ange in direction when it comes to the current equipment plan. The direction of defence budgets globally offers both upside and downside risks. FX (USD/GBP) fluctuations. ■ Banco Santander - SAN.MC: Key downside risks include: 1) a weaker capital build-up than expected; 2) macroeconomic deterioration i

onto what we think is decent value at the long-end of IG curves and then look at how EUR credit has lost its valuation advantage it had relative to USD/GBP credit when we last explored this theme in late May. Jim Reid NM= Strategist Deutsche Bank AG/London DISCLOSURES AND ANALYST CERTIFICATIONS ARE