EFTA01791849.pdf

From: Thomas Mottola Sent: Saturday, January 16, 2016 3:28 PM To: Jeffrey E. Subject: TM PHONE # Home...best 4... Cell On Jan 16, 2016, at 10:25 AM, Jeffrey E. =R;[email protected] <mailto:[email protected]»=wrote: Four things I want to bring to your attention following the fun start to =he year: § Eurostoxx 50 Dividends o Dividend contracts have sold off alongside the recent =arket turmoil, opening up a good entry point in our view o Currently, the market expectation for 2017 dividend =ayments of SXSE companies is 106 EUR. We believe the payout will be closer to 123 =indicating potential upside of —17% § Eurostoxx 50 Structure - the spike in volatility allows for some interesting structured note pricing linked to the Eurostoxx 50 whereby you can get 26% downside protection with unlimited upside for 18 months § CDX High Yield Tranche o Outside of a few select single credits, this is our =referred method of putting money to work in High Yield. We're focusing on the =5-25 tranche in the stack, which carries well (-6%) and offers some buffer against initial defaults § Middle East peg breaks o With oil potentially low for long, countries such as Saudi =nd UAE may run into issues holding their pegs against US0. Already, the =audis have spent a large amount of reserves defending their peg. We =ike positioning for this using optionality. Paul please =ote The information contained in this communication =s confidential, may be attorney-client privileged, may constitute =nside information, and is intended only for the use of the =ddressee. It is the property of TEE Unauthorized use, disclosure =r copying of this communication or any part thereof is strictly =rohibited and may be unlawful. If you have received =his EFTA_R1_00122255 EFTA01791849 communication in error, please notify us immediately =y return e-mail or by e-mail to [email protected], and destroy this =ommunication and all copies thereof, including all attachments. =opyright -all rights reserved 2 EFTA_R1_00122256 EFTA01791850