Electric Utlity (DTE)

Electric Utility DTE Electric IPT Model Trading Indicator

Issue: Tap DTE 5 ¼ 05/15/35 +105 Attractive to 77/10Y

Issue: Tap DTE 5.85 05/15/55 +115 Attractive to 88/30Y

Consolidated Edison

Electric Utility Consolidated Edison IPT Model Trading Indicator

Issue: $30Y +130 Attractive to 102/30Y

Issuer is re-levering

Enbridge

BBB Energy Enbridge IPT Model Trading Indicator

Issue: $3Y +95 Attractive to 69/3Y

Issue: $5Y +110 Attractive to 83/5Y

Issue: $10Y +140 Attractive to 111/10Y

Issuer is re-levering

Morgan Stanley

Big 6 Banks Morgan Stanley Bank IPT Model Trading Indicator

Issue: $3NC2 FRN Attractive to DM 78

Issue: $3NC2 Fixed +80 Attractive to 52/3Y

Issue: $6NC5 Fixed +95 Attractive to 67/5Y

Issuer is re-levering

Showing only bank level capital structure (owing to space considerations)

AMAZON

Single A rated Technology Amazon IPT Model Trading Indicator

Issue: $3Y Fixed +60 Attractive to 20/3Y

Issue: $5Y Fixed +70 Attractive to 39/5Y

Issue: $7Y Fixed +75 Attractive to 46/7Y

Issue: $10Y Fixed +85 Attractive to 57/10Y

Issue $30Y Fixed +105 Attractive to 78/20Y

Issue $40Y Fixed +115 Attractive to 87/30Y

Issuer has net cash

Amazon does not return capital to shareholders

Disclaimer - This report is not intended as, and does not constitute an offer, or a solicitation to buy or sell any securities or financial instruments. All data, levels, opinions, and representations herein are provided for informational purposes only and should not be relied upon for making investment decisions. Past performance is not indicative of future results. The authors of this report assume no liability for losses or damages arising from the use of this information. Investors should consult with a qualified financial advisor before making any investment decisions. The information in this report is based on sources believed to be reliable, but no guarantee is made as to its accuracy, completeness, or timeliness.