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anadian terms of trade have clearly peaked (chart 6), with the currency moderately expensive versus non-energy commodity prices and supply glut in North America oil production providing an additional headwind. Big picture, GBP/CAD is a dollar-neutral cross, with correlations with other USD crosses all lyin
lard Co-Global Heads Equity Research Michael Spencer Regional Head Asia Pacific Research International Locations Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Andreas Neubauer Regional Head Equity Research, Germany Steve Pollard Regional Head Americas Research Deutsche Bank AG Deutsche Bank
shore Both Both TBD Description RREEF fund to acquire and manage a diverse portfolio of energy efficiency retrofits on real estate buildings in North America RIN Ltd. is a newly formed private debt fund, utilizing CLO structuring, that will seek to originate a diversified portfolio of private infrastruct
see basket underperform Implementation: Buy European Oil Sensitivity Basket via Delta One note or Total Return Swap Source: Bloomberg Finance LP, Deutsche Bank Research European Oil Sensitivity Basket Outperforms market when Brent rises (1) For additional detail on basket holdings please see Appendix Deutsche Ass
Deutsche Bank Markets Research Rating Hold North America United States Industrials Oil & Gas Exploration & Production Company Pioneer Natural Resources Reuters PXD.N Bloomberg PXD UN Exchange Ti
o Sanno Park Tower Chiyoda-ku, Tokyo Japan Tel: Marce assay Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Richard Smith and Steve Pollard EFTA01473353 Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research, Germany
Deutsche Bank Markets Research Rating Buy North America United States Reuters Health Care Biotechnology RTRX.OQ Bloomberg RTRX US Exchange Ticker NMS RTRX Company Retrophin Agrees to sell PRV
Sanno Park Tower Chiyoda-ku, Tokyo Japa Tel: Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Richard Smith and Steve Pollard EFTA01473409 Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research, Germany
Entities connected to both North America and Deutsche Bank Research

United States
LOCATION
Deutsche Bank
ORGANIZATION
Ghislaine Maxwell
PERSON
United Kingdom
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Bloomberg L.P.
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Tokyo
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Sydney
LOCATIONDeutsche Bank Securities Inc.
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Frankfurt
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New Zealand
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Alan Dershowitz
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Malaysia
LOCATIONSteve Pollard
PERSON
Norway
LOCATIONAndreas Neubauer
PERSONDoug Band
PERSONDavid Folkerts-Landau
PERSONMichael Spencer
PERSONRalf Hoffmann
PERSON
Kowloon
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