EFTA01141482.pdf

From: Tazia Smith To: jeevacationggmail.com Cc: Vahe Stepanian Subject: [I] Date: Thu, 07 Nov 2013 21:14:02 +0000 Inline-Images: unnamed; unnamed(1); unnamed(2); unnamed(3); unnamed(4); unnamed(5); unnamed(6); unnamed(7); unnamed(8); unnamed(9); unnamed(10); unnamed(11); unnamed(12); unnamed(13); unnamed(I4); unnamed(I5) Classification: For internal use only Hi Jeffrey - Just tried calling you to check-in. FYI below: TWTR closes at $44.90, touching a high of $50.09 in the early morning flurry and retracing as high as $48.66 late in the day. Risk-off move across the markets today, as you likely saw (S&P down 1.3%, eurostoxx jumped and reversed post ECB, finishing down 44bps). Refreshed pricing on the USDJPY 1yr risk reversal that we talked about at our meeting a couple weeks ago (ATMF/90 strikes) is 2.8% cost: spot ref 97.75 Leg 1: Risk Reversal <Client> buys Call, sells Put on USD/JPY in a Risk Reversal Call Strike: 97.47 Put Strike: 90 Notional: USD 1,000,000 USD Expiry: Mon 10-Nov-2014 (1y) Settlement: Wed 12-Nov-2014 ZoneCut: NY Net Premium Paid: USD 28,000 (2.8%) Premium Date: Tue 12-Nov-2013 Indicative levels only. Subject to market movement. Source: DB WM FX Solutions, 11/7/13. L 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 mar EFTA01141482 Panitrpcirr Perform. -- Forwarded by Tazia Smith/db/dbcom on 11/07/2013 02:51 PM -- From: Harlin Singh/dbidbcom@DBAMERICAS To: Tazia Smith/dbMbcorri@DBAMERICAS@DBCOEX. Dale: 10/21/2013 01:21 PM Subject: Re: 1yr USDJPY 111 Classification: For internal use only Keep in mind, none of these include markup so you will have to account for that Risk Reversal selling 90 strike puts (23 delta) cheapens the long call by 1.38% vs the forward that gives you 1-for-1 downside exposure beginning at 97.84. We can change the downside strike to wherever the client is comfortable getting long USDJPY. The one year low in USDJPY has been 79.38 Leg 1: European Option Call <Client> buys European USD Call on USD/JPY Strike: 97.84 (abnf) Notional: USD 1,000,000 Expiry: Tue 21-Oct-2014 (1y) Settlement: Thu 23-Oct-2014 ZoneCut: NY Premium: USD 41,000 Premium Date: Wed 23-Oct-2013 Leg 2: European Option Put <Client> sells European USD Put on USD/JPY Strike: 90 Notional: USD 1,000,000 Expiry: Tue 21-Oct-2014 (1y) Settlement: Thu 23-Oct-2014 ZoneCut: NY Premium: USD -13,830 Premium Date: Wed 23-Oct-2013 Kind regards, Harlin Harlin Singh Director Deutsche Bank Securities Inc. Solutions & Trading Group - New York, NY, USA mai Panio-1,-ftr Perfen EFTA01141483 From: Tazia Smitt-Mbklbcom@DBAMERICAS To: Harlin Singh/clbklbcom@DBAMERICAS@DBCOEX. Dale: 10/21/2013 12:57 PM Subject: Re: lyr USDJPY III Classification: For internal use only rd favor less leverage with some protection (out of the moneyness) built in on the sold option. but would love your input Tazia Smith Director i Key Client Partners - US Deutsche Bank Securibes Inc Deutsche Asset 8 Wealth Management 345 Park Avenue. 261h Floor New York, NY 10154 Emait Passíťn,-(tr Perfornt From: Harlin Singhklbtdbzom@DBAMERICAS To: Tazia Smithiclbidbcom@DBAMERICAS@DBCOEX. Dale: 1012102013 12:36 PM Subject: Re: lyr USCUPY III Classification: For internal use only for how much in notional? ie how much leverage does he want? Kind regards, Harlin Harlin Singh Din3clor EFTA01141484 Deutsche Bank Securities Inc Solutions 8 Trading Group 45 Park Avenue 10154-00 New York. NY. USA mai Pando-14.1-tr Peťfůnn From: Tazia Smithfdbidbcom@DBAMERICAS To: Harlin Singh/dbicibcom@DBAMERICAS@DBCOEX. Date: 1012172013 12:32 PM Subject: Re: lyr USDJPY g] Classification: For internal ase only up to S250k in premium Tazia Smith Director I Key Client Partners - US Deutsche Bank Securities Inc Deutsche Asset B Wealth Management 345 ParkAvenue, 26th Fbor Email Passjo-Y .1-uPeňftrťnt From: Harlin Singh/dbklbzom@DBAMERICAS To: Tazia Smithidb/dbcom@DBAMERICAS@DBCOEX. Date: 1012112013 12:30 PM Subject: Re: lyr USDJPY III Classification: For internal ase only How much do you think he's willing to spend in premium? I can solve for possible strikes. Kind regards, EFTA01141485 Harlin Harlin Singh Director Deutsche Bank Securities Inc. Solutions & Trading Group - 04 New York. NY. USA Mal Panio-pcfv-Peeffron From: Tazia Smithidbidbcom@DBAMERICAS To: Hadin Singh/db/dbcom@DBAMERICAS@DBCOEX. Date: 10/21/2013 12:26 PM Subject: Re: 1yr USDJPY [II Classification: For internal use only He's KCP, ISDA almost finalized....Iet's talk risk reversal! :) Tazia Smith Director I Key Client Partners - US Deutsche Bank Securities Inc Deutsche Asset & Wealth Management 345 Park Avenue. 26th Floor Email Panitrpcity Perform. From: Hadin Singh/dbidtcom©DBAMERICAS To Tazia Smith/dhldbcom@DBAMERICAS@DBCOEX. Date: 10/21/2013 12:19 PM EFTA01141486 Subject: Re: 1yr USOJPY [II Classification: For internal use only The 1y forward points are pretty accurate on bberg. The option struck atmf will cost around 4.10% of notional (no markup included) 1y volatility is around 10.3% at the moment. It depends on how you look at it - if you are ok without the downside protection, I would do the forward. If the client is qualified to do forwards though, they could also explore a risk reversal to lower cost and give some protection in the event of a correction. What type of client is it and what size are they thinking to do? Kind regards, Harlin Harlin Singh Director Deutsche Bank Securities Inc. Solutions & Trading Group 345 Park Avenue 10154.0004 New York. NY. USA n Peacio-ptiv-Perform, Front Tazia Smithidb/dbcom®DBAMERICAS To: Date: 10121/2013 12:07 PM Subject: 1yr USDJPY Classification: External Communication Hi Harlin - can u just confirm that a short jpy long usd 1yr fwd prices out inline w what I see on bbg? do you have color/thoughts on a fwd vs option as far as premium of the option and leverage vs the fwd? Would love your thoughts! Thanks :) Tazia Smith Director Markets Coverage Group EFTA01141487 Deutsche Bank Securities, Inc. Deutsche Asset & Wealth Management 345 Park Avenue - 26th Floor New York. NY 10154 E-mail: This communication may contain confidential and/or privileged information. 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