EFTA01451341

Sub Re: PDVSA chart + USD)PY Trade [C] jec t: 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. (Embedded image moved to file: pic31477.gif) Vinit Sahni Managing Director I Global Head - Professional Client Group & Key Client Partners Capital Markets Group Deutsche Asset & wealth Management 105/108 old Broad St (Pinners Hall), Ec2N lEN London, united Kingdom Tel. Mobil Email (Embedded image moved to file: pic22315.gif) From Tazia Smith/db/dbcom@DBAMERICAS To: "Jeffrey epstein" <[email protected]>, Cc: "Vini hni" " v u 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 107834 CONFIDENTIAL SDNY_GM_00254018 EFTA01451341