EFTA01455453

From: Paul Morris Sent: 9/10/2014 2:45:36 PM To: Nay Gupta CC: Uzair Agee' I Subject Re: epstein Classification: For internal use only thanks, who is showing to 3E? Paul Morris Managing Director Deutsche Bank Private Bank 345 Park Avenue, 27th Floor New York, NY 10154 Office: 212-454-0701 Cell: 917-971-2507 From: Nav Gupta/db/dbcom@DBEMEA To: Paul Morris/db/dbcom@DRAMERICASMOBCOEX, Cc: Date: 09/10/2014 03:05 AM Subject: Re: epstein [I] Classification: For internal use only Paul - Uzair Acieel/db/dbcon0086M6A FX 1) sell 3mth 102 SY Puts vs buy 111 SY Calls roughly zero upfront prem (spot 106.50) 2) sell 3mth 1.5150 GBP put vs buy 1.685 Calls roughly zero upfront prem (spot 1.6150) 3) sell 6mth 1.3S eurusd calls vs buy 6mth 1.215 puts (spot 1.2950) of the 3 only the gbp has a decent vol pickup due to fear of yes vote in scotland referendum - but i like all the trades. if cable trades down to 1.50 there will be lots of UK real assets 76 should be buying at that time. we beginning to think that some of the asian currencies where international investors are positioned for carry (like Indian rupee and indonsian rupiah) could begin to unwind if the usd continues to strengthen. can look at usd calls there overall like the us rates higher / stronger usd play. mkt shrugged off 140k payroll. its cheaper to bet on higher dollar than higher us rates. pricing some us rates risk/reversals will let u know if anything interesting USD Debt only loan funds which vinit showed him earlier look attractive to us in us debt. anything with a core rates component looks like poor value as core rates are too low Financial su8 Debt in Europe T1 bank cocos are 50-100bp higher in yield compared to a month ago. they CONFIDENTIAL — PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0114219 CONFIDENTIAL SDNY_GM_00260403 EFTA01455453