From: Paul Morris [paul.morris@db.com)
Sent: 1/28/2015 10:23:58 AM
To: Stewart 0ldfield [stewart.oldfield@db.comi
Subject: FW: Coned and GE through TRS [CI
Classification: Confidential
Paul Morris
Managing Director
Deutsche Bank Private Bank
From: Daniel Sabba
Sent: Wednesday, January 28, 2015 9:54 AM
To: Jeffrey E.
Cc: Vahe Stepanian; Paul Morris; Richard Kahn
Subject: Coned and GE through TRS [C]
Classification: Confidential
Jeffrey,
Per Rich's suggestion, we priced long TRSs for GE and ConEd (without the sale of a call option). We could provide the
same financing terms on a $20mm notional equivalent (1mL+75bps, with $0.03 commissions in and out). The IA for
these names would be 20%. As discussed, you could use equities at a 50% haircut as this IA.
GE and ED have had high dividend history (GE has a 12m yield of 3.67% and ED, 3.51%).
Regards,
Daniel
Daniel Sabba
Key Client Partners
Email daniel.sabba@db.com
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