EFTA02029819.pdf

To: jeevacation&mail.com[[email protected]]; Undisclosed recipients:[@] From: US GIO Sent: Wed 4/10/2013 1:16:58 PM Subject: U.S. High Yield Credit Analyst Focus List: 2Q13 JPM U.S. High Yield Credit Analyst Focus List 2013-04-10 1092301.odf Title: STP Web Note J.P. Morgan North America Credit Research U.S. High Yield Credit Analyst Focus List: 2Q13 Click here for the full Note and disclosures. This is our twenty-third quarterly Analyst Focus List (AFL) highlighting our sector analysts' best ideas. Starting with this issue, we are publishing the high yield portion of our AFL as a standalone report. Investors have complained for a long time that the high yield market has felt picked over. While fund flows have favored loans YTD, and our index briefly backed up to about 6% in February, investors wonder whether to call today's Index yield of 5.7% "high yield." Still, everything is relative. Inside this report you'll fund 20 long ideas and 4 shorts that we think have the potential to outperform in the next three months. These ideas are the product of extensive bottoms-up analysis and our analysts are, as always, available to talk through their assumptions and rationales. This quarterly roundup is a complete refresh; ideas not carried over and presented again are considered superseded by new ideas. Names may be removed intra-quarter where a valuation target has been largely or wholly achieved or the original rationale is considered no longer valid. New ideas can also be added intra-quarter. For intraquarter additions or deletions, analysts will post a brief summary of their rationale to our J.P. Morgan Markets website. Please check J.P. Morgan Markets for the most up-to-date AFL at any time. We hope you find this report helpful in meeting your investment objectives. David Common, CFA (AC) EFTA_R1_00539013 EFTA02029819 It you no longer wish to reserve these e-mails then click here to unsubscribe www.ipmorqanmarkets.com Analyst certification: I certify that: (I) all of the views expressed in this research accurately reflect my personal views about any and all of the subject securities or issuers; and (2) no part ofmy compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed herein. Important disclosures, including price charts, arc available for compendium reports and all J.P. Morgan-covered companies by visiting httosiimm.inmorean.comedisclosures/conmanv, calling I.800.4774406. or c-mailing rSearcildisclosuminquirics(divmorgan.com with your request. J.P. Morgan's Strategy, Technical, and Quantitative Research teams may screen companies not covered by J.P. Morgan. For important disclosures for these companies, please call 1.800-477.0406 or e-mail research.disclosure.inauiriesainmorean.com. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Confidentiality and Security Notice: This transmission may contain information that is privileged, confidential, legally privileged, and/or exempt from disclosure under applicable law. If you arc not the intended recipient, you are hereby notified that any disclosure, copying, distribution, or use of the information contained herein (including any reliance thereon) is STRICTLY PROHIBITED. Although this transmission and any attachments are believed to be free of any virus or other defect that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free and no responsibility is accepted by JPMorgan Chase & Co., its subsidiaries and affiliates, as applicable, for any loss or damage arising in any way from its use. If you received this transmission in error, please immediately contact the sender and destroy the material in its entirety, whether in electronic or hard copy format. EFTA_R1_00539014 EFTA02029820