EFTA Document EFTA01446679

Cc: Tazia Smith/db/dbcom@DOAMERICAS, "Nay Gupta (DEUTSCHE ASSET MANAG)" , Paul Morris b/dbcom@DBAMERICAs, vahe Stepanian/db/dbcom@OSAmericas Date: 13/01/2014 11:50 Subject: Re: PDVSA chart + USDJPY Trade [C] thanks , lets keep On Mon, Jan 13, 2014 at 7:47 AM, Vinit Sahni a 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. (Embedded image moved to file: pic30041.gif) Vinit Sahni Managing Director I Global Head - Professional Client Group & Key Client Partners Capital Markets Group Deutsche Asset & wealth Management inners Hall), EC2N lEN London, united Kingdom Email (Embedded image moved to file: pic0692S.gif) From: To: Cc: (DEUTSCHE ASSET MANAG)" Tazia smith/db/dbcom@DBAMERICAs "jeffrey epstein" •t i• "vinit Sahni" , "Nay Gupta 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. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 100983 CONFIDENTIAL SDNY_GM_00247167 EFTA01446679