EFTA Document EFTA01385916

Deutsche Bank Securities Inc. -o 0 2015 Outlook Recommendations Trade Detail Rationale Risks Opened Entry Current P/L Treasury RV Sell rich bond futures against cheep off-the-run bonds The classic bond futures look rich in the long end Further outperformance of the 6.25s of 5/2030 in the long end 12/19/14 +21 bp +5 bp (Closed on 2/251 +1,249k Infladon Swaps Buy 2yr2yr forward breakevens The 2yr2yr inflation appears attractive on a long-term history Further decline