EFTA Document EFTA01385288

3 January 2018 HY Corporate Credit HY Multi Sectoi,Media, Cable & Satellite (32% in 2016). Understandably, given their cost of capital, term loans were again the preferred issuance type at 520.9bn (83% of total) up from S15.9bn (73% of total) in 2016. Turning to homebuilding, 2017 YTD brought 23 deals (up from 8 in the year ago period) on $8.1bn of notional. This was an increase of 207% y/y. HY Relative Performance Figure 22. DB HY Index vs. DB HY Real Estate Index Figure 2S. DB hi? indices OAS (OAS) DB HY Index OAS vs 06 HY RAY En 14•547 OAS (2017 YT0 iao licilitlqg "pot noim io): 9:" II too Go III Obo 661441 - Ma • OAS - DEWY. RE 043 Sam Dands• Bre, basvarpFinry•LP [Figure 24: BB-HY vs. BB-RE (OAS) Gal VIVI Min 666041vi C•111 NOM 1 500 'so 400 3S0 200 ISO 100 DB KY !maces OAS (2017 YTD) 700 600 NM BB - 01114VB 015 HY CCC111170) Sane Cando•AbrtabararpPineLP IFigure 25: B-HY vs. B-RE (OAS) Figure 26: CCC-HY vs. CCC-RE (OAS) 0411.11003a OS Mt 1003 criblriTte AD i Q n A xe Ice YA SO Aelsse/4, 461/401 sageota 44>P4A404.5 -card 070.4 S'arir Dan* ant acne/ vacs LA 1 tan. Daectrark Ileembvp New LO Deutsche Bank Securities Inc. Ice CONY COG O4trt. OP Ott Ott Da (2011Y1t9 SO %AO 4)/ 471/ 4/ 44 1 / 14 1 479, J San. Dana, ABA (aorta" fan LP Page 13 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086572 CONFIDENTIAL PROT1 PROT0