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Reproduction or redistribution of this material without the written permission of Jefferies is expressly forbidden. This document is a product of a Jefferies Fixed Income Trading Desk, which may have traded based on the views expressed in this material, or have existing positions in the securities discussed herein.  This material is not a product of the Firm’s Research Department.  This material is intended only for institutional investors and is not subject to all of the independence and disclosure standards applicable to debt research reports prepared for retail investors.  Unless otherwise specifically stated, any views or opinions expressed herein are solely those of the individual author and may differ from the views and opinions expressed by other divisions of the Firm.  This material is not independent of the Firm’s proprietary interests, which may conflict with your interests.  The Firm may trade securities discussed in this report for its own account and such trading may have occurred in advance of, or be contrary to the opinions provided in this material.   As part of the Trading Desk, the author may have consulted with the Firm’s traders and other personnel while preparing this material.

The information and any opinions contained herein are as of the date of this material and the Firm does not undertake any obligation to update them. All market prices, data and other information are not warranted as to the completeness or accuracy and are subject to change without notice. Past performance is not indicative of future results, and no representation or warranty, express or implied, is made regarding future performance. The information upon which this material is based was obtained from sources believed to be reliable, but has not been independently verified. The Firm is not providing investment advice, legal, tax, financial, accounting or other advice to you or any other party through this material.  This material does not take into account individual client circumstances, objectives, or needs and is not intended as a recommendation to particular clients.  As such, the financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions based upon their specific investment objectives and financial situation, utilizing their own financial advisors as they deem appropriate.   Jefferies does not provide tax advice. As such, any information contained in Fixed Income Sales and Trading department communications relating to tax matters were neither written nor intended by Jefferies to be used for tax reporting purposes. Recipients should seek tax advice based on their particular circumstances from an independent tax advisor. In reaching a determination as to the appropriateness of any proposed transaction or strategy, clients should undertake a thorough independent review of the legal, regulatory, credit, accounting and economic consequences of such transaction in relation to their particular circumstances and make their own independent decisions.  The price, value of and income from any of the financial instruments mentioned in this report can rise as well as fall and may be affected by changes in economic, financial and political factors, among other things.  If a financial instrument is denominated in a currency other than the investor’s home currency, a change in exchange rates may adversely affect the price of, value of, or income derived from the financial instrument described in this report.

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