preferred swap (Stewart Oldfield, 6/29/2016)

From: Stewart Oldfield Sent: 6/29/2016 10:19:35 AM To: Richard Kahn CC: Joseph Dursi Andrew King Vahe Stepanian BCC: Subject: preferred swap Rich, Have been doing quite a bit of work with the credit and trading teams on this. Given the relatively low liquidity of the underlyings, it will be too inefficient to trade this as a single basket swap and the margin requirement would not be much different from regular margin in a brokerage account. So the best alternative is to build pos