60 70 80 90 0 US Senior Secured Loans US Senior Unsecured Bonds All Subordinated Bonds Deutsche Bank Corporate Banking & Securities Source: Moody's Monthly Default Report, Jan 2014 8 Feb-01 Jul-01 Dec-01 May-02 Oct-02 Mar-03 Aug-03 Jan-04 Jun-04 Nov-04 Apr-05 Sep-05 EFTA01479726 Feb-06 Jul-06 Dec-06