EFTA01203922.pdf

From: Vahe Stepanian <1 To: Richard Kahn < >, Daniel Sabba CC: "Jeffrey E." <[email protected]>, Paul Morris , Todd Stevens <1 , Stewart Oldfield Ariane Dwyer Subject: RE: Hedged MRK [C] Date: Fri, 04 Sep 2015 13:45:28 +0000 Inline-Images: Unage001.jpg; Unage003.jpg; Unage004.jpg Classification: Confidential Jeffrey / Rich — updated levels: MRK Puts MRK Ref = $52.07 Expiry: November 2015 Strike Bid Ask 47.50 1.08 1.25 50.00 1.76 1.93 Expiry: April 2016 Strike Bid Ask 47.50 2.43 2.64 50.00 3.35 3.60 Thank you, Vahe From: Richard Kahn [mailto: Sent: Friday, September 04, 2015 9:40 AM To: Daniel Sabba Cc: Jeffrey E.; Paul Morris; Todd Stevens; Stewart Oldfield; Vahe Stepanian; Ariane Dwyer Subject: Re: Hedged MRK [C] Merck 52.07 this am. Can you please refresh pricing on November and April puts. Thank you. Richard Kahn HBRK Associates Inc. 575 Lexington Avenue, 4th Floor New York, NY 10022 Tel 212-971-1306 Fax 646-350-0954 Cel On Sep 3, 2015, at 12:49 PM, Daniel Sabba c wrote: Classification: Confidential Jeffrey- please see below as a follow up to yesterday's chat on MRK. EFTA01203922 Note that MRK reached its 52wk low of $51.17/sh. last Tuesday (8/25), and its currently not too far off of the lows @ $53.44/share. Please let us know the number of shares you wish to purchase outright, as well as the tenor and strikes of the puts. Below, we've included levels for - 10% OTM listed puts, both 3m and 6m tenors. MRK Puts MRK Ref = $53.44 Expiry: November 2015 Strike Bid Ask 47.50 0.83 0.85 50.00 1.31 1.37 Expiry: April 2016 Strike Bid Ask 47.50 2.06 2.18 50.00 2.85 2.96 MRK Nov 47.50 put: implied volatility v. price (per contract) <image007.jpg> MRK Nov 50 put: implied volatility v. price (per contract) • (1.) Nisi Wol (Best) (R) 27.526 3030 ■ (2.) Price (Bast) (1) 1.43 30.03 29.50 29.00 78.50 28.00 low: 27.526 27.50 03-Sep.2015 11:24:39 MRK Apr16 47.50 put: implied volatility v. price (per contract) EFTA01203923  2/.231 II ■ (L) aim Ma (Rest) (R) 26.a 27.20 ■ (2.) Price (Best) (l) 2.06 21.00 26.89 26.60 26.40 26.20 26.00 25.80 25.60 25 26 27 Aug 2015 4.V11-3h, IS gloCsnbeIg I .nance I.P. 03 Se*-2015 11:36:15 MRK Apr16 50 put: implied volatility v. price (per contract) <image016.jpg> MRK Stock Price (September 2014-September 2015) 64.00 62.00 60.00 58.00 56.00 Source: Bloomberg Finance Daniel Sabba Key Client Partners Deutsche Bank Securities Inc. Tel. +1 212 454 0857 Mobile - Email All trade execution information contained herein is being provided as an accommodation at your request in advance of your receipt of the official trade confirmation(s). Additional trade detail information available upon request. The terms of the trade(s) may be subject to change prior to settlement, and therefore the official trade confirmation(s) and account statements issued by Deutsche Bank shall govern. Deutsche Bank is not responsible for any discrepancy between the informal execution report and the official trade confirmation(s) or account statements. This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender EFTA01203924 immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01203925