EFTA01451229

New Tel: Mobil Fax: E-mail From: Jeffrey Epstein [[email protected]] Sent: 01/13/2014 07:49 Am AST To: Vinit Sahni Cc: Tazia Smith; "Nav Gupta (DEUTSCHE ASSET MANAG)" >; Paul Morris; vahe Stepanian Subject: Re: PDVSA chart + USDJPY Trade [C] 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 client Group & Key client Partners Capital Markets Group Deutsche Asset & wealth 105/ Tel. Mobi Emai From Tazia Smith/c management ers Hall), Ec2N lEN London, United Kingdom To: "jeffrey epstein" <[email protected]>, Cc: "vinit Sahni" , "Nav Gupta (DEUTSCHE ASSET MANAG)" Date 12/01/2014 22:52 • Subj Re: PDVSA chart + USDJPY Trade [C] ect: CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 107563 CONFIDENTIAL SDNY_GM_00253747 EFTA01451229