EFTA01451413

Tel. +44(20)754-13392 Mobile +447920-138521 Email vinit.sahnicadb.com <8.348.gif> From: Tazia Smith/db/dbcom@DBAMERICAS To: "jeffrey epstein" <jeevacation(agmail.com>, Cc: "Vinit Sahni" <[email protected]>, "Nav Gupta (DEUTSCHE ASSET MANAG)" <[email protected]> [email protected] vahe.stepaniatViDdb.com Date: 12/01/2014 22:52 Subject: Re: PDVSA chart + USDJPY Trade [C] Classification: Confidential Looping in Vinit here as he was recently involved with a large offering in the pdvsa credit and may have some take-aways. My view is the bonds are money good in 2015, as of now, but you are not looking for yield carry (as discussed), and the risks of restructuring and near-term downside due to politics specific to venezuela and chatter around EM assets at large are likely greater than implied by the bonds' current —85 levels; would use Friday's rally to sell (particularly if you believe it was rates driven vs credit). For what it's worth, we've found Latam family offices that are very familiar the credit (and do like carry) are fully loaded and do not have incremental demand. Tazia Smith Director CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0107997 CONFIDENTIAL SONY GM_00254181 EFTA01451413