EFTA Document EFTA01385324

• • • • 3 January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite The pessimistic shift in US supply data is ending Although US supply has slowly and surely turned back to growth, the extent of this growth is still very much up for debate. The negative warning signs about slower growth are now beginning to turn around. To be sure, we still observe a drag in monthly production data compared to weekly estimates, measuring almost 300kb/d in August. However, we are no