EFTA Document EFTA01385304

3 January 2018 HY Corporate Credit HY Multi Sectot,Media. Cable & Satellite • Mk: Vehicle sales growth rate declined in China in '17 as tax incentives were reduced with Deutsche Bank's Global Autos team estimating that '17 sales in China rose 1.8% y/y to 28.5 MM units, following a growth rate of 12.6% in '16. '18 Chinese auto sales are expected to increase 4.0% y/y to 29.7 MM units. 2017 sales in Japan and Korea are expected to increase by 6.0% y/y and 0.9%. respectively, while Deutsche