The best offshore name to own is CNOOC No strong conviction Buy:Some weakness near term,but structural story intact Brazil Rates: What is left and where? UBS SnapShot: FY16 Result: Debt reduction remains primary focus Buy:FY16 results under pressure Hold:Stable growth continuing into 2017 Softer Vegas and Macau EBITDA;Dividend Initiated Initiation of coverage. BUY new ASAMLI 7.25% Perps Regional Morning Notes