From: J <[email protected]>

From: J <[email protected]> To: Paul Barrett <1 Subject: Re: Year end illiquidity in Fixed Income Date: Wed, 19 Dec 2018 19:03:53 +0000 Inline-Images: image002.jpg Paul , sorry ive been . Busy. Very few recommendations from you have worked and most failed dramatically. So not sure how to titrate On Wed, Dec 19, 2018 at 1:42 PM Paul Barrett > wrote: Jeffrey Heading into year end, banks have no interest in accumulating fixed income inventory as they risk GSIB charges. As a result we have seen some decent moves even for very short dated bonds. This typically reverses post Dec 31st. For example we own $2MM of the Frontier 7.125% 03/2019. They have traded down from $100.25 to $98. JPM feels there is no way they don't pay these bonds come March given how much they have available on their revolvers. Let me know if you are interested in this name or any others that have been hit with year-end liquidity issues. Paul Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11t h Floor, New York, NY 10019 646-876-5277 (o) 646-342-6930 (c) EFTA01011121 please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA01011122