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Corporate Credit > Europe Investment Grade
Aviva (old Friends Life) Updated: Sep 28, 2015
Trade Idea:
0 Hold
Investment Rationale:
0 Insurer and provider for pensions solutions, mainly operating in the UK with improving fundamentals.
0 H1 results were strong. Business risk is considered to be moderate.
0 USD denominated
0 Upper Tier 2 instrument, coupons could be optimal upon dividend pusher. Maturity is perpetual with call in Nov- 2018.
0 Despite the deal is closed there is still room for further compression. Aviva recently announced to refinance front-
debt positions which underpins high call motivation.
r The instrument is highly attractive on a 3.8% yield level. The current yield compensates versus potential $ rate
hikes.
Recommendation(s)*:
Trade Entry Target Risk Cash Capital
%/WM, Ticker Coupon Maturity SM Moodys Cey Issue Size Yield sm
Horizon S. read S•read Level Price Structure
outperfcrrs 12rr AVLII 7.575 11;8,2018 pen. °VV. WA USD $78 00 15 282 22; 350 111 Bo XSO851esssEo
- JppeiTcr2
• Levels as of 09/28/2015
33
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0075499
CONFIDENTIAL SDNY_GM_00221683
EFTA01378330
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EFTA01378330
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