EFTA01458281

I September 2015 Corporate Credit: Back to school - The edge of normality [Figure 40: GBP Benchmark Spreads Percentiles by Rating and Maturity Buckets (All Corporate) e ,e4eirtar,o The e >30 rtirice, Sear e 4rf 1' • Pal' e-rPPPPrPC,r effCFeet,4e,r re te.felete et,e4r 4e fir tr., 4' (CC, el" everseefecoefie ovc• over Bar* orrereefene etteeetireee erf4recerceir etreeetted,e reef areeiree, etellefleede !Figure 41: USD Benchmark Spreads Percentiles by Rating and Maturity Buckets (All Non-Financial) °tontine,'" enteentee oteleseseitsfr retersenee reeetreeete teeteeteete eretereeen eteseinese Save. atatscha Sant ISA INCA Gaol AP Yr aft nintonn ettereetne tees eeeee rt netnenn Gas 49, eireeente etreiereete a a e este tee el So our analysis suggests that there is potential relative value in the long-end of the IG credit market, particularly as we move down the rating spectrum and particularly in the USD market. Furthermore we would argue that current long- dated spreads are at the wide end of normal (non-crisis) times. So given that Page 22 fro l n... filetertaele." w i etreeeeseet a a a 4.eireetene Deutsche Bank AG/London CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0118123 SDNY_GM_00264307 CONFIDENTIAL EFTA01458281