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This communication was prepared by a Robert W. Baird & Co. Incorporated’s Fixed Income Desk Analyst and not by a member of Baird’s Research Department. The material is intended for institutional investors and is provided for their informational purposes only and is not an offer, recommendation or solicitation to buy or sell any of the securities mentioned above. The material does not constitute, nor should it be regarded as, investment research or a research report or securities recommendation. It is not substantive research or analysis and does not provide information reasonably sufficient upon which to base an investment decision. Investors should independently evaluate particular investments and strategies. The material is merely intended to provide the personal observations or views of the Fixed Income Desk Analyst which may be different from or inconsistent with the observations and views of Baird's research analysts, other Baird institutional traders or sales personnel or the proprietary positions held by Baird. You should not consider this information contained in this communication to be objective or independent of the interests of Robert W. Baird & Co. Incorporated’s Fixed Income Trading and Sales Desks. You should assume that the authors of this communication are active participants in the markets, investments or strategies contained herein. The accuracy of the corresponding information has not been verified or confirmed; accordingly, no representation or warranty, expressed or otherwise, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or timeliness of the information. The observations or views expressed in the material may be changed by the Fixed Income Desk Analyst at any time without notice. The material may have previously been communicated to Baird's trading desk or other Baird clients. You should assume that Baird makes markets and/or currently maintains positions in any of the securities mentioned in the material. Baird may also provide services or solicit business from, or participate or invest in transactions with, or effect transactions for the issuers of the securities mentioned in the material. You should assume that the Fixed Income Desk Analyst responsible for preparing this communication owns the securities discussed herein. Not all Baird clients will receive this or other similar material. The level and types of services and materials that Baird provides to clients may vary depending on various factors such as client preference, client need, client investment focus and perspective, and the size and scope of the client relationship with Baird. The financial instruments discussed in this communication may not be suitable for all investors. If you do not wish to receive further e-mails like this from Baird's Fixed Income Desk Analysts, reply to the e-mail you received with "Remove Me from Fixed Income Desk Analyst E-Mail List" on the subject line. Removal requests may take up to one week to be processed.