Re: To Do
Ok
Sorry 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.
S EFTA R1_00290650
EFTA01879210
| 1 | Can offer 10mm of : |
|---|---|
| Issuer: | GENERAL ELEC CAP CORP |
| Ticker: | GE |
| Ratings: | Baal/AA- (expected) |
| Ranking: | Fixed to floating rate non-cumulative pld stock |
| Coupon: | 7.125 to 6/15/22; then 3mL+529.6 bps |
| Maturity: | Perp |
| Price: | SI05.75 |
| YTC: | 6.34% |
| Cusip: | 3696225146 |
| Sector: | Financial |
Relative Value:
GE 4.65 SNR 10/21 @ 3.25% YTM (Pickup over 300 bps to call) WM 7.9 PFD @ 5.90% YTC WFC 7.98 PFD @ 5.67% YTC PNC 6.75 PFD @ 5.89% YTC 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
]PMorgan Private Bank
320 Park Avenue, 14th Floor New York, NY 10022
(W) (F)
MKS ID# 853441
This email is confidential and subject to important disclaimers and conditions including on offers for the mhaca e cala of caritiae ana and comlatanace of information vimese confidentiality lanal privilege, and legal entity disclaimers, available at http://www.jpmorgan.com/pages/disclosures/email.
EFTA R1_00290651
EFTA01879211
Also let's look at rolling out months on our current position
Sorry for all the typos .Scnt from my iPhonc
On Jun 27, 2012, at 6:23 PM, "Barrett, Paul S" <a wrote:
I refreshed Brent pricing
Spot ref on Dec2012 contract 93.50
Buy 109 Brent Call
Sell 79 Brent Put
Cashless
Right now we are short the 100 Put expiring 13Aug2012 on 250,000 barrels
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