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Cc: Tazia Smith <
Uzair Ageel <
Vinit Sahni <
Classification: For internal use only
Tazia, can we get trade ideas out to JE?
Paul Morris
Managing Director
Deutsche Bank Private Bank
345 Park Avenue, 27th Floor
New York, NY 10154
Office:
Cell:
From:
Nay Gupt
To:
Paul Morris/di
f
Cc:
Tazia Smith/db/
Date:
09/10/2014 04:58 PM
Subject:
Re: epstein [I]
Uzair Acieel/db/
, Vinit Sahni/
Classification: For internal use only
Paul, US compliance insist only kcp US can 'highlight' trades to US kcp
clients. They and our compliance have become much clearer. Nate
Original Message
Cc: Tazia Smith; Uzair Ageel; Vinit Sahni
Classification: For internal use only
thanks, who is showing to JE?
Paul Morris
Managing Director
Deutsche Bank Private Bank
345 Park Avenue, 27th Floor
New York, NY 10154
Office:
Cell:
From:
EFTA01470980
To:
Cc:
Paul Morris/db/
Date:
09/10/2014 03:05 AM
Subject:
Re: epstein (I)
Classification: For internal use only
Paul -
Uzair Acieel/db/
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 1.35 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 JE 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 SUB Debt in Europe
T1 bank cocos are 50-100bp higher in yield compared to a month ago. they
recovered more slowly after the summer selloff and have lagged both ends of
the credit spectrum ie bank equity and snr debt. a typical french bank ti coco
like socgen in usd perp callable in 2018 yields 6.60% mid. same credit ud perp
callable in 2023 yields 7.40 mid id go for the 4y
Japan - dont like the the play some investors are making buying payer
swaptions to position for higher interest rates. BoJ will go down the same
path as ecb and take rates -ve to encourage spending.
nikkei risk reversals could make sense.
cc'd Uzair who just joined the team. former trader and hf strategist.
Nay
From:
Paul Morris/db/
EFTA01470981
To:
Date:
09/09/2014 14:30
Subject:
epstein (I)
Classification: For internal use only
hi, any ideas? what are you showing clients? more euro yen??
Paul Morris
Managing Director
Deutsche Bank Private Bank
345 Park Avenue, 27th Floor
New York, NY 10154
Office:
Cell:
EFTA01470982