EFTA01451261

Cc. Tazia Sma S. `Nay Gupta (DEUTSCHE ASSET MANAGY Paul Wald . Vahe Steparyan. Date: 13/01 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 Sabra Managing Director I Global Head - Professional Cheri Group tt Key Client Partners Capital Markets Group Deutsche Asset 8 Weath Management 105,1 d Pinners Hail), EC2N 1EN London. United Kingdom Tel. Mobile Email PA2crittr"--ItrPeer(reert From Tazia Smith/db/dbcom@DBAMERICAS To "Jeffrey epstein" <jecyasabonagmatcomx. Cc: 'Vinit Sahni" "Nay Gupta (DEUTSCHE ASSET MANAG)" Date: Subject: Re: PDVSA chart + USDJPY Trade (C) CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 107647 CONFIDENTIAL SDNY_GM_00253831 EFTA01451261