From: Ens, Amanda O> Sent: Monday, August 8, 2016 6:26 PM To: [email protected] Cc: Richard Kahn Subject: RE: Preferreds, thoughts on fixed income, mandatory converts Jeffrey, I continue to=like the AGN, TEVA and FTR mandatory convert preferreds. While AGN missed =n sales today, is was mostly due to noise around the last minute divestitu=e of their ANDA distribution business to TEVA. While the generics sale to TEVA was already built into most analy=t models, the ANDA sale was not. Revenue thus looks in line. Botox and Res=asis, two important products, are still growing at 16% and 21% respectivel=. AGN has an aggressive buyback program, targeting $5bn this year and they should reach the full $10bn app=oved by next year, market conditions permitting. Their pipeline looks stro=g; execution will be key going forward. There has been chatter in the mark=t about them potentially doing a big deal such as BIIB but management said on the call that they're=focused on being selective/disciplined and will likely target smaller step=ing stone opportunities. Outside of buybacks, the company has about $20bn =f dry powder to invest for growth over the next 12-18 months, which could come in the form of acquisitions and/or=debt repayment. Long story short: woul= look to build a position through the AGN A mandatory convert preferred at=a 6.3% current yield to March 2018. Let me know if you hav= time for a call; I'm at Thanks, Amanda Amanda Ens Director </=pan> Bank of America Merril= Lynch Merrill Lynch, Pierce,=Fenner & Smith Incorporated One Bryant Park, 5th F=oor, New York, NY 10036 Phone Mobile: <=p> The power of global co=nections'm EFTA_R1_01556242 EFTA02454468