From: "Barrett, Paul S" <
To: Brad Wechsler <
CC: "Jeffre E tem
"Fennessey, Stephanie"
Subject: Trade Idea for LB
Date: Thu, 18 May 2017 13:14:31 +0000
Hi Brad
Petrobras bonds are down 4-10 points today. I think this move is overdone and recommend the following trade:
Buy Petbra 6.125% 2022 @ 101.25. The bonds are down 4 points today. Yield 5.81%.
Petrobras continues to de-lever the balance sheet. We expect the company to be at 2.5x leverage by year end
Prenominal Q1earnings
USD denominated so no explicit FX risk
Paul
Paul Barrett I Managing Director I Global Investment Opportunities Group I M. Morgan Securities LLC I M. Morgan Private
Bank I M. Morgan Chase Bank M.
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