EFTA01983092.pdf

To: jeeyacation©gmail. a:C y i n mil. m effrey[[email protected]] Cc: • " Ens, Amand From: arre , au Sent: Wed 6/27/2012 4:23:03 PM Subject: RE: To Do I refreshed Brent pricing Spot ref on Dec2012 contract 93.50 Buy 109 Brent Call Sell 79 Brent Put Cashless Right now we are short the 100 Put expiring 13Aug2012 on 250,000 barrels Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank 320 Park Avenue, 14th Floor, New York, NY 10022 From: Jeffrey [mailto:jeeyacation©gmail.com] Sent: Wednesday, June 27, 2012 11:55 AM EFTA_R1_00472536 EFTA01983092 To: Barrett, Paul S Subject Re: To Do Ok Sorry for all the typos .Sent from my iPhone On Jun 27, 2012, at 5:38 PM, "Barrett, Paul S" rote: Hi Jeffrey I think we should buy 2MM of these GE preferreds. They are trading cheap to their comps. We are looking for 2-3 points of upside. 1 Can oiler Innun : Issuer: GENERAL ELEC CAP CORP Ticker: GE Ratings: BaaI/AA- (expected) Ranking: Fixed to floating rate non-cumulative pfd stock Coupon: 7.125 to 6/15/22; then 3mL+529.6 bps Maturity: Pup Price: $105.75 YTC: 6.34% Cusip: 369622SN6 Sector: Financial EFTA_R1_00472537 EFTA01983093 Relative Value: GE 4.65 SNR 10/21 @ 3.25% YTM (Pickup over 300 bps to call) JPM 7.9 PFD @ 5.90% YTC WFC 7.98 PFD @ 5.67% YTC PNC 6.75 PFD @ 5.89% YTC SCHW 7 PFD @ 5.83% YTC USB 6.5 PFD @ 5.14% YTC GE 6.375 67 @ 5.56% YTC(L+228.9bps backend) Paul Barrett, CFA Managing Director Global Investment Opportunities Group 1PMorgan Private Bank 320 Park Avenue, 14th Floor, New York, NY 10022 This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities. accuracy and •4•4••ew .....nla••••;.•1it. legal privilege. and legal entity disclaimers, available at c<TY11,1ES'Ili`Clo`Vt, entail. EFTA_R1_00472538 EFTA01983094