EFTA01737698Set 10
2016-08-0914p2,836w
Japanese buying of foreign bonds FELL again toward zero as of July 29 (vs LQD in yellow).
EFTA_R1_00024530
EFTA01737702
EFTA_R1_00024531
EFTA01737703
Mandatory Convertible Preferreds
As investors ... rebalance making US equities less dangerous than
the bond market.
March 2017 ATM LQD vol is around 7.5% so a 100% Put costs —3.2% which given the long
term chart ... Microsoft issued —$20 billion
Today, Alphabet — $ 2 billion
Chart Two shows Investment Grade ETF, LQD, is at the top of a long term range with
shares outstanding around
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01737698.pdf
EFTA01783152Set 10
2016-08-0812p2,582w
Japanese buying of foreign bonds FELL again toward zero as of July 29 (vs LQD in yellow).
Mandatory Convertible Preferreds
As investors continue to search and stretch for yield, mandatory ... rebalance making US equities less dangerous than the bond market.
March 2017 ATM LQD vol is around 7.5% so a 100% Put costs —3.2% which given the long term chart ... Microsoft issued "$20 billion
Today, Alphabet — $ 2 billion
Chart Two shows Investment Grade ETF, LQD, is at the top of a long term range with shares outstanding around
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01783152.pdf
EFTA01783231Set 10
2016-08-0813p2,785w
Japanese buying of foreign bonds FELL again toward zero as of July 29 (vs LQD in yellow).
Mandatory Convertible Preferreds
As investors continue to search and stretch for yield, mandatory ... less dangerous than the bond market.
9
EFTA_R1_00103710
EFTA01783239
March 2017 ATM LQD vol is around 7.5% so a 100% Put costs —3.2% which given the long term ... Microsoft issued '-$20 billion
Today, Alphabet — $ 2 billion
Chart Two shows Investment Grade ETF, LQD, is at the top of a long term range with shares outstanding around
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01783231.pdf
EFTA02454261Set 11
2016-08-1517p3,300w
Japanese buying of foreign bonds FELL again toward zero as of July 29 (vs LQD in yellow).
Mandatory Convertible Preferreds
As investors continue to search and stretch for yield, mandatory ... rebalance making US equities less dangerous than the bond market.
March 2017 ATM LQD vol is around 7.5% so a 100% Put costs - 3.2% which given the long term chart ... Microsoft issued - $20 billion
Today, Alphabet — $ 2 billion
Chart Two shows Investment Grade ETF, LQD, is at the top of a long term range with shares outstanding around
https://www.justice.gov/epstein/files/DataSet%2011/EFTA02454261.pdf
EFTA00821586Set 9
2016-08-086p2,186w
Japanese buying of foreign bonds FELL again toward zero as of July 29 (vs LQD in yellow).
EFTA00821587
KI:image005.jpg€01D1EE78.B98D33A0
d:image003.jpg(g01DIEE78.C95838E0
d:image006.jpg(g01DIEE78.B98D33A0
Mandatory Convertible Preferreds ... rebalance making US equities less
dangerous than the bond market.
Mardi 2017 ATM LQD vol is around 7.5% so a 100% Put costs —12% which given the long term chart ... Microsoft issued —$20 billion
Today, Alphabet — $ 2 billion
Chart Two shows Investment Grade ETF, LQD, is at the top of a long term range with shares outstanding around
https://www.justice.gov/epstein/files/DataSet%209/EFTA00821586.pdf
EFTA00821594Set 9
2016-08-088p2,362w
Japanese buying of foreign bonds FELL again toward zem as of July 29 (vs LQD in yellow).
EFTA00821596
g)id:iniagc005.jpg®0IDIEE78.B98D33A0
gid:inizigc003.jpg®0IDIEE78.C95838E0
id:inizigc006jpg®0IDIEE783398D33A0
Mandatory Convertible ... rebalance making US equities less
dangerous than the bond market.
March 2017 ATM LQD vol is around 7.5% so a 100% Put costs —3.2% which given the long term chart ... Microsoft issued —$20 billion
Today, Alphabet — $ 2 billion
Chart Two shows Investment Grade ETF, LQD, is at the top of a long term range with shares outstanding around
https://www.justice.gov/epstein/files/DataSet%209/EFTA00821594.pdf
EFTA00822153Set 9
2016-08-044p1,564w
Japanese buying of foreign bonds FELL again toward zero as of July 29 (vs LQD in yellow).
L.,jcitimage005.Ips@OID11178.698033A0
EFTA00822153
id:irnageCO3.ipg@OlDlEE78.CISB38E0
id:image006.JP8(g01DIEE78.B98D33A0
Mandatory Convertibly PrPharreds ... rebalance making US equities less
dangerous than the bond market.
Mardi 2017 ATM LQD vol is around 7.5% so a 100% Put costs —12% which given the long term chart ... Microsoft issued —$20 billion
Today, Alphabet — $ 2 billion
Chart Two shows Investment Grade ETF, LQD, is at the top of a long term range with shares outstanding around
https://www.justice.gov/epstein/files/DataSet%209/EFTA00822153.pdf
EFTA00818577Set 9
2016-09-1211p1,706w
late to hedge.
Buy a best-of-put on PFF (PM Stock ETF), LQD (iBoxx IG ETF) and HYG (iBoxx HY ETF)
• Jan 20, 2017 expiry: ATM strike costs ... markets. We also estimate - $50 billion in fixed income selling.
Investment Grade Credit ETF (LQD) over the last 5 years & growth in Shares Outstanding.
EFTA00818577
'acid : Image008.jpg@OlD2OAC7.E2D86D90
Source: Bloomberg ... bullish energy view (XLE).
Buy a best-of-put on PFF (Pfd Stock ETF), LQD (iBoxx IG ETF) and HYG (iBoxx HY ETF)
• Jan 20, 2017 expiry: ATM strike costs
https://www.justice.gov/epstein/files/DataSet%209/EFTA00818577.pdf
EFTA02454699Set 11
2016-08-1518p3,484w
Japanese buying of foreign bonds FELL again toward zero as of July 29 (vs LQD in yellow).
10
EFTA_R1_01556637
EFTA02454708
Mandatory Convertible Preferreds
As investors continue to search ... rebalance making US equities less dangerous than the bond market.
March 2017 ATM LQD vol is around 7.5% so a 100% Put costs —3.2% which given the long term chart ... Microsoft issued -$20 billion
Today, Alphabet — $ 2 billion
Chart Two shows Investment Grade ETF, LQD, is at the top of a long term range with shares outstanding around
https://www.justice.gov/epstein/files/DataSet%2011/EFTA02454699.pdf
EFTA01785499Set 10
2016-08-1519p3,544w
Japanese buying of foreign bonds FELL again toward zero as of July 29 (vs LQD in yellow).
Mandatory Convertible Preferreds
As investors continue to search and stretch for yield, mandatory ... rebalance making US equities less dangerous than the bond market.
March 2017 ATM LQD vol is around 7.5% so a 100% Put costs - 3.2% which given the long term chart ... Microsoft issued - $20 billion
Today, Alphabet — $ 2 billion
Chart Two shows Investment Grade ETF, LQD, is at the top of a long term range with shares outstanding around
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01785499.pdf
EFTA01785100Set 10
2016-08-056p1,109w
EFTA_R1_00106912
EFTA01785100
The Tail Hedge: Buy Puts on IG Credit. A Dec LQD 98% Put ($120.00) costs 1.29% ($1.55, ref: $122.80, 7.6 vol, 38 delta)
or sell JGBs ... Trade?
1. The Tail Hedge: Buy Puts on IG Credit. A Dec LQD 98% Put ($120.00) costs 1.29% ($1.55, ref: $122.80, 7.6 vol, 38
delta) or sell JGBs.
2. Financials ... EFTA01785102
Nasdaq Bio Tech Index: Buy Calls on Bio-Tech
US Investment Grade ETF, (LQD in white) and (Shares Outstanding in Green). Buy Puts on IG Credit.
In JGB Futures
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01785100.pdf
EFTA02455115Set 11
2016-08-057p1,560w
global conne=tionsw
The Tail Hedge: Buy Puts on IG Credit. A D=c LQD 98% Put ($120.00) costs 1.29%($1.55, ref: $122.80, 7.6 vol, 38 delt=)
or sell JGBs ... Trade?
1. The Tail Hedge: Buy Puts on IG =redit. A Dec LQD 98% Put ($120.00) costs 1.29% ($1.55, ref: $122.80, 7.6 v=l, 38
delta) or sell JGBs ... Nasdaq Bio Tech In=ex: Buy Calls on Bio-Tech
US Investment Grad= ETF, (LQD in white) and (Shares Outstanding in Green). Buy Puts on IG Credit.
<=span
https://www.justice.gov/epstein/files/DataSet%2011/EFTA02455115.pdf
EFTA02454468Set 11
2016-08-089p1,838w
Japanese buying of foreign=bonds FELL again toward zero as of July 29 (vs LQD in yellow).
=span style="font-size:11.0ptfont-family:"Calibri","sans-=erif—>
=span style="font ... less dangerous than the bond market.
6
EFTA_R1_01556247
EFTA02454473
March 2017 ATM LQD vol is around 7.5% s= a 100% Put costs —3.2% which given the long term ... parity portfolios are
increasing and rebalancing is required.<=>
Chart Two: Investment Grade ETF, LQD, is at the top of a long term chann=l with shares outstanding around
https://www.justice.gov/epstein/files/DataSet%2011/EFTA02454468.pdf
EFTA02454603Set 11
2016-08-056p1,309w
Amanda • > wrote:
The Tail Hedge: Buy Puts on IG Credit. A Dec LQD 98% Put ($120.00) costs 1.29% ($1.55, ref: $122.80, 7.6 vol, 38 delta)
or sell JGBs.
MEGA Action ... Trade?
1. The Tail Hedge: Buy Puts on IG Credit. A Dec LQD 98% Put ($120.00) costs 1.29% ($1.55, ref: $122.80, 7.6 vol, 38
delta) or sell JGBs.
2. Financials ... Pack:
Nasdaq Bio Tech Index: Buy Calls on Bio-Tech
US Investment Grade ETF, (LQD in white) and (Shares Outstanding in Green). Buy Puts on IG Credit.
In JGB Futures
https://www.justice.gov/epstein/files/DataSet%2011/EFTA02454603.pdf
EFTA02454282Set 11
2016-08-055p980w
Amanda > wrote:
The Tai= Hedge: Buy Puts on IG Credit. A Dec LQD 98% Put ($120.00) costs 1.29% ($1=55, ref: $122.80, 7.6 vol, 38 delta)
or sell JGBs ... Trade?
1. The Tail Hedge:=Buy Puts on IG Credit. A Dec LQD 98% Put ($120.00) costs 1.29% ($1.55, ref= $122.80, 7.6 vol, 38
delta) or sell JGBs.
EFTA
https://www.justice.gov/epstein/files/DataSet%2011/EFTA02454282.pdf