TEVA Initiation

All,

We have uploaded our initiation on Teva here.

With opioid proceedings in full swing, Teva is forced to begin refinancing or buying back its bonds from March onwards, just as earnings from its Copaxone drug are falling away. With limited ability to issue secured debt, Teva’s ability to access the HY market will be directly dependent on the direction these proceedings take in the coming weeks and months.

We have not yet taken a position either way, but are looking to find the right angle.

Tomas is your analyst.

Wolfgang