EFTA01362024.pdf

4 September 2015 US Fixed Income Weekly I5-year inflation basis has recovered, I.. .while 30-year inflation basis has remained in the low end of the long term trading range 0.7 —Syr inflation swaps minus TIPS BEs —30yr inflation swaps minus TIPS BEs 0.45 0.6 0.40 0.5 - 0.35 0.30 0.4 0.25 0.3 - 0.20 0.2 0.15 - 0.10 0.1 Jan-10 Jan-11 Jan-12 Jan -I3 Jan-14 Jan-15 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-1S Sara BleambergsalDana. ant Sant accaten ad Damao Sant IUS CPI-U NSA y,,,,,, actual and forecast 60 — WrlY 07 CPI-U, actual and forecast (non-seasonally- adjusted) 0%MoM NSA 06 • Projected 50 — Projections 0.5 4.0 04 30 0.3 2.0 10 0.1 L ti 0.0 00 -01 -1.0 -02 .20 -03 •3.0 Aug-04 Aug-06 Aug-08 Aug-10 Aug-12 Aug-14 Aug-I6 Sans lareso data. anew an>Papaw Oa* Sower &era of lAtcr Arnsta nod Deverchr Berr* Auction Preview: 3s, 10s, and Bonds Treasury will sell a total of $58 billion notional securities worth roughly the same in ten-year cash equivalent through three- and ten-year notes and 30- year bond auction next week. The auction will settle on Tuesday, September 15, against an estimated $32 billion of coupon securities on the same day. The combined customer participation of this set of auction decreased for the third straight month to 63% from 64.2% in July. but remained above its one-year average of 62.2%. Direct bidders declined to a three-year record low of 7.7% from 11.9% in July (1yr avg. 12.3%). However, indirect bidders took down 55.3% of the supply up from July's 52.2%, and beat the average 49.9% for the seventh month in a row. 3-year note Indirect bidder participation increased to 52.8% from July's 47.7%, above the one-year average of 45.7% in every month since last December. However, Page 20 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0051321 CONFIDENTIAL SDNY_GM_00197505 EFTA01362024