EFTA Document EFTA01388357

70 Vv%. 13ms, snowil:ea so so 10 -Total <recta growth - Co rnmercrel credit growth IFX-iststeol -- Co nutria* credit growth .10 , " 1710 7/10 1/11 7111 1/12 7112 1113 7113 1114 7114 1/6 7/16 1/16 7,16 1'17 ill? LIB Source: DB Research Conclusion: TRY will be worth scaling into longs 2-3% from here. TURKGB have repriced substantial with curve steepening bringing some value in the belly. Buying bonds there with FX hedge (roughly flat carry) could be a good way to dip ones toe. Thi