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EFTA01447174 | EFTA01447174 lv EURUSD VOL: Low - but then again most most vols are What I like about EURUSD is that central bank policy on each side is diverging (Embedded image moved to file: pic10501.gif) This Table shows mid-market premiums (in % of notional) as spot and time change. (Embedded image moved to file: pic30955.gif) 19.5 is mid (offer is 21) 4) Scale into f4mm Nationwide (UK Building Society) 6.875% perpetual which yields 6.4% in GBP and is likely to be called in 5years European Bank AT1 HyBrid Bonds (aka coco's) have rallied significantly. we were unable to get the BBVA issue at the right levels. A very similar bond which has rallied 30bp less than the BBVA is the Nationwide (uK Building society) 6.875% perpetual which currently yields 6.4% and is likely to be called in 5years time. It has a tierl capital trigger of 7% and current tierl capital ratio is 13% which is fair margin. The Nationwide one I'm suggesting today is rated Fitch/S&P BB+, its parent is Fitch/S&P rated single-A The BBVA bond we tried to buy earlier is rated Fitch BB-, its parent is S&P rated BBBI suggest scaling L2mm at 6.5% and L2mm at 6.75%. Transaction cost is 6bp from mid. Yield to call of Nationwide 6.875% perpetual ISIN XS1043181269 (Embedded image moved to file: pic19022.gif) Tazia for any execution, 0&A to me. Best, Nav (Embedded image moved to file: pic30035.gif) Nam Gupta Managing Director Deutsche Bank AG, Filiale London Deutsche Asset & wealth Management jnners Hall), EC2N lEN London, United Kingdom Any proposed ideas are being delivered to you by the DeAWM Key Client Partners ("KCP") London desk for discussion purposes only, and do not create any legally binding obligation on the part of Deutsche Bank AG and / or its affiliates ("DB"). These ideas are for the consideration of the intended recipients of this mail only. The KCP London desk does not provide investment advice. All intended recipients are Professional investors (as defined by MiFID), who understand the strategy, characteristics and risks associated with any ideas proposed herein and will be able to evaluate it independently. All trades on proposed ideas shall be subject to the relevant internal approvals prior to execution. (Embedded image moved to file: pic12137.gif) CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0 101722 SDNY_GM_00247906 EFTA01447174
February 21, 2026 at 6:46 AM