From: Richard Kahn <I
To: Daniel Sabha
Cc: "jeffre E." <*eevacation@gmail.com>, Paul Morris , Todd Stevens
, Stewart Oldfield , Vahe Stepanian
, Ariane Dwyer
Subject: Re: Hedged MRK [C]
Date: Fri, 04 Sep 2015 13:39:32 +0000
Inline-Images: image009.jpg; image01Ljpg; image002.jpg
Merck 52.07 this am. Can you please refresh pricing on November and April puts. Thank you.
Richard Kahn
HBRK Associates Inc.
575 Lexington Avenue, 4th Floor
New York, NY 10022
Tel 212-971-1306
Fax 646-350-0954
Cell
On Sep 3, 2015, at 12:49 PM, Daniel Sabba wrote:
Classification: Confidential
Jeffrey- please see below as a follow up to yesterday's chat on MRK.
Note that MRK reached its 52wk low of $51.17/sh. last Tuesday (8/25), and its currently not too far off of the lows @
$53.44/share.
Please let us know the number of shares you wish to purchase outright, as well as the tenor and strikes of the puts.
Below, we've included levels for —10% OTM listed puts, both 3m and 6m tenors.
MRK Puts
MRK Ref = $53.44
Expiry: November 2015
Strike Bid Ask
47.50 0.83 0.85
50.00 1.31 1.37
Expiry: April 2016
Strike Bid Ask
47.50 2.06 2.18
50.00 2.85 2.96
MRK Nov 47.50 put: implied volatility v. price (per contract)
<image007.jpg>
MRK Nov 50 put: implied volatility v. price (per contract)
EFTA01203713
Hi: .541
■ (1.) /list IVol (Best) (R) 27.526 .30.50
■ (2.) Price (Best) (1) 1.43
2N .30.03
.29.50
1S3.
.19.0)
IS.
78.50
.2880
1.2B.
1.004 .27.50
26 27 28 31
Aug 701, 540 2015
Cecerigta 2015 Ettacenben2 finance L.0 03-540-2015 11:24:39
MRK Apr16 47.50 put: implied volatility v. price (per contract)
1
■ (L) Hist Wc4 (Best) (R) 26.408 27.20
■ (2.) Price (Best) (1.) 2.06
2780
26.80
26.60
26.40
26.20
26.00
25.80
25.60
low: 25.1•6
25 26 27 28 31 1 2 3
Ate 2015 Sep 2015
Cceseignit 2015 Mcomberg finance O-Se .2015 11:36:15
MRK Apr16 50 put: implied volatility v. price (per contract)
<image016.jpg>
MRK Stock Price
(September 2014-September 2015)
64.00
■ MRK US Equity - Last Price 53.44
62.00
60.00
58.00
56.00
52.00
Sep Dec Mar Sun
2014 2015
EFTA01203714
Source: Bloomberg Finance •
Daniel Sabba
Key Client Partners
Deutsche Bank Securities Inc.
Tel. +1 212 454 0857
Mobile
Email
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EFTA01203715
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