INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > U.S. Investment Grade American Electric Power (AEP) Updated: November 2, 2015 Trade Idea: o Buy AEP Indiana Michigan Power 8-year bond. Investment Rationale: o We th

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > U.S. Investment Grade Kinder Morgan Inc. Updated: November 2, 2015 Trade Idea: Buy Kinder Morgan Inc 10-year bonds Investment Rationale: We are maintaining our outpe

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > U.S. Investment Grade DIRECTV (DTV) Updated: Nov. 1, 2015 Trade Idea: Buy short to intermediate DIRECTV bonds. Investment Rationale: AT&T's acquisition of DTV closed

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > U.S. Investment Grade FirstEnergy Corp. Updated: November 2, 2015 Trade Idea: Buy FirstEnergy Solutions 5-year bonds Investment Rationale: From an investment perspec

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > U.S. Investment Grade ONEOK Partners LP Updated: November 2, 2015 Trade Idea: Buy ONEOK Partners 10-year bonds Investment Rationale: From a relative value perspectiv

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > U.S. Investment Grade Owens Corning Trade Idea: 0 Buy: OC 4.2% of December 2024 (IG Building Materials), notes offer attractive valuations vs. other BBB industrials In

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > U.S. Investment Grade Walgreen Company (WAG) Updated: Oct 1, 2015 Trade Idea: o Walgreen: stable operating and credit outlook. Spreads reflect the weaker credit metric

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > U.S. Investment Grade Thomson Reuters Corp. (TRI) Updated: Nov. 1, 2015 Trade Idea: o Buy long dated Thomson Reuters bonds. Investment Rationale: o Following underpe

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > U.S. Investment Grade Verizon Communications Inc. (VZ) Updated: Nov. 1, 2015 Trade Idea: 0 Buy Verizon intermediate dated bonds. Investment Rationale: As investors s

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > U.S. Investment Grade The Gap (GPS) Updated: November 2, 2015 Trade Idea: ► Buy Gap 5-year bond. Investment Rationale: ► S&P revised the outlook on the Gap (GPS) BBB