Subject: ++ Off-the-run

Subject: ++ Off-the-run From: Martin Zeman Date: Tue, 17 Oct 2017 To: "Paul Barrett Cc: Stewart Oldfield Joshua Shoshan Davide-A Sferrazza Xavier Avila Liam Osulliv Paul, Relative Value Offers 12:23:59 -0400 ++ Is this below something you want to see? We work with a desk that trade slightly less liquid paper, but very often offering nice pickups to more liquid bonds or notes. I can send this to you daily if you want. Here is a today's update: Getting lifted on Macy's 27s — thanks Ray. Leaves 2MM to offer at +348 refreshed offer axes below. Note that below axe list is NOT exhaustive. Please get in touch with desk for any other illiquid / off-the-run inquiries USD Offer Axes Size ISIN Des Rating Rank Amt Outstanding Ask Spread EFTA01433560 Yield Ask (Cash) Comment 10MM XS1670658134 EFSE Float 08/24/22 Unsecured 29,500,000 DM+ 190 4.03% 100.00 Senior notes issued by a KFW initiated microfinance fund. Structural credit enhancement of at least 70% 2.5MM 90131HAV7 FOXA 9 11 07/15/24 BBB+ *- / Baal Sr Unsecured 200,000,000 T+ 103 3.33% 136.97 FOXA 3.7 24s at 69/64 EFTA01433561 1MM+ 172967AM3 C 6 % 06/01/25 BBB+ / Baa1 Sr Unsecured 150,000,000 T+ 120 3.50% 122.40 C 3.3 25s at 80/75 1MM+ XS0743062845 BACR 0 03/27/27 A- / NR Sr Unsecured 13,402,221 Z+ 140 3.65% 71.09 BACR 3.75 24s at Z+95 2MM 55616XAB3 EFTA01433562 M 6.79 07/15/27 Baa3 Sr Unsecured 165,000,000 T+ 348 5.79% 107.38 101 CoC M 24s at 225/210 EUR Offer Axes Size ISIN Des Rating Rank Amt Outstanding Ask Spread Yield Ask (Cash) Comment 10MM XS0242163656 AEGON Float 02/02/21 Al EFTA01433563 Secured 100,000,000 OAS+ 45 0.43% 101.75 Longer plain senior Aegon (A3 - two notches lower! ) at Z+23 1.8MM XS1031554360 OTTOGR 0 02/18/21 Sr Unsecured 50,000,000 DM+ 125 0.92% 102.51 OTTOGR 3.75 20s at z+92 7MM PP3029Z71 .CECON Float 03/22/22 Unsecured 69,000,000 DM+ 76 EFTA01433564 0.85% 100.54 Lower rated MEOGR 21s at Z+40 6.9MM XS1670650669 EFSE Float 08/24/22 Sr Unsecured 25,000,000 DM+ 150 1.72% 100.23 Senior notes issued by a KFW initiated microfinance fund. Structural credit enhancement of at least 70% 9MM XS0998952252 SRBANK 3.2 12/02/33 Al Sr Unsecured 25,000,000 Z+ 65 0.97% 113.20 callable in '23. 40bps pick to SRBANK 22s to call EFTA01433565 5MM XS1660709616 OTTOGR Float 08/24/26 Sr Unsecured 50,000,000 OAS+ 180 2.48% 99.69 Pays 3mE+215, capped at 3.25%, floored at 1% {cid:[email protected]} Martin Zeman Director I Key Client Partners Deutsche Bank Wealth Management DB Securities Inc 10154-0004 New York, NY, USA Tel. Mobil Email KCP products and services are intended and available only for persons who are sophisticated institutional investors within the meaning of the FINRA Rule 4512(C)(3), and who are capable of evaluating the strategies, characteristics and investment risks of, and exercising independent judgment in evaluating, the ideas and products discussed herein. Trades and transactions are subject to relevant internal approvals of DBSI or its affiliates prior to execution, and the execution of any transaction or idea discussed herein is conditional on your becoming a client of Deutsche Bank. Key Client Partners (KCP) products, investment ideas and solutions and EFTA01433566 related matters discussed herein are provided for discussion purposes only, and strictly on a non-advisory basis. The KCP Americas desk does not provide investment advice. The information set forth herein is confidential and personal to you and is being presented for your information and for discussion purposes only. Any reproduction and/or redistribution thereof (in whole or in part) or disclosure of its content without our written consent is strictly forbidden. This communication does not create any legally binding obligation on the part of DBSI or any of its affiliates. EFTA01433567