g Higher Quality credits - we have CLR which is completely unhedged at one end and PE with a peer-leading 78% oil hedge ratio at the other end. The Lower Quality oily names, which need downside protection the most, have an average liquids hedge ratio of just 39% - except DNR (51% hedged), the rest of the nam

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Value in Lower Quality oily and select Mid Quality names After a year of major underperformance, we see relative value emerging in the Lower Quality Oily group - excludin

CEP 163 146 59 54 975 1075 .3% ' .8% 10% OAS 68 se 53 51 035 820 -3% -3% 2% W.I. 125 118 NA NA 1100 960 .4% ' NA .14% Lower Quality SSG 17 19 11 12 270 280 12% 9% -4% EFE 79 83 47 47 880 575 5% 0% -15% CaiR 60 61 NA NA 320 270 1% NA -16% ),EC, ' 81