EFTA01806410Set 10
2016-09-213p615w
Wednesday, September 21, 2016 12:32 PM
To: Jeffrey Epstein
Subject: Fwd: MEGA AM: JGBs no longer a capital appreciation asset if l0y pegged near 0%
Richard Kahn
HBRK Associa ... Rich Kahn
Subject: MEGA A=: JGBs no longer a capital appreciation asset if 10y pegged near 0%
=b>Reply-To: "Ens, Amanda"
=blockquote type="cite">
* &n=sp; The critical change ... told us JGBs bonds are no longer a capital appreciation asset (as=they have
been for 10 years) so now the question is how much income
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01806410.pdf
EFTA01785100Set 10
2016-08-056p1,109w
costs 1.29% ($1.55, ref: $122.80, 7.6 vol, 38 delta)
or sell JGBs.
MEGA Action: Strong US payroll data risks steepening of US yield curve - tail hedge US credit exposures.
Post ... costs 1.29% ($1.55, ref: $122.80, 7.6 vol, 38
delta) or sell JGBs.
2. Financials Outperformance: Buy Regional Banks Call. A Dec KRE, 103% Call ($42) costs ... does move to make policy more flexible, we think the focus will be on JGBs, rather
than on negative interest rates.
Chart Pack:
3
EFTA_R1_00106914
EFTA01785102
Nasdaq
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01785100.pdf
EFTA02454282Set 11
2016-08-055p980w
costs 1.29% ($1=55, ref: $122.80, 7.6 vol, 38 delta)
or sell JGBs.
<=mg src="cid:1585976186" alt="cid:38917479" height="72" width="691"=
MEGA Action: Strong US pa=roll ... costs 1.29% ($1.55, ref= $122.80, 7.6 vol, 38
delta) or sell JGBs.
EFTA_R1_01555923
EFTA02454282
2.=span style="font:7.0pt "Times New Roman""> <=span>Financials =utperformance: Buy Regional ... does move to mak= policy more flexible, we think the focus will be on JGBs,
rather than on =egative interest rates.
Chart Pack:
Nasdaq Bio Tech Index: Buy Calls
https://www.justice.gov/epstein/files/DataSet%2011/EFTA02454282.pdf
EFTA02455115Set 11
2016-08-057p1,560w
costs 1.29%($1.55, ref: $122.80, 7.6 vol, 38 delt=)
or sell JGBs.
<1=>
MEGA Action: Strong US =ayroll data risks steepening of US yield curve - tail hedge US credit expo ... costs 1.29% ($1.55, ref: $122.80, 7.6 v=l, 38
delta) or sell JGBs.
2. Financials Outperformance: Buy =egional Banks Call. A Dec KRE, 103% Call ($42) costs ... move to make policy more flexible, we think the focus wi=l be on JGBs,
rather than on negative interest rates.
Chart Pack:<=b>
Nasdaq Bio Tech
https://www.justice.gov/epstein/files/DataSet%2011/EFTA02455115.pdf
EFTA02454603Set 11
2016-08-056p1,309w
costs 1.29% ($1.55, ref: $122.80, 7.6 vol, 38 delta)
or sell JGBs.
MEGA Action: Strong US payroll data risks steepening of US yield curve - tail hedge US credit exposures.
Post ... costs 1.29% ($1.55, ref: $122.80, 7.6 vol, 38
delta) or sell JGBs.
2. Financials Outperformance: Buy Regional Banks Call. A Dec KRE, 103% Call ($42) costs ... does move to make policy more flexible, we think the focus will be on JGBs, rather
than on negative interest rates.
Chart Pack:
Nasdaq Bio Tech Index: Buy Calls
https://www.justice.gov/epstein/files/DataSet%2011/EFTA02454603.pdf
EFTA01077283Set 9
19p10,004w
worst in the world, followed by
Italy and Germany); and debt ratios (see "Are JGBs the Short of a Lifetime", EoTM, August 23, 2010).
7 "Bernanke's Paradox ... close up of India's economy and current investment opportunities
AUGUST 23, 2010: ARE JGBS THE SHORT OF A LIFETIME?
What to make of the world's most over indebted
https://www.justice.gov/epstein/files/DataSet%209/EFTA01077283.pdf