EFTA Document EFTA01378340

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > U.S. High Yield Hilton Worldwide Updated: November 4, 2015 Trade Idea: Buy the HLT 5.625% unsecured bond maturing in 2021 yielding 3.4% Investment Rationale: o Hilton is one of the largest lodging companies in the US and has been focused on growing their brands internationally. HLT's future growth is mostly capital light. k The company has a strong management team. o Hilton has a market cap of $25.35 billion ap