RE: Southern Financial - IA Request [I (Stewart Oldfield, 29 Jun 2016)

Subject: RE: Southern Financial - IA Request [I] From: Stewart Oldfield Date: Wed, 29 Jun 2016 09:49:50 -0400 To: Vahe Stepanian Andrew Xu Roddy Moor Cc: Daniel Sabba Keith Buckholz Classification: For internal use only Have you looked at the historical vol on these securities? Seems like it should be much lower than it is for equities, yet the IA seems to be in the neighborhood of what it would be for single name equity exposure. These trade much more like fixed income From: Vahe S