EFTA Document EFTA01385388

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Valeant (Wig) Bonds with Tighter Liens Covenants (for those expecting an early take-out) We broadly rate VRX's bonds Hold. That said, we continue to believe bonds with the more restrictive liens covenants (7%s of 2020, 6.375%s of 2020, 6.75%s of 2021, and 7.5%s of 2022) could be attractive if taken out prior to maturity. This yield-to-most likely (YTML) could provide incremental yield to investors relative to th