EFTA Document EFTA01378315

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > U.S. Investment Grade ONEOK Partners LP Updated: November 2, 2015 Trade Idea: Buy ONEOK Partners 10-year bonds Investment Rationale: From a relative value perspective, we are maintaining our outperform relative value recommendation. We think OKS spreads are wider than similar pipeline names due to the market perception that the drop in oil prices will have a greater impact on OKS than some of the pipeline names