From: Paul Barrett a > Sent: Wednesday, December 19, 2018 10:05 PM To: Subject: RE: Year end illiquidity in Fixed Income Here we have a maturity anchor to these types of trades. I think working 51mm bids over the next 2 days at 97.50 and 97.00 would be the way to do it. We might not get anything but at those levels I think it makes sense. Citi raised their rating to Buy on these bonds. JPM thinks they are money good. Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor, New York, NY 10019 From: J <jeevacation@gmail.com> Sent: Wednesday, December 19, 2018 2:04 PM To: Paul Barrett Subject: Re: Year end illiquidity in Fixed Income Paul , sorry ive been . Busy. Very few recommendations from you have worked and most failed dramatically. So not sure how to titrate On Wed, Dec 19, 2018 at 1:42 PM Paul Barrett wrote: Jeffrey EFTA_R1_01806346 EFTA02611078 Heading into year end, banks have no interest in accumulating fixed income inventory as they risk GSIB charges. As a result we have seen some decent moves even for very short dated bonds. This typically reverses post Dec 31st. For example we own $2MM of the Frontier 7.125% 03/2019. They have traded down from $100.25 to $98. JPM feels there is no way they don't pay these bonds come March given how much they have available on their revolvers. let me know if you are interested in this name or any others that have been hit with year-end liquidity issues. Paul Paul Barrett Alpha Group Capital LLC 142 W 57 <https://maps.google.com/?q=142+W+57&entry=gmail&source=g> th Street, 11th Floor, New York, NY 10019 please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of HE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved 2 EFTA_R1_01806347 EFTA02611079