EFTA01453170

From: Paul Morris Sent: 3/13/2014 4:02:36 PM To: Nay Gupta CC: Tazia Smith I j; Vinit Sahni Subject: Re: European hybrid bonds (CoCos) Ill Classification: For internal use only makes sense Paul Morris Managing Director Deutsche Bank Private Bank 345 Park Avenue, 27th Floor New York NY 10154 Office: Cell: From: Nav Gupta/db/dbcom@DBEMEA To: 'i iaSrinithdb Morris" Date: 03/13/2014 03:37 PM Subject: Re: European hybrid bonds (Cocos) [I] "Vinit Sahni" c, -Paul Classification: For internal use only Given russian situation and impact on europe suggest waiting for higher yields on bank hybrids. what are your thoughts vinit Original Message From: Tazia Smith Sent: 03/13/2014 03:04 PM EDT To: "jeffrey epstein" [email protected]> Cc: Nav Gu ta• vinit Sahni; Paula Morris; vahe Stepanian; "Rich Kahn" Su ject: European ybrid bonds (Cocos) [I] Classification: For internal use only Jeffrey - believe you discussed these BBVA and Santander coco bonds for investment yday at your meeting. Levels are indicative as of 3/12, so if of interest, we'll refresh. ***Intended for Non-Advisory Clients*** Buying opportunity in European hybrid bonds (Cocos) yielding 6.4-6.9%,having widened by 25-40bp last week I KCP Capital Markets [I] BBVA 9% USD CoCo yield widened by 40bp in the last week (current yield to call: 6.9%) The recently issued Santander 6.25% EUR CoCo yield is up by 25bp (current yield to call: 6.4%) CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 110642 CONFIDENTIAL SDNY_GM_00256826 EFTA01453170