From: Torsten Slok Sent: 3/1/2018 8:03:26 PM To: Martin Zeman ; Xavier Avila ; Stewart 0ldfield CC: Jennifer Francis ljennifer.francis@db.comj Subject: RE: Fwd: DB: Foreign demand for US credit weakening Yes, tmrw @ 11.OOam EST? From: Martin Zeman Date: Thursday, Mar 01, 2018, 18:06 To: Torsten Slok Xavier Avila , Stewart Oldfield 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 From: Paul Barrett <paul@alphagroupcapital.com> Date: Thursday, Mar 01, 2018,17:46 To: Martin Zeman <martin.zemanalb.com> 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 IN 57 Street 1l n Floor New York, NY 10019 Begin forwarded message: From: Torsten Slok Date: March 1, 2018 at 9:42:09 AM EST 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. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0090688 CONFIDENTIAL SDNY_GM_00236872 EFTA01387649