EFTA01459672.pdf

6 Global Fixed Income Combing the Field for Yield False Steps % of Negative Yielding Govt Bonds 450 70% - 60% - ■Dec-15 3096 4.00 50% - 40% - 30% - 3.50 20% - 10% - 3.00 e 0% /4. a mg C mcs %' ti t C E 2.50 ee zee * 13 11 1 2 ill 2.00 Footnotes' Data as of December 2015. Source. Deutsche Bank. G€obal Markets, Deutsche Bank Wealth Management 1.50 2008 2010 2012 2014 2016 Supply Drying Up in Europe 10Y U.S. Treasury Fed Quarterly Survey of Professional Forecasters Ba ed on historical ECB buying (Purchases as a % of Net Issuance) Slovakia 396% When looking at the Fed Quarterly Survey of Portugal lho Netherlands Gtr Professional Forecasters, forecasts for Treasury Italy yields have consistently overshot actual moves in Ireland 363% France Treasury yields since 2008. Finland 387% Spain The ECB's public sector purchase program Germany Belgium (PSPP) will likely have a total volume of €1490 bn Austria 39.6'; if it lasts until March 2017. 0% 100% 200% 300 400 . 500% 600% Footnotes. Data as of SQ 15. Footnotes. Data as of December 2015 Source Philadelphia Fed, Deutsche Bank Wealth Management Soutte' ECB. lik“)mbeig LP Barclays. Deuts: he Bank Wealth Management Deutsche Bank Wealth Management 1 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 120278 CONFIDENTIAL SDNY_GM_00266462 EFTA01459672