Trade Date: 08-Aug-24 Deutsche Bank USD Agency Spread Report Deutsche Bank 61-day Data History Global Relative Value Research Spreads to Treasury Spline 150 100 50 ■ A � � � � � 0 � � ■ -50 -100 Aug-24 Aug-25 Aug-26 Aug-27 Aug-28 �FNMA ■ FHLMC A FHLB ×FFCB Swap Spreads 75 ■ n 50 A ■ ■ ■ ■ 25 n ■ X ■ 0 x ■ -25 -50 -75 Aug-25 Aug-26. Aug-24 Aug-27 Aug-28 Aug-29 ■ FNMA ■FHLB A FHLMC × FFCB FNMA Treasury Spline and Swap Analysis Trade Date: 08-Aug-24 61-day Data History Deutsche Bank Global Relative Value Resea ...

Deutsche Bank Research Fed Liquidity and Money Market Monitor August 8, 2024 Steven Zeng, Matthew Raskin, Brian Lu US Rates Strategy 1 Columbus Circle New York, NY 10019 Tel: +1 (212) 250 9373 ANT RESEARCH DISCLOSURES AND ANALYST CERTIFICATIONS' LOCATED IN APPENDIX * . MCI (P) 041/10/2023. UNTIL 19th MARCH 2021 MPLETE DISCLOSURE INFORMATION MAY HAVE BEEN DISPLAYED, PLEASE SEE APPENDIX 1 FOR FURTHER DETAI Recent developments 0 Reserve balances have recently fallen to their lowest levels since 2023, and ON RR ...

Deutsche Bank Research US Treasury 30-Year Bond Auction Brian Lu US Rates Strategy (212) 250-7434 brian-a.lu@db.com Auction date: August 8, 2024 PORTANT RESEARCH DISCLOSURES AND ANALYST CERTIFIGATIONSTLOCATED INTAPPENDIX(EMCE(E) 041740/2023- UNTIL 9th WARCH 2021 INCOMPLETE DISCLOSURE INFORMATION MAY HAVE BEEN DISPLAYED, PLEASE SELAPPENDIX TEOR FURTHER DETALS, 30-Year Auction Statistics | --- | --- | |---------|------------| | | Size ($bn) | | | �22.3 | | Jul-24 | $22.0 | | Jun-24 | 422.0 | | | ee25.0 | | Ap ...

Recent developments ❏ Reserve balances have recently fallen to their lowest levels since 2023, and ON RRP balances also resumed declining after remaining steady over the past several months. Reserve balances now constitute around 11% of GDP, the lowest since the start of QT. Reserve metrics are moving closer to levels consistent with "ample" previously. ❏ Repo rates have increased since May, with SOFR settling in a new range of 5.33% - 5.35%. Daily volumes are at record highs. Demand for repo leverage is hi ...

Deutsche Bank Research North America United States Rates US Fixed Income Weekly Date 9 August 2024 Strategy Update This publication is a compilation of key research reports published over the past week. Matthew Raskin Strategist +1-212-250-1741 Steven Zeng, CFA Strategist +1-212-250-9373 Brian Lu Research Associate +1-212-250-7434 Deutsche Bank Securities Inc. IMPORTANT RESEARCH DISCLOSURES AND ANALYST CERTIFICATIONS LOCATED IN APPENDIX 1. MCI (P) 041/10/2023. UNTIL 19th MARCH 2021 INCOMPLETE DISCLOSURE INF ...

Deutsche Bank Research North America High Yield Corporates Consumer Services, Leisure & Gaming Company Restaurant Brands International Inc. Date 9 August 2024 Key Takeaways from Q2'24 Results Restaurant Brands reported Adjusted EBITDA of $720 million (+8.3% versus $665 million in Q2'23) on revenues of $2.08 billion (+17.2% versus $1.78 billion in Q2'23). Results were modestly ahead of consensus expectations (~$708 million). Ricardo Chinchilla Research Analyst +1-212-250-9980 Figure 1: Second Quarter Snapsho ...

Deutsche Bank Research Global Cross-Discipline Thematic Research Date 9 August 2024 Next week...this week All eyes will be on July CPI and retail sales in the US in the week ahead. Latest economic activity is also due in China and Q2 GDP will be out in Japan. For the UK, an important week is ahead with labour market data, inflation and the monthly GDP releases. Monetary policy will be in focus in China, Norway and New Zealand. Corporate earnings highlights include Walmart, Cisco and Alibaba. The July CPI re ...

Deutsche Bank Research North America High Yield Corporates Healthcare Company ModivCare Inc. Date 9 August 2024 Q224 Results Summary and Recommendation We rate MODV's bonds Buy. MODV reported Q224 EBITDA slightly ahead of the Bloomberg consensus. Importantly, MODV won additional NEMT contracts in Q224, and did not lose any meaningful contracts. This bodes well for a positive 2H24 setup. Although MODV drew down significantly on its revolver in Q224 (due to changes in contracts receivables and payables), it's ...

Deutsche Bank Research North America High Yield Corporates Consumer Services, Leisure & Gaming Company Mohegan Tribal Gaming Date 8 August 2024 Q3'24 Initial Analysis: Good Enough While consolidated Adjusted EBITDA was down for the quarter, we found more positives than negatives in the Q3'24 results. The positives include: (1) we estimate that the restricted group reported Adjusted EBITDA growth in the quarter even after adjusting for the non-recurring benefit at Mohegan Pennsylvania; (2) management noted t ...

24-Jul-24 LatAm FX and Rates Analytics LatAm FX and Rates Analytics | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | EMFX Analytics . | | | FX Performance . | | | FX Scores | | | FX vs Global Drivers . | | | FX vs Domestic Fundamentals | | | | | | Local Fl Analytics . | | | | | | Monetary Policy Snapshot . | | | Brazil | | | Mexico . | | | Chile | | | | | | Colomb ...