EFTA Document EFTA01378322

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > U.S. Investment Grade Verizon Communications Inc. (VZ) Updated: Nov. 1, 2015 Trade Idea: 0 Buy Verizon intermediate dated bonds. Investment Rationale: As investors search for yield, Verizon spreads continue to look cheap versus the IG Index and TMT peers. We believe that there may be some room to run in 2015 after expected heavy issuance from AT&T and Verizon. 0 VZ increased leverage to the Upper-2x area in 2013