EFTA Document EFTA01437031

Subject: FW: Turkey: ood as old? From: Xavier Avila Date: Wed, 28 Mar 2018 19:07:04 -0400 To: Paul Barrett Cc: Stewart Oldfield Martin Zeman Davide-A Sferrazza < Liam Osullivan Paul, on TRY see attached slides. A bit of mixed feelings here, one of the worlds cheapest currency from a fundamental value perspective, carry at multi year highs of 12% at ly (local yields of almost 14%vs 2% USD), and implied vol relatively high, all seems attractive_even though we expect further nominal dep