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Cc. Tazia Smilhidbrdbcom@DBAMERICAS."Nav Gupta (DEUTSCHE ASSET MANAG Morrieddb/dbcom@DBAMERICAS, Vane Steparian/db/dbcom@DEAmericas Date: 13/01/2014 11:50 Subject. Re: PDVSA chart • USDJPY Trade (C] Paul thanks , lets keep On Mon, Jan 13, 2014 at 7:47 AM, Vinit Sahni 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. Vinit Sahni Managing Director I Global Head • Professional Cliert Group 8 Key Client Partners Capital Markets Group Deutsche Asset 8 Wealth Management rs Hall) EC2N lEN London. United Kingdom Pasciawhy Pee fort. From Tazia SmithMbrdbcom@DBAMERICAS To. "Jeffrey °este " • • I corn>. Cc' '" "Nay Gupta (DEUTSCHE ASSET MANAG)" Date: 12101/2014 22:52 Subject: Re: PDVSA chart • USDJPY Trade (C) CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0101046 CONFIDENTIAL SDNY_GM_00247230 EFTA01446710