EFTA Document EFTA01385915

-o 12015 Outlook Recommendations ry Deutsche Bank Securities Inc Trade Detail Rationale Risks Opened Entry Current P/L OPdon Sell FVH6 puts versus buy like structured swaption for zero premium Overly aggressive Fed could produce a "tightening tantrum" which is negative for risk asset valuations, likely producing hedging flows in swap spreads that push spreads wider. Spreads tighten in a sell-off beyond the strikes 12/19/14 FVH6 +10.bp Swaption +9bp o ptkin Buy lxl, ty