EFTA Document EFTA01466847

Subject: Re: Jeffrey - quick update on Mexico and markets [C] From: Tazia Smith a> Date: Fri, 24 Jan 2014 15:26:52 -0500 To: Jeffrey Epstein <[email protected]>, Vinit Sahni Cc: Paul Morris Classification: Confidential Jeffrey - You're down —$170,700 on the position. We can still unwind today. Let me know Indicative bid on the bonds is 100.0 and spot ref on currency is 13.445. Tazia Smith Director I Key Client Partners - US Deutsche Bank Securities Inc Deutsche Asset & Wealth Management 345 Park Avenue, 26th Floor New York, NY 10154 Tel. Fax Mobi Email From: Vinit Sahni/db/dbcom@DBEMEA To <[email protected]>, Cc: Paul Mo Date: 01/24/2014 03 update on Mexico and markets : "Jeffrey Epstein" rris/db/laS, Tazia Smith/db/- :18 PM Subject: Re: Jeffrey - quick EFTA01466847 Sure was last when I was in the office down about 150k. Tazia - can u pls help Jeffrey I am at a dinner nowhere close screens. Can u get an update where the market is now. Vinit On 24 Jan 2014, at in the future and does not tell me better level.s. to any 20:01, "Jeffrey Epstein" [email protected]> wrote: for all time i need dollar amounts not percentages. much, I see no reason not to take loss and get in at TAKE QUICK LOSSES is and will alwyas me my direction On Fri, Jan 24, 2014 at 6:25 AM, Vinit Sahni e > wrote: Classification: For internal use only Jeffrey - quick update, market is long and hurting here. EM driving a risk off move here. Positioning is very skewed here and there is pain on the street in Credit, Equities, Rates and FX. Itraxx main has moved 8bps today from the tights (73 to 81) and liquidity has dried up in credit spreads !!! 1) think MXN bonos still best EM risk there, however correlations in EM are moving up. Chart of Ashmore stock below reflects sentiment in EM (probably one of the best EM funds out there). The MXN bond as moved about 10bps in yield and all EM ccys breaking out, driven by Turkey, USDMXN about 3% weaker since we traded. Net Net we are down around 3.5-4%, as the around 3% on ccy and 1% on bond (using last nights bond prices) 2) Depending on how much risk u have in EM, we need to look at how we want to trade this. If ure exposure to EM v low, we can hang in and take some pain as it will be volatile. Market is unwinding leverage, $/JPY much lower, EM ccys wider, financials weaker, Nikkei lower, credit spreads wider all etc. The potential China trust product default end of month spooking people here 3) In EM space Turkey is leading this move - potential mis-steps from the central bank risks leaving it with too few USD reserves. The contagion channel to other markets is investors who see TRY/BRL/ZAR cheapening and sell their broader EM holdings into DM as we saw yesterday. Until yesterday EM was weakening in a vacuum. It seems to me that right now Turkey is the epi-center of the EM storm. Ukraine, Argentina and China (ICBC trust default Jan31) all add event risk. EFTA01466848 <mime.gif> Any proposed ideas are being delivered to you by the DeAWM Key Client Partners ("KCP") London desk for discussion purposes only, and do not create any legally binding obligation on the part of Deutsche Bank AG and / or its affiliates ("DB"). These ideas are for the consideration of the intended recipients of this mail only. The KCP London desk does not provide investment advice. All intended recipients are Professional investors (as defined by MiFID), who understand the strategy, characteristics and risks associated with any ideas proposed herein and will be able to evaluate it independently. All trades on proposed ideas shall be subject to the relevant internal approvals prior to execution. <tkmimeel.secure> This e-mail may contain confidential and/or privileged information. If you are not the intended recipient (or have received this e-mail in error) please notify the sender immediately and delete this e-mail. Any unauthorized copying, disclosure or distribution of the material in this e- mail is strictly forbidden. Please refer to http://www.db.com/en/content/eu_disclosures.htm for additional EU corporate and regulatory disclosures. *********************************************************** The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA01466849