EFTA01451405.pdf

To: Tazia Smith Subject: Re: PVDSA chart + USDJPY Trade [C] do you think money good in 15 On Sun, Jan 12, 2014 at 4:38 PM, Tazia Smith avrote: Classification: Confidential Jeffrey: Please find the chart of PDVSA 5% 10/28/15 price history below, as well as a description of the USDJPY 10yr trade that we briefly discussed on Friday. Speak with you soon, Tazia <8.1AD6.gif> Used with permission of Bloomberg Finance LP, 1/10/14 ---- Forwarded by Tazia Smith/db/dbcom on 01/12/2014 03:29 PM -- From: Nay Gupta/db/dbcom@DBEMEA To: Tazia Smith/db/dbcom@DBAMERICAS, Date: 01/10/2014 08:21 AM Subject: $Y [r] Classification: For internal use only Long Si Call Options. We like long expiry options to benefit front the present dislocation between interest rates and volatility Deutsche Bank FX Strategists are calling for USDJPY of 115 by year-end 2014, and 120 by year-end 2015. See DB FX Blueprint published 1/9/14, and note that #2 of the top 10 themes of 2014 (p. 5-6) revolves around extended weakness in the Japanese Yen vs. USD. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0107981 CONFIDENTIAL SONY GM_00254165 EFTA01451405