From: Torsten Slok
Sent: 3/1/2018 8:03:26 PM
To: Martin Zeman ; Xavier Avila ; Stewart 0ldfield
CC: Jennifer Francis ljennifer.francis@db.comj
Subject: RE: Fwd: DB: Foreign demand for US credit weakening
Yes, tmrw @ 11.OOam EST?
From: Martin Zeman
Date: Thursday, Mar 01, 2018, 18:06
To: Torsten Slok Xavier Avila , Stewart Oldfield
Subject: FW: Fwd: DB: Foreign demand for US credit weakening
Torsten,
Would you have time for a call tomorrow with Paul Barrett who manages money for a few families and trades with us?
Thank you,
Martin
From: Paul Barrett <paul@alphagroupcapital.com>
Date: Thursday, Mar 01, 2018,17:46
To: Martin Zeman <martin.zemanalb.com>
Subject: Fwd: DB: Foreign demand for US credit weakening
Can we set up a quick call with Torsten tomorrow?
Paul Barrett
Alpha Group Capital LLC
142 IN 57 Street 1l n Floor New York, NY 10019
Begin forwarded message:
From: Torsten Slok
Date: March 1, 2018 at 9:42:09 AM EST
To: undisclosed-recipients:;
Subject: DB: Foreign demand for US credit weakening
When the ECB introduced negative interest rates in 2014 many European and Asian investors
started buying US rates and also the next-door neighbor to US rates namely US IG. With higher
US Treasury yields, rising hedging costs, a falling dollar, and signs that the ECB will end QE in
September foreign demand for US credit is slowing, see chart below. Expect this to continue
going forward. Happy to discuss further, let your DB sales contact know.
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0090688
CONFIDENTIAL SDNY_GM_00236872
EFTA01387649