EFTA Document EFTA01385386

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite DJO Global f(£NMC) 3.125% 2nd Liens We rate the 8.125% 2nd Lien bonds Buy and the 10.75% 3rd lien bonds Hold. We believe a Yield to Most Likely (YTML) of 18.03% on the 8.125% bonds is attractive for risk at the 2nd lien level. At an offer price of 94.5, the 2nd lien bonds trade at a YTW of 10.03%. We believe, however, that the most likely call date for these bonds is towards the end of 2018 (we expect DJO would