EFTA Document EFTA01419505

Subject: preferred swap From: Stewart Oldfield < › Date: Wed, 29 Jun 2016 10:19:35 -0400 To: Richard Kahn Cc: Joseph Dursi Andrew King Vahe Stepani Bcc: Rich, Have been doing quite a bit of work with the credit and trading teams on this. Given the relatively low liquidity of the underlyings, it will be too inefficient to trade this as a single basket swap and the margin requirement would not be much different from regular margin in a brokerage account. So the best alternative is to