EFTA Document EFTA01458283

I September 2015 Corporate Credit: Back to school - The edge of normality Figure 43: Distribution of Relative Bond Performance (EUR vs. USD) of our Bond Pairs since 27 May 90 USD bond outpeigormed 80 70 60 50 40 30 20 . 10 0 EUR bozl outperformed co' JP "'JP/ tete P 4), "Pt " PIP e e t9 ?if' sz, "°11,14) ? ere 4$ •Si 4( 0 .5( <19. .4,5) istp Source Dead* Bs*, Iltenteg F.,rcv LIP Given this relative strength in performance in Figure 44 we update our scatter from th