EFTA Document EFTA01451438

Oat 13/01/2014 11:50 e: Sub Re: PDVSA chart + USD)PV Trade [C] jec t: thanks , lets keep on Mon, Jan 13, 2014 at 7:47 AM, vinit sahni 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: pic27874.gif) vinit sahni Managing Director I Global Head - Professional Client Group & Key Client Partners capital Markets Group Deutsche Asset & wealth mana•ement EC2N lEN London, United Kingdom Mobile Email (Embedded image moved to file: pic02327.gif) From Tazia Smith/db To: "jeffrey epstein- <[email protected]>, Cc: "%dolt Sahni" "Nav Gu to DEUTSCHE ASSET MANAG)" Date 12/01/2014 22:52 Subj Re: PDVSA chart + USCOPY Trade [C] ect: CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 108032 CONFIDENTIAL SDNY_GM_00254216 EFTA01451438