From: Richard Kahn
Sent: 6/10/2016 5:06:12 PM
To: Andrew King [a
CC: Stewart Oldfie Vahe Ste•anian n@db.comb Daniel Sabba
Joseph Dursi I
Subject: Re: indication on WTI risk reversals
thank you for all your work on this
been distracted on a project so lets discuss monday
thanks
Richard Kahn
HBRK Associates Inc.
575 Lexington Avenue 4th Floor
New York, NY 10022
tel
fax
cell
On Jun 9, 2016, at 2:14 PM, Andrew King a wrote:
Rich,
First, as a quick introduction, I'm an investment specialist on Stew Oldfield's team. I look forward to
working with you.
I've attached a factsheet for Spectrum, the SMA manager of preferred equities Stew referenced. We
took a look at the loan-to-value available on a portfolio of preferreds (including the SMA portfolio) and
unfortunately, due to Reg-T, we'd be limited to a 50% LTV (2x leverage) using a traditional margin
facility.
We're exploring solutions using a total return swap to provide potentially greater leverage and will be
back to you as soon as possible with some ideas.
Please let us know if you have any questions. My contact info. is listed below.
Best regards,
Andrew King
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Andrew King, CFA
Vice President I Investment Solutions Group
Deutsche Bank Securities Inc.
Deutsche Asset & Wealth Management
345 Park Avenue, New York, NY 10154
Tel.
Fax
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