EFTA01451361

Date: 13101201411:50 Subject: Re: PDVSA that • USDWY Dade (C1 thanks , lets keep On Mon, Jan 13, 2014 at 7:47 AM, Vinit Sahni <[email protected]> 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. I Vinit Sahni Managing Director I Global Head - Professional Client Group & Key Client Partners Capital Markets Group Deutsche Asset 8 Wealth Management 105/108 Old &oad St (Pinners Hall). EC2N 1 EN London. United Kingdom Tel. +44120)2S4-13392 Mobile +447920-138521 Ennil viSEPSASIL22M Thirritn.- its Pmfornt Ilmm. Tate SmithrtgAbixim@DBANSEFtICAS To: "jeffitycpelcia" ciemwroationcdgmaikoom?. Cc: wVinii Salmi" cvitiWthni44149111,-. "Thiv Gupta (DEUTSCHE ASSET NIANAGr cIPTIVAnritbloontIvrEntv, mAnymitl p, vahe oTam 3n ret1b “wil Dem: 12:012014 22:52 Subject: Re: PDVSA chart + USD1PY Trade [C] CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0107880 CONFIDENTIAL SONY GM_00254064 EFTA01451361