EFTA02624017

From: jeffrey E. <[email protected]> Sent: Friday, September 7, 2018 3:12 PM To: Paul Barrett; Richard Kahn Subject: Re: Bond idea ok On Ed, Sep 7, 2018 at 4:15 PM, Paul Barrett mailto wrote: Update: Bonds are trading up 1 point. > > New effective yield is' 7.50%. I still like the trad=. 7.50% for 11 month paper with ample liquidity beyond the maturity of thi= bond. Paul Barrett Alpha Group Capital LLC 142 W 57 <https://maps.google.com/?q=142+W+57&=entry=gmail&source=g> th Street, llth<=sup> Floor, New York, NY 10019 (o) c) <1=> =/span> [email protected]> Cc: 'Richard Kahn'< > Subject: Bond idea EFTA_R1_01833927 EFTA02624017 Hi Jeffrey 1. Buy Casino Groupe (French supermarket company with operations in Europe =nd South America) bonds a. COFP 4.407% maturing Aug 2019 b. Yields 5.25% in EUR a=d then do a EURUSD cross currency swap into USD. This effectively creates = USD denominated bond yielding —8.60% c. Net leverage of=3.52x d. Rated BB by S&P e. EUR 3b=n market cap f. Notional outstanding on this bond is EUR=674MM. Company had EUR 2.2b1n in cash and EUR 3.1bIn in undrawn credit fac=lities maturing in 2020-22 g. JPM overweight the credit<=> h. I would do $3MM Paul Paul Barrett Alpha Group Capital LLC 142 W 57 <https://maps.google.com/?q=142+W+57&=entry=gmail&source=g> th Street, 11thasup> Floor, New York, NY 10019 (0) S (c) </a =/span> =AO please note 2 EFTA_R1_01833928 EFTA02624018 The information contained i= this communication is confidential, may be attorney-client privileged,=may constitute inside information, and is intended only for the use 4 the addressee. It is the property of ME Unauthorized use, disclos=re or copying of this communication or any part thereof is strictly pro=ibited and may be unlawful. If you have received this communication =n error, please notify us immediately by return e-mail or by e-mail to =a href="[email protected]" target="_blank">[email protected], and destroy this communication and all copies thereof, inc=uding all attachments. copyright -all rights reserved 3 EFTA_R1_01833929 EFTA02624019