Epstein Secrets

below) and we worked together to come up with a few ideas that may be relevant. Please let us know if you have questions. Thank you, Vahe 1) Buy Petrobras '17s. Rationale: • Since May 2015, Petrobras 10yr spreads have widened by —400bps and in September S&P downgraded Petrobras to BB • In October,

Rating Price Mid Yield Client buys Maturity Amount O/S Rating Price Mid Yield PETBRA 3.250% Notes '17 03/17/2017 $1.6bn Ba2 / BB / BBB- (Mdy/S&P/Fitch) 95.25 7.06% PETBRA 3.500% Notes '17 02/06/2017 $1.75bn Ba2 / BB / BBB- (Mdy/S&P/Fitch) 95.875 7.10% EFTA00840385 We are happy to also spe

elow) and we worked together to come up with a few ideas that may be relevant. Please let us know if you have questions. Thank you, Vahe 1) Buy Petrobras '17s. Rationale: • Since May 2015, Petrobras 10yr spreads have widened by - 400bps and in September S&P downgraded Petrobras to BB • In October,

O/S Rating Price Mid Yield Client Maturity Amount O/S Rating Price Mid Yield PETBRA 3.250% Notes '17 03/17/2017 $1.6bn Ba2 / BB / BBB- (Mdy/S&P/Fitch) 95.25 7.06% buys PETBRA 3.500% Notes '17 02/06/2017 $1.75bn Ba2 / BB / BBB- (Mdy/S&P/Fitch) 95.875 7.10% We are happy to also speak about

esk analyst looking at CoCos will be sending us a few specific issues in the morning, which we will send along to you once available. In addition to Petrobras, I've attached a piece with top AWM Fixed Income ideas — pgs. 33-44 are specific to top HY ideas. We can highlight the most relevant ideas — plannin

O/S Rating Price Mid Yield Client Maturity Amount O/S Rating Price Mid Yield PETBRA 3.250% Notes '17 03/17/2017 $1.6bn Ba2 / BB / BBB- (Mdy/S&P/Fitch) 95.25 7.06% buys PETBRA 3.500% Notes '17 02/06/2017 $1.75bn Ba2 / BB / BBB- (Mdy/S&P/Fitch) 95.875 7.10% CONFIDENTIAL - PURSUANT TO FED. R

gap: Petrobras will need to roll $60bn and $104bn of debt maturities in the next four and nine years respectively and sovereign support is not guaranteed • DB's

2030 Indicative Terms (as of 11/17/2015): Client buys PETBRA 3.250% Notes '17 Maturity 03/17/2017 Amount O/S $1.6bn Rating Ba2 / BB / BBB- (Mdy/S&P/Fitch) Price 95.25 Mid Yield 7.06% Client buys PETBRA 3.500% Notes '17 Maturity 02/06/2017 Amount O/S $1.75bn Rating Ba2 / BB / BBB- (Mdy/S&P/F

sk analyst looking at CoCos will be sending us a few specific issues in the morning, which we will send along to you once available. In addition to Petrobras, I've attached a piece with top AWM Fixed Income ideas — pgs. 33-44 are specific to top HY ideas. We can highlight the most relevant ideas — planni

2030 Indicative Terms (as of 11/17/2015): Client buys PETBRA 3.250% Notes '17 Maturity 03/17/2017 Amount 0/S $1.6bn Rating Ba2 / BB / BBB- (Mdy/S&P/Fitch) Price 95.25 Mid Yield 7.06% Client buys PETBRA 3.500% Notes '17 Maturity 02/06/2017 Amount 0/S $1.75bn Rating Ba2 / BB / BBB- (Mdy/S&P/F