From: Vahe Stepanian
To: Jeffrey Epstein <
CC: Daniel Sabba , Ariane Dwyer , Paul Morris
, Stewart Oldfield < Richard Kahn
Subject: C Preferreds [SC]
Date: Wed, 17 Jun 2015 15:10:14 +0000
Classification: Strictly Confidential
Jeffrey - as you may recall, you currently hold the following Citi Preferreds in The Haze Trust:
Qua Ticker Price* YTC
1) 79,000 C pfd K (6.875%) $26.75 5.91%
2) 200,000 C pfd C (5.8%) $24.90 6.33%
Our trading desk has flagged the below transaction which we wanted to point out to you.
Consider swapping out of your $25par C pfd K, and into the $1,000par C 5.95% (cusip: 172967JM4) for the following
reasons:
• C 5.95% is currently trading $97.50, or 6.29% YTC
• Pick up —38bps
• Take out —10 points
• Stay in same name/credit/part of cap structure
• C 5.95% is a $2 billion issue that is typically more liquid than $25 preferreds
• Note: C pfd K has a 3mL+413 bps float beginning 11/15/23, while C 5.95% will float at 3mL+390.5 bps beginning
5/15/25
We also want to point out that you can swap out of the $25par C pfd C (5.8%) and into the $1,000par C 5.95% (cusip:
172967JM4).While it doesn't make for yield pickup, you can move from fixed-for-life into fixed-to-float C 5.95%, which will
float at 3mL+390.5 bps beginning 5/15/25.
Note these are indicative levels - we can provide live levels should you wish to swap.
Thank you,
Vahe
*As of 6/17/15
Vahe Stepanian
Assistant Vice President I Key Client Partners
Deutsche Bank Securities Inc.
Tel.
Mobile
Email
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