EFTA Document EFTA01378310

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > U.S. Investment Grade Energy Transfer Partners Updated: November 2, 2015 Trade Idea: Buy Energy Transfer Partners10-year bonds Investment Rationale: - Our view on ETP is based on the recent acquisitions to improve the business risk profile and the additional cash flow will eventually help improve the credit metrics. This WMB transaction further enhances the overall business mix of the company and adds considerab