EFTA Document EFTA01378341

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > U.S. High Yield NCR Corporation Updated: November 4, 2015 Trade Idea: ► Buy NCR 5.875% Senior Unsecured Notes due 12/15/21 Investment Rationale: ► Leading position in ATM's and self check-out equipment as well as related software. ► Bonds traded off after a potential sale of the company fell through providing a buy opportunity. ► The Retail segment is back on track after lagging in recent quarters with a signifi