Subject: [I]
From: Tazia Smith <
Date: Mon, 23 Dec 2013 20:39:25 -0500
To: Paul Morris >
Classification: For internal use only
Paul -
For Jeffrey
First Republic 7% preferred (FRC E Pfd), currently -$25.25
- Recent issue, 10/28/13
- Callable 2018 at par ($25)
- Currently -$25.25, 6.9% yield
- FRC equity at fair value given outstanding growth since re-IPOing, top-pick
over 3yr time horizon
- M&A upside possible (priced in)
Consider working with a limit of $25.20 (thin trader), up to $1mm in Southern
Trust.
(See attached file: FRC Oct 2013.pdf)
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Tazia Smith
Director I Key Client Partners - US
Deutsche Bank Securities Inc
Deutsche Asset & Wealth Management
345 Park Avenue, 26th Floor
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EFTA01466090