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Corporate Credit > U.S. High Yield
NCR Corporation Updated: November 4, 2015
Trade Idea:
► Buy NCR 5.875% Senior Unsecured Notes due 12/15/21
Investment Rationale:
► Leading position in ATM's and self check-out equipment as well as related software.
► Bonds traded off after a potential sale of the company fell through providing a buy opportunity.
► The Retail segment is back on track after lagging in recent quarters with a significant business win expected to lift revenues
over the next three quarters.
► Strong and improving free cash flow generation (- $300mm) due in part to lower pension expense and new business wins.
► Strong full year 2015 guidance points to lower leverage by year end.
Ratings Issue Cash
View Trade Horizon Ticker Cpn Maturity S&P Moody's Ccy Size YTW OAS Price Target Loss ISIN
$400 350 101.75 103 96 US62886EAR99
Deutsche Asset
& Weah Management 50
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0075510
CONFIDENTIAL SDNY_GM_00221694
EFTA01378341