Epstein Files Search

EFTA02029821Set 10

2020-10-1524p12,977w

Moody's: B2: Outlook. S S&P: BB; Outlook, P Offer: $110.00 (4.1% YTW, 380bp STW) Target: $112.00 (3.4% YTW, 311bp STW) Automotive Credit and Investment Highlights: Eric J. Seale ... Index). We believe an upgrade is likely and these returns would exceed the 5.7% YTW of the JPM HY Index and the 4.7% YTW of the Auto sector. \ LIST • Relative ... total liquidity. DAN — Relative Value Ticker Baling Coupon Maturity Offer Price YTW STT '13E Lev DAN 8268 6.750% 2021 110.00 4.1% 3806p 1.1X DLPH Ba1BB

https://www.justice.gov/epstein/files/DataSet%2010/EFTA02029821.pdf

EFTA01385382Set 10

2018-01-031p296w

Corporate Credit HY Multi Sector.Media. Cable & Satellite Healthcare Outlook Miles Hi hsmith HY Sector YTW and Returns versus the Broader HY Market YTW and Returns According to DB indices ... time of this writing the HY Healthcare Index YTW was 6.55% versus the broader HY market YTW of 5.75%, reflecting a discount of 80 bps. The YID return ... Community Health) have helped contribute to the current discount in the HY Healthcare YTW relative to the overall HY index YTW. Figures 1 and 2 illustrate the HY Healthcare YTW

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01385382.pdf

EFTA00606159Set 9

2012-02-1660p18,196w

Missed It: HY Utilities Reports 18 Utilities credit tracker — STW 19 Utilities credit tracker — YTW 20 Utilities credit tracker — dollar price 21 Comparative company analysis 22 Relative value analysis ... North America Credit Research 16 February 2012 J.P.Morgan Relative value analysis: ranked by YTW LTM Enterprise UNION Debt/ Debt/ Issuer Coupon Maturity Outstanding Moodys Price YTW STW YTW Date EBITDA

https://www.justice.gov/epstein/files/DataSet%209/EFTA00606159.pdf

EFTA01385453Set 10

2018-01-031p639w

rating. We initiate on the 6.375% senior notes due 2025 (98.75 price, 6.6% YTW, 405 OAS) with a Risks Buy rating. We are also increasing our rating ... senior notes due Downside risks to our Buy 2021 (103.75 price, 5.0% YTW. 333 OAS) to a Buy rating due to our ratings include increased expectation that AKS will come ... senior secured notes due 2023 (108.25 share losses to aluminum, price, 4.3% YTW, 233 OAS). While the 7.5% secured notes are rated B1/BB-, unplanned outages, an we see them

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01385453.pdf

EFTA01017554Set 9

2018-11-056p1,013w

full bid at 104.75. Very poor liquidity. At a 104.75 the bonds have a YTW of 7.33%. I think they trade back down to $100. So would still recommend ... range. Sold off $4 in October. • At $97 that was a 9.52% YTW • At $107 it is now a 6.69% YTW • B rated issuer • Being acquired by Quad Graphics. Another ... rated issuer whose 2022 bonds are yielding 6.66% YTW • If we sell at $107 we make $46K from price appreciation for a total return of $463K or 9% annualized. • Deal

https://www.justice.gov/epstein/files/DataSet%209/EFTA01017554.pdf

EFTA01003084Set 9

2014-12-223p1,710w

energy credits such as: underperformed recently based on weaker advertising trends • HCA Holdings (4.00% YTW) and a lack of M&A news. However, with the spectrum auction • Air Canada ... YTW) ending soon, consolidation will again become a focus. We are reloading on one of our high conviction views in 2014, Digital • Amkor Technology (6.62% YTW) Divide, by adding ... higher performing content companies and • Bank of America Preferreds (6.32% YTW) underperforming telecommunication and media companies. • INEOS (7.60% YTW) Year-End Tax Planning for US Clients Credit Default Protection

https://www.justice.gov/epstein/files/DataSet%209/EFTA01003084.pdf

EFTA01891798Set 10

2012-10-226p857w

think we should buy $1MM each of the following bonds: 1. EarthLink 8.875% 2019 ytw 7.94% 2. Headwaters 7.625% 2019 ytw 6.70% - fits into our housing recovery theme We have ... EFTA01891798 Maturity: 05/15/19 Call Schedule: 05/15/15 @ $104.438 05/15/16 @ $102.219 05/15/17 @ $100 Price: $103.50 YTW: 7.94% (05/15/17 @ 100.00) YTM: 8.17% (UST + 702bps) OAS Mod Duration: 3.82 Issue Size: 300mm Min Denom ... free cash flow • LTM FCF of 81mm - Relative Value o WIN 7 3/15/19 ( 97381WAF1 )- YTW(2015): 5.1% - pick up 284bps o CBB 8.375 10/15/20 ( 171871AN6 ) - YTW(2015): 6.5% - pick

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01891798.pdf

EFTA01017971Set 9

2018-11-014p774w

range. Sold off $4 in October. • At $97 that was a 9.52% YTW • At $107 it is now a 6.69% YTW • B rated issuer • Being acquired by Quad Graphics. Another ... rated issuer whose 2022 bonds are yielding 6.66% YTW • If we sell at $107 we make $46K from price appreciation for a total return of $463K or 9% annualized. • Deal ... Sell at 107. Roll proceeds into Consolidated Communications bonds. Consolidated Communications 6.5% 2022 • $ 93.00 • YTW 8.64%; 3.3yr duration. • Broadband provider in the Northeast/Midwest. Stable business. • 4.3x levered; $530MM

https://www.justice.gov/epstein/files/DataSet%209/EFTA01017971.pdf

EFTA02616990Set 11

2018-11-014p663w

range. Sold off $4 in October. • At $97 that was a 9.52% YTW EFTA_R1_01818127 EFTA02616990 • At $107 it is now a 6.69% YTW • B rated issuer • Being acquired ... Quad Graphics. Another B rated issuer whose 2022 bonds are yielding 6.66% YTW • If we sell at $107 we make $46K from price appreciation for a total return of $463K ... Sell at 107. Roll proceeds into Consolidated Communications bonds. Consolidated Communications 6.5% 2022 • $ 93.00 • YTW 8.64%; 3.3yr duration. • Broadband provider in the Northeast/Midwest. Stable business. • 4.3x levered; $530MM

https://www.justice.gov/epstein/files/DataSet%2011/EFTA02616990.pdf

EFTA01764035Set 10

2012-10-225p806w

list:I1 lev=11 Ifo5">1=2E &nb=p; EarthLink 8=2E875% 2019 ytw 7.94% 2. Headwaters 7.625% 2019 ytw 6.70% = fits into our housing recovery theme We have $18MM ... nbsp; &n=sp; 05/15/17 @ $100<=p> Price: &nbs=; &=bsp; &nb=p; $103.50 </=> YTW: &=bsp; &nbs=; =nbsp; 7.94% (05/15/17 @ 100.00) YTM: &n=sp; &=bsp; 8.17% (UST &#=3; 702bps) OAS Mod Duration ... 04/01/2=16 @ $101.906 &n=sp; &=bsp; 04/01/2017 @ $1=0.000 P=ice: &nbs=; =nbsp; $103.5= YTW:&nbs=; &=bsp; &nb=p; 6.70%(0=/01/2017 @ 100.00) YTM: &=bsp; &nbs=; 6.94% (UST + 583bps

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01764035.pdf

EFTA01017988Set 9

2018-11-013p604w

range. Sold off $4 in October. • At $97 that was a 9.52% YTW • At $107 it is now a 6.69% YTW • B rated issuer • Being acquired by Quad Graphics. Another ... rated issuer whose 2022 bonds are yielding 6.66% YTW • If we sell at $107 we make $46K from price appreciation for a total return of $463K or 9% annualized. • Deal ... Sell at 107. Roll proceeds into Consolidated Communications bonds. Consolidated Communications 6.5% 2022 • $ 93.00 • YTW 8.64%; 3.3yr duration. • Broadband provider in the Northeast/Midwest. Stable business. • 4.3x levered; $530MM

https://www.justice.gov/epstein/files/DataSet%209/EFTA01017988.pdf

EFTA01385296Set 10

2018-01-031p350w

Chemicals Index in 2014 and 2015 and strong outperformance in 2016. Current YTW for the Chemicals Index is 5.36% versus 5.75% for the broad HY Index. The current ... Source Deuteeho Sint eltemborp hen* LP 1*•• &more •FPIPOINPral /OF itrinteMQ figure 2: YTW HY Chemicals vs HY Index (Last 10 Years) 'Figure 3: YTW HY Chemicals vs, HY Index

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01385296.pdf

EFTA01176581Set 9

2014-11-152p1,640w

credit downgrades. Amount Minimum Cuslp (M) Issuer Coupon Maturity Pike YTM Next Call Date YTW Moody's S&P Sector Piece Collateral Type 282649BW1 100 EKSPORTFINANS ... credit downgrades. Amount Minimum Cusip (M) Issuer Coupon Maturity Price `TA Next Call Date YTW Moody's S&P Sector Piece Collateral Type 64110LAC0 152 NETFLIX INC 8.500% 11/15/2017 ... available elsewhere and suggests that several valuations from other sources be obtained. YTW (Yield to Worst) is the weld to maturity if the worst possible bond repayment takes place

https://www.justice.gov/epstein/files/DataSet%209/EFTA01176581.pdf

EFTA01385369Set 10

2018-01-031p464w

rating on the WYNNMAC 4.875% Senior Unsecured Notes due 2024 ($100.3, 4.8% YTW, 264bps STW) and WYNNMAC 5.5% Senior Unsecured Notes due 2027 ($101.1. 5.1% YTW, 273bps STW) given

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01385369.pdf

EFTA01385364Set 10

2018-01-031p530w

initiating coverage on Golden Nugget 6.75% Senior Unsecured Notes due 2024 ($101.9, 6.2% YTW, 400bps STW) and Golden Nugget 8.75% Senior Unsecured Notes due 2025 ($105.1, 7.5% YTW, 528bps

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01385364.pdf

EFTA00699974Set 9

2013-01-142p393w

have 2MM worth. I think we pick up another $1MM. Currently trading at 24.85 (ytw 7.30%). We own them at 23.75 and 24.44. Let me know. Paul Paul Barrett ... Preferred (r). We own $1MM at 23.75. Currently trading at 24.45 (ytw 7.41%). They recently redeemed a few of their subordinated bonds. We still like the story and these bonds

https://www.justice.gov/epstein/files/DataSet%209/EFTA00699974.pdf

EFTA00929752Set 9

2012-02-214p608w

Felcor bonds into the Ally Pfds. We would buy the Ally A Pfds (ytw 9.30%) which are trust preferreds and higher up on the capital structure than our Ally ... bonds - reiterate OW Jeffrey We should buy SImm of this bond. Ytw 7.625%. Dave Katz reiterates OW in his initiation of a high yield utility monthly. We reiterate our Overweight

https://www.justice.gov/epstein/files/DataSet%209/EFTA00929752.pdf

EFTA01385357Set 10

2018-01-031p530w

maintaining our Buy rating on MOTOR 6.0% Senior Unsecured Notes due 2022 ($102.5, 5.2% YTW. 300bps STW). For 2017, we project CCM Merger to generate Adjusted EBITDA of $130.0 million ... compensation. At this juncture, we rate the 5.375% Senior Unsecured Notes 2026 ($107.4, 4.3% YTW, 193bps STW) with a Buy rating based on price. Supporting our Buy rating on GLPI

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01385357.pdf

EFTA02364533Set 11

2011-06-142p184w

which is a fixed-to float structure: Sell =nbsp; JPM 6.70% Pfd; ytw 6.50%, ta=able as ordinary income Buy &nbs=; JPM 7.90% Pfd fixed for 7yrs and then ... 347bps; ytw 6.37%; taxable as dividend income We bough= the 6.70s at 24.95. Currently at 25.50. The JPM 7.90:=17;s have sold off 3 points since

https://www.justice.gov/epstein/files/DataSet%2011/EFTA02364533.pdf

EFTA01385388Set 10

2018-01-031p609w

YTML) could provide incremental yield to investors relative to the yield implied in the YTW. For example, at an offer price of 100.5, the YTW on the 7.25% bonds

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01385388.pdf