<table><tr><th>From:</th><th>Richard Kahn &lt;</th></tr><tr><td>Sent:</td><td>Monday, October 17, 2016 9:27 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>Fwd: (BFW) Saudi Arabia's Early Bond Talk on 'Expensive Side,' Pictet Says</td></tr></table>

Richard Kahn
HBRK Associates Inc.
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New York, NY 10022
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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: =/b>"████████████████████" <█████████████████████>

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

* 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

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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

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