EFTA Document EFTA01378343

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > U.S. High Yield Sealed Air (SEE) Updated Sept 30, 2015 Trade Idea: ► Buy Sealed Air 5.25% Notes due 2023 ► Buy Sealed Air 5.125% Notes due 2024 Investment Rationale: ► Attractive Relative Value: Notes trade inside of the Barclay's Packaging Index (@ 5.8%) but inline with CLL and CCK - companies with a half to a full turn of higher leverage and significant integration risks on the heels of recently announced larg