Epstein Secrets

through its London Branch at Winchester House, 1 Great Winchester Street, London EC2N 2DB. Deutsche Bank AG in the United Kingdom is authorised by the Prudential Regulation Authority and is subject to limited regulation by the Prudential Regulation Authority and Financial Conduct Authority. Details about the extent of our autho

nce on reinvestment policy* and interplay between rates and reinvestments Note: (*) Currently, the Fed reinvests its maturing holdings of MBS and Treasuries purchased during QE. Research Deutsche Bank [email protected] http://houseview.research.db.com TheHouseView Special — 9 December 2015 7

regulated by the Financial Conduct Authority and the Prudential Regulation Authority under jaws in the United Kingdom; GSSP is regulat

e income. In the sections that follow, we review the specifics of each fixed income market. US Treasuries While 2016 began as a bumper year for US Treasuries, it ended in a rout. The yield on 10-year Treasury bonds, for example, reached an all-time low of just 1.36% by the middle of last year before joltin

nks hold a 10% capital ratio. This plan would probably decrease the availability of leverage, and could also result in reduced demand for short-dated Treasuries in HQLA portfolios. Another risk to 30y swap spread normalization in particular would be a material increase in deficit spending as part of a fiscal

erein, may not be eligible for distribution or sale in all countries or to certain categories of investors. | Lynch (South Africa}: Merrill Lynch d the Prudential Regulation Authority (Hong Kong): Merrill Lynch (Asia lated by the Monetary Authority of Israel}: Merrill Lynch Lynch lidrios; Merrill Lynch KSA Company, each is defin