EFTA01446725

Morrisrdb/d ahe Stepanlarild Date' 13/01/201411:50 Subject: Re: PDVSA chart • USDJPY Trade (C) thanks , lets keep On Mon, Jan 13, 2014 at 7:47 AM, Vinit Sahni <v 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 Client Group 8 Key Client Partners Capital Markets Group Deutsche Asset 8 Wealth Management 105/108 Old &oad St (Planers Hall). EC2N lEN London. United Kingdom Pte- Peeler-on From. Tazia Smith' To' "Jeffrey epstein lee/ ti ciliMi ct il acs ma .00rn>. Cc. "Vine Sahni" <ye>, "Nay Gupta (DEUTSCHE ASSET MANAC 2al mho stepaniantedb.com Date: 12/012014 22:52 Subject: Re: PDVSA chart • USDJPY Trade (C) CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0101079 CONFIDENTIAL SDNY_GM_00247263 EFTA01446725