EFTA01378330.pdf

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > Europe Investment Grade Aviva (old Friends Life) Updated: Sep 28, 2015 Trade Idea: 0 Hold Investment Rationale: 0 Insurer and provider for pensions solutions, mainly operating in the UK with improving fundamentals. 0 H1 results were strong. Business risk is considered to be moderate. 0 USD denominated 0 Upper Tier 2 instrument, coupons could be optimal upon dividend pusher. Maturity is perpetual with call in Nov- 2018. 0 Despite the deal is closed there is still room for further compression. Aviva recently announced to refinance front- debt positions which underpins high call motivation. r The instrument is highly attractive on a 3.8% yield level. The current yield compensates versus potential $ rate hikes. Recommendation(s)*: Trade Entry Target Risk Cash Capital %/WM, Ticker Coupon Maturity SM Moodys Cey Issue Size Yield sm Horizon S. read S•read Level Price Structure outperfcrrs 12rr AVLII 7.575 11;8,2018 pen. °VV. WA USD $78 00 15 282 22; 350 111 Bo XSO851esssEo - JppeiTcr2 • Levels as of 09/28/2015 33 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0075499 CONFIDENTIAL SDNY_GM_00221683 EFTA01378330