EFTA Document EFTA01378318

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > U.S. Investment Grade PPL Capital Funding Inc Updated: November 2, 2015 Trade Idea: Buy PPL Capital Funding Inc 10-year bonds Investment Rationale: We are maintaining our outperform relative value recommendation at this time, primarily on the PPL parent level bonds, based on our view that the improved credit profile and recent ratings upgrade should lead to some additional performance. We think PPL parent level