EFTA02447998

From: Richard Kahn < Sent: Monday, October 17, 2016 9:27 PM To: jeffrey E. Subject: Fwd: (BFW) Saudi Arabia's Early Bond Talk on 'Expensive Side,' Pictet Says Richard Kahn HBRK Associates Inc. 575 Lexington =venue 4th Floor New York, NY 10022 tel fax cell = Begin forwarded message: From: =/b>"Ens, Amanda" < Subject: =/b> (BFW) Saudi =rabia's Early Bond Talk on 'Expensive Side,' =ictet Says Date: October 17, 2016 at 5:24:48 PM EDT To: qb>. '< Saudi =rabia's Early Bond Talk on 'Expensive Side,' =ictet Says 2016-10-17 16:52:29.294 GMT By Ye Xie and Ben Bartenstein (Bloomberg) -- "We believe it came on the expensive side of the equation," says Andres Sanchez Balcazar, Geneva-based portfolio manager who oversees about $9.5 billion at Pictet. * Balcazar's colleague attended Saudi roadshow in London * Pictet concerned about stability of govt; says wars in Yemen, Syria and depressed oil price mean "a slow deterioration of credit over time and there are better opportunities in the region" * Would be happy with 150 bps on 5Y, 250 bps on 10Y and 300 =bps on 30Y EFTA_R1_01545307 EFTA02447998 * Probably want some premium over Qatar due to greater political risk * NOTE: Earlier, Saudis in Suits Selling Bonds Don't Want to Talk About Oil * NOTE: Oct. 13, Saudi Bond Pricing Expectations: Qatar, SECO Seen as Benchmarks For Related News and Information: First Word scrolling panel: FIRST<GO> First Word newswire: NH 8FW<GO> To contact the reporters on this story: Ye Xie in New York at yxie6@bloomberg.net <mailto:yxie6@bloomberg.net> ; Ben Bartenstein in New York at bbartenstei3@bloomberg.net To contact the editor responsible for this story: Brendan Walsh at bwalsh8@bloomberg.net <mailto:bwalsh8@bloomberg.net> Source: Bloomberg Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & =mith Incorporated One Bryant Park, 5th Floor, New York, =Y 10036 Phone: <mailto The power of global =onnectionsw 2 EFTA_R1_01545308 EFTA02447999 This message, and any attachments, is for the intended =ecipient(s) only, may contain information that is privileged, =onfidential and/or proprietary and subject to important terms and =onditions available at http://www.bankofamerica.com/emaildisclaimer. If you =re not the intended recipient, please delete this message. 3 EFTA_R1_01545309 EFTA02448000