CLO Assets: New Issue Loan Spreads
• New Issue Loan Spreads are Relatively Wide
S&P LCD New Issue B+/B Spreads(')
L+200
Dec-99 Dec-00 Dec-01 Dec-02 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13
Deutsche Bank (1) Source: &indeed & Poor's LCD Lending Quarterly Q4-13. 22
Corporate Banking & Seoul ities
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0124641
CONFIDENTIAL SDNY_GM_00270825
EFTA01462206