PowerPoint Presentation

PineBridge Investments, Taiwan20 Jun 2016

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FOMC6FOMC623626

62362122PMIZEW

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2

2

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Bloomberg2016/06/17%-

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Bloomberg2016/06/17% -

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Bloomberg 2016/06/17JPJACI% -

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Bloomberg2016/06/17%-50

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MOVEVIXBloomberg2016/06/17-3bps1.61%9.96%VIX13.98%19.210.09%

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Bloomberg2016/06/172016/06/160.78%26bps579bps61631.52011.5-bps

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99*FLOW FOLLOW RETURN SO RETAIL REACTED ///// not interest rate risk, flow still fly to IG1, RUSSIA 2. Q2 Profit taking

Global recovery b. low default risk c. low yield envirnoment

mutual fund ETF

0.45%11bps405bps6161.80-bpsBloomberg2016/06/172016/06/16

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1010

FOMC

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6FOMC73FOMC20171.625%320182.375%33%

2017201826FOMCMorgan Stanley2016/06/15

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777777: ()Bloomberg2016/06/16() Standard Chartered2016/4/4

2016FED

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: () Financial Times: 2016/6/17() : 2016/6/6623616618SurvationJo Cox45%42%

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: () : 2016/6/17() JPM: 2016/6/76262016201662612350265208126(+)20152015

() +Podemos20152015PP ()28.7%123PSOE ()22.0%90Podemos ()20.7%69 Ciudadance ()13.9%40United Left ()3.75%2Others () 11.0%26Total100%350

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:5.7%200111 2016/06/14

200111

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1516

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BOA2016/05/03

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: : 2016/6/620155.372015

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BOA2016/05/03

7%

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1520

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6:5.7%200111 2016/06/14

200111

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6:

2016/06/14

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6:

2016/06/14

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-

--6:2

2016/06/14-

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PineBridge Investments IP Holding Company Limited()

10101310414410 (02)2516-7883407386128(04)2217-81688026171(A5) (07)335-5898 TR105092

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()Rule 144A

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