EFTA Document EFTA01412974

Subject: brazil - is it close to a cycle reversal? [C] From: Daniel Sabba < M> Date: Fri, 18 Sep 2015 11:29:17 -0400 To: jeffrey E. <[email protected]> Cc: Paul Morris < Stewart Oldfield Vahe Stepanian < Ariane Dwyer Richard Kahn Classification: Confidential Jeffrey - we are working on some ideas on Brazil that might be relevant if you have the view Brazil is close to a cycle reversal. Do you have a moment to chat? 1. lOy credit linked note on Petrobras that pays 3mL+445bps and