EFTA00823476.pdf

From: Richard Kahn To: "Jeffrey E." <[email protected]> Subject: Fwd: Morgan Stanley: For Richard Kahn: Preferred FTFs and $25 Par Fixed Coupon Paper Date: Tue, 26 Jul 2016 15:39:15 +0000 Attachments: Exchange-traded_preferreds_7.25.16.pdf; FTF_Information.pdf Inline-Images: image001.jpg attached is from on 1st PDF they recommended 5 names: 1 qwest 7% preferred at 26.23 - yield to call 4/1/2017 0.474% and yield to maturity 04/01/2052 6.676% 2 berkley corp 5.9% preferred at 26.34 - yield to call 3/1/2021 4.81% and yield to maturity 3/1/2056 5.618% 3 stanley black and decker at 26.77 - negative yield to call so Omit (not sure why they sent) 4 ebay 6% preferred at 26.85 - currently own at STC Morgan account - cost basis 2,000,000 FMV as of 7-21- 2016 2,139,200 5 southern co preferred at 27.79 - yield to call 10/15/2020 3.451% and yield to maturity 10/15/2075 5.613% on 2nd PDF all offerings are fixed then float at 3 month libor + spread 1 American Express priced at 97.50 - yield until float 5.67% then 329 over 3 month libor 2 Bank of America - currently have exposure 3 GE - currently have exposure 4 JPM - currently have exposure 5 Wells fargo - currently have exposure please advise if you would like me to pursue any of attached names Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York NY 10022 tel fax cell Begin forwarded message: From: Subject: Morgan Stanley: For Richard Kahn: Preferred FTFs and $25 Par Fixed Coupon Paper Date: July 25, 2016 at 5:49:33 PM EDT To: Richard Kahn < Cc: "Collins, William" "Haberman, Jason" EFTA00823476 Hello Richard — Some refreshed ideas for you. Please find updated prices, yields to call, and current yields on the exchange traded $25 Par Fixed Coupon securities and the $1,000 Par Fixed to Floating Preferreds we discussed at the end of June. The Citibank FTF 5.95% is not currently piping into inventory so it's details as of today are: Citi 5.95% FTF coupon (3Mo L+4.068%) Ba2/BB+ perpetual callable 1/30/23 price 103.5 YTC of 5.31% current yield of 5.75%. If we exclude the Black & Deckers due to its negative yield, the $25 Pars' blended YTC is 3.23% and the blended strip yield is 5.86% - not ODI eligible For the FTF, the blended YTC is 4.75% and the blended CYLD is 5.40% - all an eligible. Please give me a call to discuss if you wish, and I can pull one of our traders onto the phone if need be. Best, CDFA" Senior Vice President I Portfolio Management Director Morgan Stanley Wealth Management 1290 Avenue of the Americas, 12th Floor New York, NY 10104 Phone: Fax: NMLS # 1265124 Connect with me: The use of the CDFA7) (Certified Divorce Financial Analyst®) designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney. The CDFAe designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field. NOTICE: Morgan Stanley is not acting as a municipal advisor and the opinions or views contained herein are not intended to be. and do not constitute. advice within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If you have received this communication in error. please destroy all electronic and paper copies and notify the sender immediately. Mistransmission is not intended to waive confidentiality or privilege. Morgan Stanley reserves the right. to the extent permitted under applicable law, to monitor electronic communications. This message is subject to terms available at the following link: http://www.morganstanley.comfdisclaimers If you cannot access these links. please notify us by reply message and we will send the contents to you. By communicating with Morgan Stanley you consent to the foregoing and to the voice recording of conversations with personnel of Morgan Stanley. EFTA00823477 EFTA00823478