From: jeffrey E. <jeevacation@gmail.com>
Sent: Friday, September 7, 2018 3:12 PM
To: Paul Barrett; Richard Kahn
Subject: Re: Bond idea
ok
On Ed, Sep 7, 2018 at 4:15 PM, Paul Barrett mailto >>
wrote:
Update:
Bonds are trading up 1 point.
New effective yield is' 7.50%. I still like the trad=. 7.50% for 11month paper with ample liquidity beyond the
maturity of thi= bond.
Paul Barrett
Alpha Group Capital LLC
142 W 57 <https://maps.google.com/?q=142+W+57&=entry=gmail&source=g> th Street, llth<=sup> Floor,
New York, NY 10019
(o) c) <1=>
=/span>
jeevacation@gmail.com>
Cc: 'Richard Kahn'< >
Subject: Bond idea
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Hi Jeffrey
1. Buy Casino Groupe (French supermarket company with operations in Europe =nd South America) bonds
a. COFP 4.407% maturing Aug 2019
b. Yields 5.25% in EUR a=d then do a EURUSD cross currency swap into USD. This effectively
creates = USD denominated bond yielding —8.60%
c. Net leverage of=3.52x
d. Rated BB by S&P
e. EUR 3b=n market cap
f. Notional outstanding on this bond is EUR=674MM. Company had EUR 2.2b1n in cash and EUR
3.1bIn in undrawn credit fac=lities maturing in 2020-22
g. JPM overweight the credit<=>
h. I would do $3MM
Paul
Paul Barrett
Alpha Group Capital LLC
142 W 57 <https://maps.google.com/?q=142+W+57&=entry=gmail&source=g> th Street, 11thasup> Floor,
New York, NY 10019
(0) S (c) </a
=/span>
=AO please note
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