EFTA Document EFTA01479684

Subject: Re: [C] From: Tazia Smith < Date: Tue, 12 Au 2014 08:06:15 -0400 To: Apurva Gupta Cc: Nav Gupta < Paul Morris >, Uzair Aqeel Vahe Stepanian < Vinit Sahni Classification: Confidential Thanks Apurva - those levels are in line w what I priced last night. Nav was right in that despite Jeffrey's request for a renminbi call at -40bps , which is inline with a USDpCNHc ATMS offer and implies he has a view that renminbi could strengthen further vs the dollar, he came back wanting a USDCNH call, which, as we know more expensive from an upfront premium perspective. Will show atms, atmf and your call spread. Thanks! be back Tazia Tazia Smith Director Key Client Partners - US Deutsche Bank Securities, Inc. Deutsche Asset & Wealth Management 345 Park Avenue - 26th Floor New York, NY 10154 Tel: Mobile: Fax: E-mail: Original Message From: Apurva Gupta Sent: 08/12/2014 12:47 PM GDT To: Tazia Smith Cc: Nal, Gupta; Paul Morris; Uzair Aqeel; Vahe Stepanian; Vinit Sahni Subject: Re: [C] Classification: Confidential Hey Tazia Following are the indicative levels on trades that Nav mentioned - from trader Ritvik Singh (for size $50mm or lesser) (Spot 6.1601; Fwd 6.2746, i.e. 101.86% of spot) ly ATMS (6.1601) put: 0.276% / 0.38% ly ATMF (6.2746) put: 1.039% / 1.174% Uzair highlighted, one comment in choosing between the ATMF and ATMS puts would be that if the client picks the ATMF, although he has a larger up-front EFTA01479684 (1.174% vs 0.38%), he has a better break-even price (6.201 vs 6.137). So basically if spot goes nowhere in 1 years' time, he still ends up ITM on the trade. ly ATMF / ATMF -2% put spread: 0.792% / 0.94% Strikes: 6.2704 / 6.145 Put spread costs 20.3% lesser than the vanilla ATMF put (not great) Max payout of 2.1m for premium of lm Not looking great. And if we try to bring the lower strike closer for more cheapening, the payout ratio falls below 2 ly ATMF / ATMF +3% call spread: 0.567% / 0.74% Strikes: 6.2704 / 6.4585 Call spread costs 39.2% lesser than the vanilla ATMF call Max payout of 4.1m for premium of lm (quite acceptable) Kind regards, Apurva (Embedded image moved to file: pic03093.gif) Apurva Gupta Associate I Key Client Partners Capital Markets Group Deutsche CIB Centre Private Limited Asset and Wealth Management Block Bi, Nirlon Knowledge Park Gore aon (E), 400063 Mumbai, India Tel. Mobile Email (Embedded image moved to file: pic13608.gif) From: > > I > ITazia Smith/db/dbcom@DBAMERICAS > i i I To: > > I > i lUzair Aqeel/db/dbcom@DBEMEA, > I Cc: > > I > I IApurva Gupta/db/dbcom@dbapac, Nay Gupta/db/dbcom@dbemea, Paul Morris/db/dbcom @DBAMERICAS, Vinit Sahni/db/dbcom@dbemea, Vahe I EFTA01479685 IStepanian/db/dbcom@DBAmericas Date: 108/11/2014 11:59 PM Subject: IRe: [C] Classification: Confidential Yep, that's what I figured. Thx for confirming. DB Pricer has got USDpCNHc 8/10/15 ATMS at 25.3bps/38.6bps on 50mm USD notional, right in line with Jeffrey's 40bps. You mind sending through indic levels from the traders, 4 solutions Nav identified, and we'll aim to trade early AM EST. Right now, I'll pin down which time zone JE is currently in... thanks! TDS I From: lUzair Acieel/db/dbcom@DBEMEA To: ITazia Smith/db/dbcom@dbamericas, EFTA01479686 Cc: 'Nay Gupta/db/dbcom@dbemea, Apurva Gupta/db/dbcom@dbapac, Paul Morris/db/dbcom @dbamericas, Vinit Sahni/db/dbcom@dbemea Date: 108/11/2014 06:19 PM Subject: IRe: [C] Hi, CNH trades about 6bn a day and a large proportion of the flow is global macro guys so liquidity in London hours is rarely an issue - I've traded clips of 50mn in London afternoon without any issues. Rgds, Uzair Sent from my iPad On 11 Aug 2014, at 22:48, "Tazia Smith" < wrote: Classification: Confidential Perfect Nav - thanks guys! and i'll use Pricer too. Most liquid time to trade? thinking we do want to go through London, or is liquidity that much better asia hrs? let me know, thx! TDS <0.2AC.gif> EFTA01479687 Tazia Smith Director I Key Client Partners - US DB Securities Inc Deutsche Asset & 345 Park Avenue Tel. Fa Mobile Email Wealth Management 10154-0004 New York, NY, USA <0.CEE.gif> Nav Gupta---08/11/2014 05:44:32 PM---Classification: Confidential From: Nav Gupta/db/dbcom@DBEMEA To: "AG Apu" "Uzair Aqeel" Cc: Tazia Smith/db/dbcom@DBAMERICAS, "Paul Morris" < >, "VS Vinit" < Date: 08/11/2014 05:44 PM Subje Re: [C) ct: Classification: Confidential Uzair + Apurva While Vinit and I are travelling in Zurich can u get from fx trading in the overnight session the following structures ly usdcnh atms vanilla put ly usdcnh atmf vanilla put A call spread and a put spread also ly both with one leg having atmf in it. The second strike can be a few pct away - see what makes sense from the prices Ie 4 structures The reason I'm asking for both sides (up and down) is in case the client below really wants a usdcnh call rather than the cnh call he requests. Then we are covered for all eventualities. Incl spot and fwd Let trading know size is usd5Omm or less. Def check w trading don't rely on pricer for this one (but check urself on pricer) Thx Nav From: Paul Morris EFTA01479688 Sent: 08/11/2014 05:35 PM EDT To: "jeffrey E." <[email protected]>@DEUBAINT Cc: Tazia Smith; Nav Gupta Subject: Re: [Cl Classification: Confidential we will come back to you Paul Morris Managing Director Deutsche Bank Private Bank 345 Park Avenue, 27th Floor New York NY 10154 Office: Cell: From: "jeffrey E." <[email protected]> To: Tazia Smith/db/dbcom@DBAMERICAS, Paul Morris/db/dbcom@DBAMERICAS, Date: 08/11/2014 04:58 PM Subject lets look at 1 year remimbi call 40 basis points. good bet please note 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 JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. 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