EFTA Document EFTA01378308

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > U.S. Investment Grade American Electric Power (AEP) Updated: November 2, 2015 Trade Idea: o Buy AEP Indiana Michigan Power 8-year bond. Investment Rationale: o We think there may be some performance potential based mainly on credit momentum and the assumption that the Ohio merchant generation assets will be sold or spun-off. We believe there is a relatively high probability that the company will separate the mer