compensation for providing a specific recommendation or view in this report. Dominic Konstam/Aleksandar Kocic/Joseph LaVorgna/Alex Li/Stuart Sparks/Daniel Sorid/Steven Zeng/Aditya Bhave The authors of this report wish to acknowledge the contribution made by Shailendra Singh, Ignacio Quintana, Catherine Mon

compensation for providing a specific recommendation or view in this report. Dominic Konstam/Aleksandar Kocic/Joseph LaVorgna/Alex Li/Stuart Sparks/Daniel Sorid/Steven Zeng The authors of this report wish to acknowledge the contribution made by Shailendra Singh. Ignacio Quintana, Catherine Montecinos, empl

ior US bank paper, which we think can now trade to spread parity with qualityand duration-matched non-financials. Oleg Melentyev, (1)212 250 6779 Daniel Sorid, (1)212 250 1407 Page 50 Deutsche Bank AG/London EFTA01476102 8 December 2015 World Outlook 2016: Managing with less liquidity European Credit