EFTA01378329.pdf

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > Europe Investment Grade ENBW Updated: Aug 31, 2015 Trade Idea: BUY ENBW 3 V. 04/02/76 Corporate Hybrid Call in 2021 ( XS1044811591 ) Investment Rationale: - State owned German utility covering the whole value chain, better positioned than its German peers, conservatively managed and delivering on its targets, - Offers an attractive pickup to peers like National Grid, EDF & GDF - Offers a pick up of roughly 50 bp to other similar rated Hybrids with same maturities Recommendation(s): Trade Ratings Issue Spread Cash View Horizon Ticker CPN Maturity CC Y Size Yield Price ISIN S&P Mood s Entry Target Loss 0t*perfoim 12 mo ENBW 3.625 Call in BBB- Baa2 EUR 1000 3.55 345 300 370 100.4 XS1044811591 2021 'Levels as of 08/31/2015 Deutsche Asset & Wealth Managernem 32 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0075498 CONFIDENTIAL SDNY_GM_00221682 EFTA01378329