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sd-10-EFTA01378326Dept. of Justice

EFTA Document EFTA01378326

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INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > Europe Investment Grade Axa Sa Updated: Oct 28, 2015 Trade Idea: ► Buy Investment Rationale: ► Fundamentally very sound issuer with a diversified cash flow profile and a strong capital basis. ► S&P Rating outlook is positive, thus the risk for Non-IG rating to be low. ► Very debt friendly behaviour. Strong call track record for institutional debt. ► Issuer is likely to optimize maturity profile, i.e. increasing

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Dept. of Justice
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sd-10-EFTA01378326
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