EFTA Document EFTA01385335

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Value in Lower Quality oily and select Mid Quality names After a year of major underperformance, we see relative value emerging in the Lower Quality Oily group - excluding BBG, all other names offer OAS of between -800 to -2,400 bps. This is driven by three factors. First, while downside risks to oil markets continue to be meaningful, they have arguably come in considerably over the last year (while spreads have