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Stepanian/db/ Oat 13/01/2014 11:50 e: Sub Re: PDVSA chart + USD)PY Trade [C] jec t: thanks , lets keep on Mon, )an 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. (Embedded image moved to file: pic24288.gif) vinit Sahni Managing Director I Global Head - Professional client Group & Key client Partners Capital Markets Group Deutsche Asset 105/ Tel. Mobi Emai & wealth management ers Hall), Ec2N lEN London, united Kingdom (Embedded image moved to file: pic11018.gif) From Tazia smith/db To: "jeffrey epstein" <[email protected]>, Cc: "vinit Sahni" Date 12/01/2014 22:52 "Nay Gupta (DEUTSCHE ASSET MANAG)" >1a Subj Re: PDVSA chart + USDJPY Trade [C] ect: CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 107610 CONFIDENTIAL SDNY_GM_00253794 EFTA01451249