EFTA Document EFTA01385939

27 March 2015 US Fixed Income Weekly United States Agencies Rater: Gov. Bonds & Swaps Credit Sovereigns a As volatility has recently declined, yield picks for callables have also fallen. We find the 5yr+ maturities relatively protected with the smallest decrease in picks compared to the recent average. The additional yield for buying Berm vs. Euro call has increased. We like the 3NC3M Berm structure, which offers 10.7 bps over a 3NC3M Euro, the highest in a year. Relative value in