EFTA Document EFTA01362024

4 September 2015 US Fixed Income Weekly I5-year inflation basis has recovered, I...while 30-year inflation basis has remained in the low end of the long term trading range 0.7 0.6 0.5 - —Syr inflation swaps minus TIPS BEs 0.45 0.40 0.35 0.30 0.25 0.20 0.15 - 0.10 0.4 0.3 - 0.2 0.1 —30yr inflation swaps minus TIPS BEs Jan-10 Jan-11 Jan-12 Jan -I3 Jan-14 Jan-15 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-1S Sara Bleamberg sal Dana. ant I US CPI-U NSA y,,,,,, actual and forecast 60 50 4.0 30 2.0 10 00 -1.0 .20 •3.0 Aug-04 Aug-06 Aug-08 Aug-10 Aug-12 Aug-14 ti Sans lareso data. anew an> Papaw Oa* — WrlY — Projections Aug-I6 Sant accaten ad Damao Sant CPI-U, actual and forecast (non-seasonally- adjusted) 07 0%MoM NSA 06 • 0.5 04 0.3 0.1 0.0 -01 -02 -03 L Sower &era of lAtcr Arnsta nod Deverchr Berr* Auction Preview: 3s, 10s, and Bonds Treasury will sell a total of $58 billion notional securities worth roughly the same in ten-year cash equivalent through three- and ten-year notes and 30- year bond auction next week. The auction will settle on Tuesday, September 15, against an estimated $32 billion of coupon securities on the same day. The combined customer participation of this set of auction decreased for the third straight month to 63% from 64.2% in July. but remained above its one-year average of 62.2%. Direct bidders declined to a three-year record low of 7.7% from 11.9% in July (1 yr avg. 12.3%). However, indirect bidders took down 55.3% of the supply up from July's 52.2%, and beat the average 49.9% for the seventh month in a row. 3-year note Indirect bidder participation increased to 52.8% from July's 47.7%, above the one-year average of 45.7% in every month since last December. However, Page 20 Projected Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0051321 CONFIDENTIAL SDNY_GM_00197505 EFTA01362024