EFTA Document EFTA01378309

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > U.S. Investment Grade DIRECTV (DTV) Updated: Nov. 1, 2015 Trade Idea: Buy short to intermediate DIRECTV bonds. Investment Rationale: AT&T's acquisition of DTV closed in July 2015. The has not been a final indication if DTV bonds will be guaranteed or to what degree if at all but we view the entity as strategically important to AT&T. Spreads rallied hard into 2014 but traded off in early 2015 on AT&T downgrades t