EFTA Document EFTA01378319

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > U.S. Investment Grade Synchrony (SYF) Updated: Jun 30, 2015 Trade Idea: Buy SYF 3.0 2019 bonds. Spreads are attractive compared to the IG universe Investment Rationale: ► Synchrony (SYF) is the consumer finance company of GE Capital. Following its IPO GECC still owns 84.9% for its stock. GE expects to completely divest its stock holdings by late 2015. ► The retail credit card business accounts for 68% of the comp