EFTA01459673.pdf

Global Fixed Income Combing the Field for Yield Powerful Flows to U.S. U.S. Supply Moderating 1.000 - 800 62000 a w Est. 600 • 500 • 400 • 200 S1 000 - 0 Il • 6500 -400 $0 .111.111111111 •600 600 45) Mr•2011 Mar•2014 <0 Mar•2009 Mar•2010 —.United States Mar•2012 —Euro Area Mr•2013 —Japan Mar-2015 MEAM11; ;; gi 8 ■ Net U.S. Treasury Issuance Given the superior yield and solid economic — Given our estimate that the federal budget deficit outlook, U.S. bonds have seen steady inflows on a should shrink to the lowest level since August 2008 rolling 12 month basis while European bonds have in 2016 (-$414 billion), the need for Treasury seen steady outflows. issuance is also shrinking. Footnotes: Data as of August 2015. Footnotes: Estimate as of December 2015. Source Deutsche Bank Global Markets Deutsche Bank Wealth Management Sothce: Deutsche Bank Global Markets. Deutsche Bank Wealth Management Deutsche Bank Wealth Mormgernent 18 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 120279 CONFIDENTIAL SDNY_GM_00266463 EFTA01459673