From: leffrey E. <jeevacation®gmail.com> To: "Ens, Amanda" •;: > Subject: Re: Preferreds, thoughts on fixed income, mandatory converts Date: Mon. OR Aug 2016 20:39:37 +0000 Inline-Images: image015.jpg: image017.jpg: image010.jpg; image016.jpg: imagc0l8.jpg; imagc011.)pg; image019.jpg: image014.jpg: image020.jpg: image005.png: image021.gif can we put leverage on them, if so what rate On Mon. Aug 8, 2016 at 4:30 PM, Ens, Amanda - wrote: AGN mandatory convert preferred Ticker: AGN A Nd Coupon: 5.5% Maturity: 3/1/2018 Nd Price: 881.38 AGN stock ref: 248.31 Convert low stoke: 288.00 (at maturity, if AGN is at or below 288, you get 3.4722 shares) Convert high strike: 352.80 (at maturity, if AGN is at or above 352.7959, you get 2.8345 shares) Strip weld: 6.3% (versus common stock which pays no dividend) BofAML price target: $294 (Buy, US-1 top picks list) Upside to BofAML price target: 18.4% If hold pref to maturity and stock is up 25%: 24.4% If hold pref to maturity and stock is down 25%: -15.7% QDI-eligible: No Amount outstanding: $5.06 bn TEVA mandatory convert preferred Ticker: TEVVF Nd Coupon: 7.0% Maturity: 12/15/2018 Nd Price: 895.07 TEVA stock ref: 54.21 Convert low strike: 62.50 Convert high strike: 75.00 Strip weld: 7.9% (vs common stock at 2.5%div yield) BofAML price target: $72.00 (Buy) Upside to BofAML price target: 32.8% If hold pref to maturity and stock is up 25%: 31.3% If hold pref to maturity and stock is down 25%: -7.8% QCH-eligible: No Amount outstanding: $3.7125 bn Assumes convert held to matunty; oil coupons included EFTA00821594