From: "Morris, Paul V"

From: "Morris, Paul V" To: "jeevacation®gmail.com" <jeevacation®gmail.com> Subject: RE: USVI Munis Date: Fri, 05 Aug 2016 15:57:02 +0000 Inline-Images: image001.png I'll check the yields, need to keep an eye on the PR situation, the way their restructuring is unfolding may tell us a lot for similar situations (ie guam and vi). Both of these are covered under the current promesa bill, and until there is a board in place in PR and it becomes clearer on how all the credits will shake out it is a very touch and go market in all of these names. It ultimately comes down to how much faith you put into a constitutional pledge or a secured lien, both of which have been called into question in PR (GO and COFINA). With the vis trading in the high 90s and most pr gos in the —60s just want to be careful getting exposed to a potentially similar situation. From: Morris, Paul V Sent: Thursday, August 04, 2016 1:49 PM To: Subject: FW: USVI Munis Fyi, I can give you some color on USVI trades/levels/sentiment when you have a minute. Citi brought a new Guam deal this am, just for an idea of pricing. This message, and any attachments, is for the intended recipient(s) only, may contain information that is rivileged, confidential and/or proprietary and subject to important terms and conditions available at If you are not the intended recipient, please delete this message. EFTA00822190