EFTA02579633

From: Vinit Sahni Sent: Tuesday, January 21, 2014 8:16 AM To: jeevacation@gmail.com Subject: Jeffrey - quick read, Credit survey (CI Classification: Confidential Jeffrey - was reading one of the large US banks credit survey results early this am, some interesting findings. High Grade Debt: 1) o=erall market very long credit similar to 2009 levels (still very beta driven) and one of the longest ever, 2) very few buyers of CDS protection unlike last summer/fall post Bernanke when tapering fears kicked in, 3) market very long T1 and LT2, 2) very long sub issuance and long corp hybrids, 3) underweight cash, cash weighting in portfolio one of the lowest around 3.2%. Also interesting that the bi=gest concern is the credit bubble, not tapering -> despite this no real adjustment in holdings and market still playing for beta. keeping a close eye on things here, to see when the cracks form. Also interesting that last year "=equity investors were looking for bond proxies; this year it's bond investors who are looking for equity proxies". Vinit Sahni Managing Director I Global Head - Professional Client Group & Key Client Partners Capital Markets Group Deutsche Asset & Wealth Management 105/108 Old Broad St (Pinners Hall), EC2N 1EN London, United Kingdom Tel. Mobile Email <mailto Any proposed ideas are being delivered to you by the DeAWM Key Client Partn=rs ("KCP") London desk for discussion purposes only, and do not create any legally binding obligation on the part of Deutsche Bank AG and / or its affiliates ("DB"). These ideas are for the consideration of the intended recipients of this mail only. The KCP London desk does not provide investment advice. All intended recipients are Professional investors (as defined by MiFID), who understand the strategy, characteristi=s and risks associated with any ideas proposed herein and will be able to evaluate it independently. All trades on proposed ideas shall be subject to the relevant internal approvals prior to execution. EFTA_R1_01754469 EFTA02579633 This e-mail may contain confidential and/or privileged information. If you =re not the intended recipient (or have received this e-mail in error) plea=e notify the sender immediately and delete this e-mail. Any unauthorized c=pying, disclosure or distribution of the material in this e-mail is strict=y forbidden. Please refer to http://www.db.com/en/content/eu_disclosures.htm for additio=al EU corporate and regulatory disclosures. 2 EFTA_R1_01754470 EFTA02579634