Re: To Do
Ok
Sony for all the typos .Sent from my iPhone
On Jun 27, 2012, at 5:38 PM, "Barrett. Paul S" - wrote:
Hi Jeffrey
I think we should buy 2MM of these GE preferreds. They are trading cheap to their comps. We are looking for 2-3 points of upside.
| 1 | Can offer l0mm of : |
|---|---|
| Issuer: | GENERAL ELEC CAP CORP |
| Ticker: | GE |
| Ratings: | Baal/AA- (expected) |
| Ranking: | Fixed to floating rate non-cumulative pfd stock |
| Coupon: | 7.125 to 6/15/22: then 3mL+529.6 bps |
| Maturity: | Pcrp |
| Price: | $105.75 |
| YTC: | 6.34% |
| Cusip: | 369622SN6 |
| Sector: | Financial |
Relative Value:
GE 4.65 SNR 10/21 @ 3.25% YTM (Pickup over 300 bps to call) JPM 7.9 PFD @ 5.90% YTC WFC 7.98 PFD @ 5.67% YTC PNC 6.75 PFD @ 5.89% YTC
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SCHW 7 PFD @ 5.83% YTC USB 6.5 PFD @ 5.14% YTC GE 6.375 67 @ 5.56% YTC(L+228.9bps backend)
Paul Barrett, CFA
Managing Director
Global Investment Opportunities Group
JPMorgan Private Bank
320 Park Avenue, 14th Floor, New York, NY 10022
(W) (F)
NMLS ID# 853441
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