EFTA01368542.pdf

From: Paul Morris I Sent: 10/28/2014 5:02:01PM To: Daniel Sabba CC: Stewart Oldfield Subject: Re: IRS on AAPL - creating synthetic long exposure ICI Attachments: pic01313.git pic08059.gif Classification: confidential Try to get some feedback from him when u next speak re this trade, thx Original Message From: Daniel Sabba Sent: 10/24/2014 12:18 PM EDT To: [email protected] Cc: Paul Morris; vahe Stepanian; Stewart Oldfield; subject: TRS on AAPL - creating synthetic long exposure c Classification: Confidential Jeffrey, Please see below indication for TRS in AAPL. Notional: 1,000,000 shares of AAPL Term: 1 year southern Financial receives: Total return in AAPL southern Financial pays: 1mL + 75bps commissions: 3 cents per share to enter and exit the trade. There is no additional break up fee. Execution: we would suggest best efforts VWAP for execution color from trading desk: "this is probably the worst name for long total return - the street will generally be high". Best regards, Daniel (Embedded image moved to file: pic01313.gif) Daniel Sabba Director Key client Partners I Deutsche Bank securities Inc Deutsche Asset & wealth Management 345 Park Avenue, 26th Floor New York. NY 10154 Tel. Mobile Email Please note all prices are indicative and subject to change without notice. Derivatives are financial transactions based upon one or more predetermined market factors where periodic payments (or a one-time lump-sum payment) are made by each of the parties to the transaction based upon the value of the market factor or factors. The amount of the payment(s) will either be set at a fixed amount or fluctuate as the value of the underlying market factor fluctuates. The underlying market factors are items or variables which are subject to market fluctuations; for example, interest rates, currency exchange rates, assets, stock prices, stock index levels, commodities or a combination of one or more of these factors. Derivatives are normally used either as a hedging device or as an investment vehicle. Over-the-counter (OTC) derivative transactions involve numerous risks including, among others, market, counterparty default and illiquidity risk. In certain transactions, you could lose your entire investment or incur unlimited loss. (Embedded image moved to file: pic08059.gif) CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0060332 CONFIDENTIAL SDNY_GM_00206516 EFTA01368542