EFTA Document EFTA01435502

Subject: RE: Fwd: DB: Foreign demand for US credit weakening From: Martin Zeman Date: Thu, 01 Mar 2018 21:18:56 -0500 To: Torsten Slok Xavier Avila Stewart Oldfield Cc: Jennifer Francis IMIIMMEIMMI Perfect. I will send a dial-in in the morning. Thank you, Torsten. Martin From: Torsten Slok Date: Thursday, Mar 01, 2018, 20:03 To: Martin Zeman , Xavier Avila Stewart Oldfield Cc: Jennifer Francis Subject: RE: Fwd: DB: Foreign demand for US credit weakening Yes, tmrw @ 11.00am EST? From: Martin Zeman <martin.zeman@db.com> Date: Thursday, Mar 01, 2018, 18:06 To: Torsten Slok Xavier Avila Stewart Oldfield a> Subject: FW: Fwd: DB: Foreign demand for US credit weakening Torsten, Would you have time for a call tomorrow with Paul Barrett who manages money for a few families and trades with us? Thank you, Martin EFTA01435502 From: Paul Barrett ‹ > Date: Thursday, Mar 01, 2018, 17:46 To: Martin Zeman Subject: Fwd: DB: Foreign demand for US credit weakening Can we set up a quick call with Torsten tomorrow? Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor, New York, NY 10019 646-876-5277 (o) Begin forwarded message: From: Torsten Slok Date: March 1, 2018 at : : To: undisclosed-recipients:; Subject: DB: Foreign demand for US credit weakening When the ECB introduced negative interest rates in 2014 many European and Asian investors started buying US rates and also the next-door neighbor to US rates namely US IG. With higher US Treasury yields, rising hedging costs, a falling dollar, and signs that the ECB will end QE in September foreign demand for US credit is slowing, see chart below. Expect this to continue going forward. Happy to discuss further, let your DB sales contact know. Let us know if you would like to add a colleague to this distribution list. Torsten Slok, Ph.D. EFTA01435503 Chief International Economist Managing Director Deutsche Bank Securities 60 Wall Street New York, New York 10005 Tel: 212 250 2155 This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Please refer to https://db.com/disclosures for additional EU corporate and regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01435504