EFTA Document EFTA01385336

3 January 2018 HY Corporate Credit HY Multi Sector.Media, Cable & Satellite programs implying meaningful cash burn. The hedge strategy is widely dispersed among Higher Quality credits - we have CLR which is completely unhedged at one end and PE with a peer-leading 78% oil hedge ratio at the other end. The Lower Quality oily names, which need downside protection the most, have an average liquids hedge ratio of just 39% - except DNR (51% hedged), the rest of the names are hedged <50% of t