFTA01314942
Invoice Number
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01314936.pdf
EFTA00788475Set 9
2017-07-2429p16,328w
bias was maintained (unanimously) and the date to discuss tapering
was implicitly pushed back, Bunds failed to meaningfully sustain their gains post the
policy announcement. Interestingly, Draghi's insistence ... tightening as in Aug16, with 150bp seen as next key level for 10y BTP-Bunds.
Further, Draghi's reference to spreads having tightened as a reason not to be concerned ... successful in finding IC: long EU supras
When asked about the limited availability of Bunds in the context of a QE extension, and
the potential need to up other parts
https://www.justice.gov/epstein/files/DataSet%209/EFTA00788475.pdf
EFTA01178648Set 9
2012-06-298p5,896w
bonds.
• We have been inclined to oppose the recent cross-market underperformance of
German Bunds, on the view that fears of debt socialisation in the near term are
overblown. Even ... little extra conditionality in return, we hold to this view,
expressed via longs on Bunds vs US Treasuries, and 5s/l0s flatteners on the
German curve. InUS Treasuries, we favour long ... financial bonds. The combination of a safe 2.0%
asset and a risky asset — bunds + spread — offers good diversification for
the end investor and is one major reason why spread product
https://www.justice.gov/epstein/files/DataSet%209/EFTA01178648.pdf