EFTA01379429.pdf

22 December 2017 EM Currency Handbook 2018: Still Fuel in the Tank Deposit Regulatory: For bank time deposits (CDB), offshore investors must open special non-resident accounts. Liquidity: Good Avg. daily volume BRL 9bn Offshore BRL products Non-Deliverable Forward (NDF) Regulatory: ISDA documentation applies. Standard does available at EMTA (www.emta.org) For offshore contracts, in the event of the unavailability of the PTAX fixing for whatever reason, two daily EMTA surveys are available as back-up fixings (EMTA BRL Industry Survey Rate - BRL12; and EMTA BRL Indicative Survey Rate - BRL13) available at www.emta.org Liquidity: Good Avg. ticket size: USD 10mn Bid/ask spread: 10bp (in first future) Avg. daily vol: USD 14 bio (onshore and offshore on BM&F) Ref. Source: LATAMNDF=DBNY, Bloomberg: DBLMl<GO> Fixing: PTAX (Bloomberg: BZFXPTAX Index, Reuters: BRLPTAX= and page BRFR) Non-Deliverable Op.ri0 (NDO) Regulatory: ISDA documentation applies. Standard dots available at EMTA (www.emta.org) Liquidity: Good Avg. ticket size: USD 30/60mn Bid/ask spread: 0.6 vols Avg. daily vol: USD 2.5 bn Non-rinliverable Swap (NOS) Regulatory: ISDA documentation applies. Liquidity: Very poor. Avg. ticket size: USD 10-15mm Tenor: 1m - 10Y Bid/ask spread: 10-20bps up to 2Y and as wide as 35bps for the 10Y tenor Fixing page: Bloomberg ODA <comdty.> CT Deutsche Bank Securities Inc. Page 97 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0076900 CONFIDENTIAL SDNY_GM_00223084 EFTA01379429