The document provides an investment analysis for Energy Transfer Partners (ETP) 10-year bonds, recommending a buy based on recent acquisitions and improved business risk profile. It discusses the acquisition of WMB by ETE for $37.7 billion, forming a large energy entity. The analysis notes a temporary widening of ETP bond spreads due to a $6 billion debt offering by ETC but expects tightening as technicals improve. The recommendation is to maintain an outperform relative value recommendation for ETP bonds.
documents/EFTA01378310.pdf
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