RE: Portfolio Protection Idea - SPX Puts Contingent on lOy USD Swap (Stewart Oldfield, 13 Apr 2015)

Subject: RE: Portfolio Protection Idea - SPX Puts Contingent on lOy USD Swap Rates [C] From: Stewart Oldfield Date: Mon, 13 Apr 2015 16:19:11 -0400 To: Paul Morris ‹ > Classification: Confidential I'm generally a fan of hybrid puts for clients who think rates will rise. These are usually held to maturity, but structuring as a spread rather than an outright put makes any early unwind even more complicated than usual for a hybrid. From: Paul Morris Sent: Monday, April 13, 2015 4:07 PM