EFTA01446685

From' Jeffrey Epstein <ieeyacation@gmail com> To. Vinit Sahnti Cc. Tazia Smith, 'Nay Gupta (DEUTSCHE ASSET MANAGE ul Morn Vahe Stepanta Date' 13/0112014 11:50 Subject. Re: PDVSA chart + USDJPY Trade (C) thanks , lets keep On Mon, Jan 13, 2014 at 7:47 AM, Vinit Sahni Ca> wrote: Classification: Confidential This attached image shows the current pricing on the curve, which is slightly weaker than it was in early December. I have also added the term structure of PDVSA and VENZ sovereign bonds, which gives us some relative value across the curve Bouts of volatility will likely remain an issue and therefore it will trade like a short tail risk trade. However, given that access to dollars remains key for Venezuela, we should expect the government to do whatever they can to avoid a problem servicing these bonds (or even the perception of the same). They do have a heavy amortization schedule in 2014 and 2015. Vint Sahni Managing Director I Global Head - Professional Cliert Group S Key Client Partners Capital Markets Group Deutsche Asset 8 Wealth Management ' rs Hall). EC2N 1 EN London. United Kingdom Ph16-103,- "tti Perferna, From. Tazia SmalvdbidbcomeDBAMERICAS To. "Jeffrey opstoin" leevacatIondadmaitcom>. Cc 'Vint Sahni' "Nay Gupta (DEUTSCHE ASSET MANAGT - CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 100996 CONFIDENTIAL SDNY_GM_00247180 EFTA01446685