EFTA01772129.pdf

From: Barrett, Paul S Sent: Tuesday, February 7, 2012 3:31 PM To: Jeffrey Epstein Cc: Giuffrida, David Subject: To Do =OA Jeffrey</=pan> &nb=p; We should buy $1MM of the RBS 5.05% 2015. We expect LTRO in Europe t= cause additional credit spread tightening in short dated financials. =OA =OD =td width="390" nowrap="" colspan="2" style="width:292.3pt;paddin=:0in 5.4pt 0in 5.4pt;height:13.1pt"> =ixed Income Trade Opportunity =OD =OD Issuer:=43:p> Royal Bank of Scotland Group PLC</=pan> <=o:p> Ticker:=/o:p> RBS Ratings: =OD Ba2/BB+/BBB-1=; Ranking: Subordinated 1 EFTA_R1_00084129 EFTA01772129 =OD =OD =OD Coupon: =OD 5.05%=o:p> Maturity: 01/08/2015 =OD Price:<=o:p> $97.00 =/tr> 6.19%=/span> 1k x 1k =OD Cusip:<=o:p> 780097AP6 =OA *U.S. Onshore - BLUE SKY — AVAILABLE IN=ALL STATES* Source: JPMS and Bloomberg =OA Bank products and services are offered by JP=organ Chase Bank, N.A. and its affiliates. Securities products and s=rvices are offered by J.P. Morgan Securities LLC., member NYSE= FINRA and SIPC. This material is not intended as an offer or solicitati=n for the purchase or sale of any financial instrument. l.P. Morgan =ecurities LLC. (JPMS) or its brokerage affiliates may hold a position or=act as market maker in the financial instruments of any issuer discu=sed herein or act as an underwriter, placement agent, advisor or lender to=such issuer. The views and strategies described herein may not be suitab=e for all investors. This material is distributed with the underst=nding that it is not rendering accounting, legal 2 EFTA_R1_00084130 EFTA01772130 or tax advice. Co=sult your legal or tax advisor concerning such matters. This mater=al should not be regarded as research or a JPMorgan research report.&nbs=; Securities and quotations referenced herein are subject to change =nd availability without notice. We may hold a position or act as a marke= maker in any financial instrument discussed herein. Actual quotat=ons could be higher or lower subject to market conditions and are believed=to be reliable, but JPMS does not warrant their completeness or accu=acy. JPMS cannot guarantee that different prices would not be available =lsewhere and suggests that several valuations from other sources be obtain=d. YTW =Yield to Worst) is the yield to maturity if the worst possible bond repaym=nt takes place. If market yields are higher than the coupon, the yield t= worst would assume no prepayment. If market yields are below the =oupon, the yield to worst would assume prepayment. In other words, yield=to worst assumes that market yields are unchanged. =OD =OA This email is confidential and subject to important disclaimer= and conditions including on offers for the purchase or sale of securities= accuracy and completeness of information, viruses, confidentiality, legal=privilege, and legal entity disclaimers, available at http://www.jpmorga=.com/pages/disclosures/email. 3 EFTA_R1_00084131 EFTA01772131